March 1, 2018
Bega Cheese – which bought out the Peanut Company of Australia in January – says it is well positioned to take advantage of growth opportunities in both the dairy and foods businesses.
The company released its half-yearly results on Wednesday, showing an after-tax net profit of $20.6 million for the six months to December, up 31 per cent.
Revenue was also up 13.5 per cent to $705.2 million, and the interim dividend is up half a cent to 5.5 cents, fully franked.
Executive Chairman Barry Irvin said the business had performed well, “particularly when you take into account the significant corporate costs associated with the recent acquisitions and the highly competitive environment the business is operating in”.
Bega Cheese is still in a transition phase after acquiring the Vegemite and Zoosh brands, and guiding the re-branding of Kraft Peanut Butter to Bega peanut butter.
The company is planning a significant investment in branding and promotion during the 2018 financial year.
A statement released by Bega said the acquisition of PCA was part of Bega’s goal to ensure that provenance and a close long-term relationship with Australian farmers was very much a part of the Bega story as it takes its products to the market in Australia and around the world.
Bega shares fell on the announcement, and were trading on Thursday morning at 6.760 cents, down from 7.410 on Monday.
