Patties Foods upgrades profit forecasts on back of improved sales

Posted by Daniel Palmer on 18th November 2009

Patties Foods has today informed investors that accounts to the end of October and estimates for November and December have ensured a positive revision to profit forecasts for the first half of the financial year.

The maker of the Four ‘N Twenty pie said they anticipate net profit after tax to be in the range of $7.25m to $8.75m – considerably above the $4.7m figure reported last year.

Patties said the profit growth was due to a number of factors including stronger sales, improved manufacturing efficiencies, reduced interest costs and the appreciation of the Australian dollar.

“This guidance is subject to audit review of the first half FY10 Accounts and reasonable trading conditions for the balance of the period,” the company added in a statement.