Patties Food attributes strong half year results to innovation
ASX-listed food company, Patties Food Limited, whose products include Australia’s iconic pie brands Four’n Twenty and Herbert Adams, announced a positive set of results for the half year ended on December 31, 2011. For the fifth consecutive half, Patties Food reported financial growth, with an 11.1% increase of Net Profit after Tax (NPAT) to $10.8 million for the half-year.
It reported an 11.3% increase in earnings before interest and tax (EBIT) to $17.7 million.
Managing Director, Mr. Greg Bourke, said he was pleased with the half year results: “It is pleasing to continue the earnings growth of the last two years. In these difficult trading conditions, we have controlled costs, captured new revenue opportunities in the Out-Of-Home channel and continued to invest in our brands,” he said.
Mr. Bourke highlighted the Out-Of-Home market as significant to the company’s financial strategy.
“(We focused on) employing a multi-channel strategy which recognizes the significant opportunities in the Out-Of-Home channel,” he said.
The Out-Of-Home product range includes market leaders Four’n Twenty, Herbert Adams, and Chef’s Pride.
Patties Food Chairman, Mr. Chris Riordan, emphasised innovation with brand development as a key to growth.
“The sustained earnings growth in challenging trading conditions reflects board and management’s commitment to our core strategies of supporting and growing our brands, particularly with a focus on innovation,” he said.
The innovations had included Creative Gourmet Smoothie Cubes, the Patties’ East Meets West entertainment pack, and Nanna’s Combo Pack of snack pies.