Retail Food Group has released its financial figures for the first half of the 2013 financial year.
The company reported a net profit of $16.5 million, which is 10.5 percent higher than the $15 million profit it reported for the previous corresponding period.
This figure is reflective of the company’s 21.2 percent increase in total revenue, which was $60 million.
A total of 45 new stores were added to the company’s existing portfolio of brands, a figure that represents the strongest six month result in the company’s history.
It also acquired two new brands, The Coffee Guy and Crust Gourmet Pizza, and they collectively contributed 175 outlets.
Tony Alford, CEO, RFG said the company’s performance reflects its current focus on reinvigoration, as well as the strengthening of both its supply chain models and franchisee support systems.
“RFG’s encouraging first half result can be attributed to enhancing and maximising the transformation, consolidation and re-modelling of RFG’s Brand Systems.
“RFG commissioned its first ‘stores of the future’ with Esquires Drive Thrus at Coomera on the Gold Coast and Tamaki in New Zealand, while the first Donut King Evo concept store which opened at Marsden in Brisbane has reported a respective 24 percent and circa 85 percent increase in AWS above the system and comparable site category averages,” he said.
Alford said the company will continue to gain traction from its coffee operations, and it’s newly acquired brand, The Coffee Guy will play a key role in this.
“The company’s coffee roasting platform continues to drive and support RFG’s brand systems as well as corporate earnings. During the period, annualised roasted bean throughput increased to circa 1.2m kilograms.”
He said the Michel’s Patisserie supply chain also underwent some significant changes during the period, with a new bakery facility opening in Melbourne and its supply channels in Queensland and New South Wales being stabilised.
“As indicated at the 2012 AGM, RFG remains focused on the Michel’s national bakery aolution to ensure the long term sustainability of that brand system.
“The investment and support during 1H13 to fortify bakery supply on the eastern seaboard provides confidence that franchisees will enjoy both an enhanced and consistent range of products,” said Alford.
He said the company now operates more than 250 pizza outlets under the Crust Gourmet Pizza and Pizza Capers brands, and they are in the final stages of alignment.
RFG is optimistic about the second half of the 2013 financial year, and anticipates it will open a record number of new stores, improve the performance of the Michel’s brand and continue to grow its coffee volumes during the period.
It will also continue to invest in new digital platforms, and has recently established an in-house digital team.