Bega Cheese has increased its share of the Australian peanut butter market

March 3, 2020

Bega has increased its share of Australia’s peanut butter market with sales up 6.5 per cent.

The company – which owns PCA in Kingaroy – released its interim results for the first half of the 2019-20 financial year to the ASX this week.

The results showed overall revenue of $741.2 million, up 14 per cent on the comparable period last year.

However, earnings before interest and taxes was $17.2 million, down 12 per cent.

The company noted that earnings had been affected by reduced milk supply and margins in the dairy industry, particularly in northern Victoria.

There had also been a softening of demand in China for infant formula.

While these had affected the milk section of the business, the cheese segment had generated a significant increase in earnings.

Bega’s Vegemite brand also grew 0.8 per cent.

“Bega peanut butter increased market share in the peanut butter category … posting strong growth of 6.5 per cent, which is well above the category growth and overall supermarket growth,” the statement to the ASX read.

“This growth is being driven by Bega Simply Nuts innovation in the all-natural peanut butter segment.”

Bega declared an interim dividend of 5.0 cents per share which will be paid on April 3.


 

Leave a Reply

Your email address will not be published.