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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news