Retail Food optimistic about FY13
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Retail Food Group (RFG), the company behind the brands such as Michel's Patisserie and Donut King, remains optimistic the group will continue to perform well despite trough trading conditions.
Chief executive Tony Alford told the company's annual general meeting on Friday that its brands had performed strongly during a challenging retail climate in 2012.
He said he expected that challenge to continue throughout this financial year.
"Whilst not immune to them, each of the brand systems under RFG management are well positioned to endure present challenges within the retail industry, and indeed have performed admirably given the hostile retail environment," he told shareholders.
Retail Food Group posted a net profit of $28.5 million for fiscal 2012, up 4.9 per cent on the previous year.
Chairman Bruce Hancox said the Australian economy would not be immune from the issues of the international financial community but that the RFG board was confident that its strategy would continue to deliver outstanding results.
He said the company's recently acquired brands, such as Crust Gourmet Pizza Group, The Coffee Guy and Pizza Capers, would assist growth.
Mr Alford said the Crust and Pizza Capers acquisitions enabled Retail Food Group to reduce supply, marketing and research costs as it developed an expertise in the takeaway gourmet-pizza market.
The company has established a project team to develop the group's brands through menu innovation, improving distribution networks, improving franchisee profitability and marketing on social media.