Major manufacturer and grocery brand supplier, Goodman Fielder(GFF), today reported its Full Year 2012 results.
As expected the result showed the last year was a challenging one due to tough pricing and private label product competition. Goodman advised the market 3 weeks ago of the harsh trading environment and its planned divestments of non-core assets.
Today’s numbers came in a little higher than the company’s prior guidance of: low end EBIT growth of $230 to $245Million. Normalised FY Earnings (EBIT) hit $233.1Million.
The result was impacted by its Project Renaissance Restructure Program and the asset write-downs of its New Zealand and Australian baking business (both of these items were well flagged by the firm).
GFF’s $100Million planned cost savings by the end of FY15 is still on schedule. Goodman announced it would not be paying out a dividend to shareholders.
The company has managed costs, paid down debt and strengthened its balance sheet over FY12. GFF expects similar trading conditions to persist through FY 2013.
Goodman Fielder Full Year Results