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Patties Food Limited releases Full Year 2015 results

Patties Food Limited (PFL) announced their full year 2015 financial results on 24 August 2015. The frozen berries recall impacted earnings significantly, causing the company’s reported net after tax profit to fall by $14.6 million from $16.7 million (for FY14) to $2.1 million (for FY15).

Patties CEO Steven Chaur remained optimistic about the future though, noting the strength of the company’s savoury brands, which represent over 90% of PFL earnings. Branded growth from FOUR’N TWENTY (+5.1%), Patties (+7.6%) and Herbert Adams’ (+11%) drove revenue growth of + $9.2 million. This is growth was supported by product innovation, new packaging and marketing campaigns.

In response to the frozen berries recall, PFL continues to test every batch before it is released to market and has found nil detection of Hepatitis A to date.

PFL remains the market leader in the In Home Frozen Fruit category with Nanna’s and Creative Gourment totally 39% of the market. PFL’s FY15 Results Market Briefing states that the company has implemented communication activities to recoup trust and aid sales recovery.

The report also states that, in the P&C channel, PFL retained market leadership with a total brand share of 31.1%. Total market share for both PFL brands and customer brands produced by PFL equalled 53.5%.

 

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