Franchisor Allied Brands, which includes Baskin Robbins, Cookie Man and Kenny’s Cardiology in its portfolio, has reported a net profit before tax of $7.3m thanks to improved trading across all brands and the impact of Awesome Water which it acquired in February 2008. The record net profit after tax of $5.705m is up 187 per cent over the previous yearÕs figure of $1.98m.

In June 2008 the company took on Awesome Entertainment and has this year opened 64 new stores and territories across all brands.

In the address given at the companyÕs AGM Lachlan McIntosh, chairman, and Peter Graham, managing director, expressed satisfaction with the results for the year ending 30 June 2008 suggesting the affordable treat aspect of their products will hold them in good stead through the coming months.

“During the year under review the company strengthened its balance sheet significantly. Net assets of the group grew to $21.0m from $7.2m the previous year. This increase was largely as a result of the acquisition of companies during the year as well as improved operational performance of existing businesses. The groupÕs working capital, being current assets less current liabilities, has improved to $4.5m in the 2007/08 financial year — this was up from $2.34m in the 2006/07 financial year.”

And the board predicts higher earnings still to come. “The signs for our businesses are very encouraging with the benefits of reducing interest rates, dropping petrol prices, and the Federal GovernmentÕs $10.0bn stimulus package all working in our favour. Figures to date support a continuance of like for like store growth at least similar to that which we experienced last year.”

Further domestic and international growth, backed by shared resources across the brands, and possible acquisitions will continue to drive the business.