Australian rice and food company SunRice has announced a strong sales and profit results for the full year ended 30 April 2015, while domestic market growth was driven by product innovation and brand investment that included healthy convenience foods.
SunRice, which is moving ahead with plans to list on the Australian Stock Exchange, reported consolidated sales revenue for the Group of $1.25 billion, up 8.3% compared with the same period last year and net profit after tax of $49.2 million, 46.8% higher than FY14.
“In the three years since introducing the Group’s growth strategy in 2011/12, the results have exceeded expectations,” SunRice CEO Rob Gordon said.
Mr Gordon said SunRice strengthened its position as a global food group in FY15, as the company continued to successfully implement its strategy to grow branded sales across key international markets.
In domestic markets, Mr Gordon said innovation continued to be a key driver for success, with SunRice exceeding its sales targets across key categories.
“These results were achieved in a dynamic trading environment that included ongoing pressure from private label and aggressive discounting,” he said.
A focus on product innovation and brand investment was highlighted by the launch of 13 new products, including new 100% wholegrain brown rice chips, which successfully opened a new ‘health food’ segment for SunRice.
“In 2014/15 we also achieved significant volume growth across our microwave rice category through new packaging and positioning initiatives; further growth in our snacking business; and an increase in market share across our core rice categories,” Mr Gordon said.
A strategic focus on sustainable margins and cost control delivered a significant turnaround in profit performance for Riviana Foods in 2014-15, following the prior year’s currency related challenges, he added.