TasFoods Limited will roll out new products and expand ranges as it pursues further growth.
The Launceston-headquartered mixed agribusiness in the current half-year plans to launch:
- a reformulated flavoured milk product under the Betta Milk brand;
- seasonal Christmas cream products into 850 Woolworths stores nationally;
- new, 1 litre “Real Milk” cartons into Tasmanian Coles and independent retail stores;
- three Meander Valley Dairy cream products in 150 premium Woolworths stores in Tasmania, New Soutrh Wales, Victoria, Queensland and the ACT;
- expanded online offerings including seasonal hampers and collaborations with other Tasmanian suppliers; and
- value-added, ready to cook chicken stir-fry into Tasmanian Coles stores and an expanded range of ready to cook products into independent retail chains in Tasmania.
“These new and expanded offerings will establish a foundation for further profitable growth in financial year 2021,” TasFoods said as it announced its results for the six months to June 30.
It said it would look for relevant acquisitions and continue to develop “new routes to market”.
Operating earnings before interest, tax, depreciation and amortisation came in at negative $1.12 million.
TasFoods said coronavirus-related government restrictions affected financial performance in the June quarter.
Even so, revenue of $32.74 million for the half-year was up 55 per cent from the corresponding half-year in 2019.
Much of that was due to the company’s acquisition of Burnie-based Betta in 2019, but revenue from other operations increased by 11 per cent.
TasFoods said its diversified assets gave it a resilient base to withstand pressures from coronavirus and economic uncertainty.
“Poultry products remain a key source of protein for consumers and dairy is demonstrating sustained growth,” it said.
TasFoods said it expected results for the current half-year would show “financial performance recovery”.
The dairy division had further growth in July and the poultry market improved, with demand increasing and price recovery.