Retail Food Group bounces back with $5.8m net profit

This comes after a loss of $8.9m in 2023.

Retail Food Group announced a net profit after tax (NPAT) of $5.8m in FY2024, up 164.7% from a loss of $8.9m the year before.

According to the group, Underlying Revenue increased 12.9% on FY24 with a larger corporate store portfolio and the acquisition of Beefy’s Pies.

Stable underlying Gross Profit margins of 70.6% (PCP: 70.9%) were achieved, despite a greater mix of corporate stores.

Total overhead expenses were higher than PCP at $51.9m (PCP: $46.7m) due to growth in the company stores division and payroll costs which were partially offset by lease impairment releases and lower corporate overheads.

Meanwhile, RFG announced that it plans to change the company name to Savora Brands Limited.