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Frucor comes in ahead of prospectus promise

By Phil Boeyen, ShareChat Business News Editor

Wednesday 23rd August 2000

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Full year profit for beverage maker Frucor has come in 10% ahead of its prospectus forecast.

The company has announced a tax paid profit of $9.6 million for the year to the end of June, compared with a forecast of $8.8 million. Last year's figure was $3.2 million.

Revenue was up strongly on last year, rising 61% to $180.2 million. However this was 2% below the prospectus expectations, mainly due to teething problems with the newly acquired Pepsi business and some destocking of inventory in Australia.

The energy drink 'V' continues to be the shining light in the company's product line, with overseas sales growing to $37.3 million to now account for nearly 21% of total revenue. 'V' has been launched in Australia, South Africa, the UK and Ireland, and there are plans for further European expansion.

Frucor says it has moved from being primarily a fruit juice company to a "world class designer beverage company", with non-fruit juice sales doubling over the year to account for nearly two-thirds of total sales, and forecasted to rise further still in the next year.

The company has also seen strong growth in its "Other Brands" category which includes the Pepsi line-up, the bottled water product H2GO, and a flavoured milk brand called Wave.

In its prospectus Frucor forecast June 2001 profit to increase to $20.4 million - a 50% increase over the adjusted net surplus earned in the 2000 fiscal year. The directors say they remain comfortable with that figure. An interim dividend of 4 cents per share is expected to be paid in March next year.

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