RFG eyes pizza, coffee growth
Retail Food Group, the owner of brands such as Donut King, Brumby’s Bakery, and Michel’s Patisserie, increased its annual profit by 12 per cent in the 2012/13 financial year to $32 million.
Chairman Colin Archer said supply and competition issues within the Michel’s and Brumby’s franchises were offset by growth in its coffee and takeaway businesses.
Earnings from its takeaway businesses – Pizza Capers and Crust Gourmet Pizza – came in at $10 million, exceeding expectations by $1.8 million.
Retail Food Group acquired Crust, and The Coffee Guy business, in 2012.
As part of a wider push into the gourmet pizza market, the food retailer is working to fast-track the opening of new pizza outlets nationwide in 2014.
The company has a long term plan to have 400 restaurants up and running by the third quarter of the 2014/15 financial year.
Coffee also remains a “fundamental platform” for current and future earnings, CEO Tony Alford said.
“Notwithstanding the excellent historical growth profile, RFG considers that coffee remains a relatively unexploited opportunity with meaningful scope,” he said.