Diversified foods producer Freedom Foods Group has forecast higher sales and earnings across Australia and Asia in the next two years after boosting full-year profits by 71 per cent.
Freedom posted a 70.6 per cent increase in full-year profit to $12.72 million after the close of the ASX on Thursday, in a result driven by a surge in sales after new product launches and expansion.
The company’s revenue for the year to June 30 lifted 34.5 per cent to $352.99 million.
Freedom said it continues to experience strong demand across its business activities in Australia, China and South East Asia.
Freedom Foods managing director Rory Macleod maintained expectations that net sales revenue for 2018/19 will be between $500 million and $530 million.
‘The group is increasingly well positioned to strategically build into a major global food and beverage business with scale in key food and beverage platforms,’ Mr Macleod said in a statement.
The group announced a final dividend of 2.75 cents a share, up from 2.25 cents a year earlier.
Freedom shares fell 21 cents, or 3.5 per cent, to $5.85 on Thursday before the release of the results.
Mr Macleod will hold an analyst briefing on Friday morning.