Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Tip Top breadmaker Allied Foods keeps annual sales unchanged

Tip Top breadmaker Allied Foods keeps annual sales unchanged, resumes dividends

By Jonathan Underhill

Jan. 6 (BusinessDesk) – Allied Foods (NZ), whose products include Tip Top bread and Big Ben pies, posted sales that were little changed in 2013, while making its first dividend payment in three years.

Revenue was $275.5 million in the year ended Sept. 1, 2013, from $276.6 million a year earlier, according to the company’s annual report filed with the Companies Office. A small increase in expenses saw profit fall to $13.4 million from about $16 million.

Allied Foods is part of Australia’s George Weston Foods, which brought the Tip Top brand to New Zealand in the early 1950s. The Australian foodmaker in turn is owned by Associated British Foods, the listed UK food and ingredients giant with operations in 47 countries. Associated British shares have soared about 60 percent in the past 12 months.

Allied Foods paid a dividend of $4.49 a share, or a total of $20 million, in 2013, the first such payment since 2010, when it paid $70 a share, or $35 million, its accounts show.

Cost of sales edged up 0.7 percent to $169 million, while distribution expenses were little changed at $45 million and administration costs rose 3.7 percent to about $43 million.

Along with Tip Top and Big Ben, the company makes Ploughmans Bakery and Burgen bread, Bazaar flatbreads and Golden crumpets.

Allied Foods competes against Goodman Fielder, which posted a 9 percent drop in earnings from baking in its latest year, while saying the sector remains challenging because of the impact of private label, competitor and in-store baking competition on proprietary brands.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news