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

 

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news