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BRANDCHISOR Retail Food Group Limited today reported a 9 per cent increase in its first half net profit after tax (NPAT) to $13.6 million.
The ASX-listed brand manager also increased its interim dividend by 33 per cent and fought back against increment January weather which forced several of its stores to close, resulting in lost revenues.
Another 20 new outlets have been commissioned following four acquisitions in FY10, including the Esquires Coffee Houses New Zealand master franchise business (46 outlets) together with associated New Zealand and Australian intellectual property rights.
In a statement to the ASX, chairman John Cowley, said the result is particularly satisfying given difficult retailing conditions which ‘continue to suppress franchisee network sales and organic franchise system expansion’.
“RFG remains acutely focussed on those business drivers which generate maximum return at both corporate and franchisee level. We have a tried and tested platform for further growth and maximisation of shareholder value,” he says.
The company has forecast an increase in core FY11 NPAT of between 5 and 10 per cent compared to FY10 of $26.4 million.
RFG franchises are Donut King, Michel’s Patisserie, Brumby’s Bakeries, Esquires Coffee Houses and bb’s café franchise systems with 1102 outlets.
A dividend of 7 cents per share is to be paid to shareholders on April 6.
RFG shares remain stable, trading at $2.85.
Read the full story on Retail Food Group and all of the Gold Coast's top companies in the next Gold Coast Business News - out in march.
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