Freedom Foods Group shares are at a record high after the health food company upgraded its sales guidance for the 2018 financial year.
The company on Thursday increased its sales guidance to between $360 million and $380 million, from between $340 million and $360 million announced in September, on the back of ongoing benefits from its investments and growing product demand in local and international markets.
Chief executive Rory Macleod said first-half earnings would improve on the same time last year and profit would accelerate in the second half of the financial year.
‘Freedom Foods has undertaken a significant capital expenditure program in recent years and the benefits of this investment are now evident,’ Mr Macleod said at the company’s annual general meeting on Thursday.
‘The expansion of our key operations and our commitment to increase market share in Australia while building and developing new opportunities overseas will continue to have a positive impact on the company’s financial position this year and into the future.’
The news triggered a jump in Freedom’s shares which were up seven cents, or 1.4 per cent at $5.05 at 1409 AEDT – marking its highest share price since listing on the Australian Securities Exchange in November 1985.