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Brumby’s up 25 percent with full year result

August 9, 2005

Brumby’s up 25 percent with full year result

Leading Australian and New Zealand franchise Brumby’s Bakeries Limited (BSX:BBH) today reported a 25 percent increase in its earning on an operating basis (EBITDA) for the full year to June 30, 2005 to $2.49 million, up from $1.99 million for the corresponding period the previous year.

Brumby’s managing director Michael Sherlock said the earnings increase was fueled by a growth in revenue of 7.7 percent, up from $7.74 million to $8.30 million.

“Brumby’s has been going through a remarkable growth period with the past 12 months seeing us open our 300th franchise across Australia and New Zealand as well as launching the first of our new concept stores Brumby’s Go! which have been a remarkable success,’’ Mr Sherlock said.

“In its first week of trading, Brumby’s Go at Brisbane’s Southbank more than doubled the sales achieved the corresponding week in 2004 by the previous Brumby’s store on the site.

“The next few months will see the further roll out of Brumby’s Go! across Australia.

“At the same time we are continuing to investigate opportunities to expand in Asia and the Pacific.”

The net profit, after current year amortization of franchise goodwill of $1.33 million, was $99,392, up from a net loss after amortization of $293,785 for the corresponding period the previous year, a 134 percent turn around.

Mr Sherlock said the amortisiation was not operationally relevant and while the franchise agreements were notionally for ten years, the first Brumby’s franchise established 30 years ago was still operating.

Brumby’s directors today announced the September six-monthly dividend would be held at three (3) cents fully franked, the same level of dividend issued in March and an increase of 0.5 cents on the September 2004 dividend.

This represents a one (1) cent increase in dividend for the full year compared to the corresponding period last year.

The directors also announced the cessation of Brumby’s dividend reinvestment scheme.

Brumby’s listed on the Bendigo Stock Exchange (BSX) in December 2003 at $0.55. It share price at closing yesterday was $1.20.


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