Brumby’s Bakeries Ltd says an ambitious rollout of new stores across Australia and New Zealand has helped deliver a record 18 per cent rise in first half net profit.
The bakery franchise operator on Monday posted a net profit of $993,000 for the half year to December 31, up from $814,000 in the previous corresponding period.
Brumby’s managing director Michael Sherlock said the earnings increase was fuelled by growth in overall revenue, which rose 11 per cent, as well as improved efficiencies in operating costs.
“The rise in revenue has come from the combination of outstanding growth in sales by individual franchise stores as well as a remarkable expansion in store numbers,” Mr Sherlock said.
As at December 31, there were a total of 314 franchisees across Australia and New Zealand including the opening of a record 18 new stores in the half.
The Bendigo Stock Exchange listed company declared a fully franked interim dividend of three cents, up from 2.5 cents at the same last year.