Patties Foods 2015 results reveal full impact of berry recall
Patties Foods Limited has released its 2015 financial results, revealing the full financial impact of the frozen berries recall.
The group’s net profit plummeted to $2.1m, a drop of 87% from 2014. The cost of the berry recall was estimated at $13.4m, and a subsequent reduction in berry sales also affected income.
The company’s frozen fruit division reported a 6.6% decline in net income for the financial year, reporting that while category sales are now in recovery, progress is slow. The company has instituted a recovery program consisting of a ‘positive release’ test regime and ongoing communication with customers to re-engage category trust. The company’s market briefing highlighted, “Independent testing did not find any direct scientific link to the Hepatitis A outbreak and Nanna’s or Creative Gourmet brands.”
The news was brighter for the company’s remaining divisions, with Four’N Twenty, Patties, Herbert Adam’s and Nanna’s Sweet Pastry all recording income growth for the 2014–15 financial year.
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