Patties Foods lowers FY guidance

Company News

Patties Foods Limited (ASX:PFL) has downgraded its earnings forecast to an net profit of $16.6 million, blaming weaker market conditions.
 
The frozen food maker says margins were under pressure amid softer trading conditions.
 
Patties says the company was also hit with the cost of commissioning automated pie packing equipment.
 
The company says the forecast is subject to accounts being finalised and has advised of a one-off bad debt of $411,000 following the administration of Australian Convenience Foods.
 
Patties will announce its full year results in August.
 
Patties generated a net profit of just over $9 million for the first half of the current financial year.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?