Goodman Fielder swings to FY profit but misses estimates

Revenue slips, group says balance sheet remains strong.

Goodman Fielder (GFF) said its balance sheet remains strong as it reported a sharp swing to net profit for the 2013 financial year, but missed analyst estimates. 

In the 12 months to June 30, net profit for the group lifted to $102.5 million, up 169.8% from a loss of $146.9 million in the previous corresponding period, buoyed by improvements in the bakery and grocery divisions in the second half.  

However, underlying net income from continuing operations came in at $75.7 million, when analysts were expecting around 83.6 million.

Revenue from ordinary activities slipped 11.4% in the year, to $2.23 billion, from $2.51 billion in the 2012 financial year.

Goodman will pay a final dividend of three cents, on November 1, to shareholders on the register at September 27, 2013.  

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles