By Dan Stratful
Monday 20th February 2012
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Burger Fuel Worldwide (NZAX: BFW) has been reporting encouraging progress lately including a $224,000 profit for the six months ending 30 September 2011, after announcing an interesting expansion plan into Middle Eastern countries such as Iraq (yes Iraq), Qatar and Egypt.
BFW has opened a store in Iraq and signed a Master Licence Agreement for Qatar, and it also will open stores in Egypt later this year. Over the weekend it opened its latest store at the Dubai World Trade Centre - the prestigious hub for innovations, events and exhibitions which will this week host the world’s largest annual trade exhibition for the food and hospitality industry.
BFW has begun the year ending 31 March 2012 (FY12) well with its $224,000 first half (1H) profit, and 1H results saw disappointment in Australia, strong growth in the Middle East and steady growth in New Zealand.
1H New Zealand system sales were up 5.6% and two more stores were opened in Saudi Arabia and two more in Dubai, making 6 in the Middle East.
BFW was established in 1995 with its Ponsonby Road store in Auckland and it then grew its store numbers over the ensuing years to include stores in New Zealand, Australia and The Middle East. In July 2007 it listed its shares on the NZAX at $1 each.
Status: upgrade to HOLD from SELL
BFW’s shares recently traded at $0.80c
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