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

 

Goodman Fielder FY profit missed forecast on baking charge

Goodman Fielder says FY profit missed forecast because of baking impairment

Aug.19 (BusinessDesk) – Goodman Fielder Ltd., the Australasian food manufacturer, said profit in its latest year missed its forecast because of a A$300 million impairment charge against its baking division.

The Sydney-based company said profit in the year ended June 30 was “slightly below” its April 28 guidance of A$140 million to A$150 million. The April guidance was also a downgrade as Goodman had previously said earnings would match last year’s A$161 million.

“Despite the company’s belief at the end of April that the fourth quarter would see an improvement on the third quarter, trading has remained subdued due to the continuation of unfavourable external and market conditions,” it said in a statement. “Management underestimated the impact of these changed conditions and therefore the company’s initial response was inadequate.”

Goodman has had a clean-out of executives in the past 12 months. Former chief financial officer David Goldsmith resigned in November and former chief executive Peter Margin announced his departure in January. Just this month, the company said Clive Stiff, the managing director of the troubled baking unit, was leaving “to pursue new career opportunities.”

New CEO Chris Delaney has begun a strategic review of the company’s diverse manufacturing operations, he said today. Goodman Fielder’s brands range from Molenberg and Vogel’s bread to Chesdale cheese, Edmonds and White Wings baking products, and Meadow Fresh yoghurt.

“The strategic review is focused on addressing the company’s poor performance and unlocking Goodman Fielder’s significant potential,” Delaney said.

The shares tumbled 5.8% to $1.14 and have shed a third of their value this year.

The company plans to release its full year results on Aug. 29.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>



Greenpeace: Calls Foul On INEOS Rugby Sponsorship Deal

Greenpeace is calling foul on NZ Rugby’s decision to sign a sponsorship deal with the oil and plastic polluting petrochemical giant INEOS. "In the thick of the climate crisis, it’s gutting to see NZ Rugby sign a sponsorship deal with an oil and gas polluting conglomerate... More>>



Stats NZ: Quarterly Inflation Rising Steadily Across The Board

Higher prices for transport and food have driven up inflation for the all households group in the June 2021 quarter, Stats NZ said today. The ‘all households group’ represents all private New Zealand-resident households... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>



Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: