Sharechat Logo

Cedenco bidder revealed by year end

By Phil Boeyen, ShareChat Business News Editor

Friday 1st December 2000

Text too small?
Cedenco Foods (NZSE: CED) has confirmed an increased full year profit of $2.41million and says it plans to announce details of a preferred bidder for the company before the end of the year.

The food processor's profit was a 10% improvement on last year's result and in line with forecasts. Group turnover was $13 million, up 25% on the previous year's figure.

The group operating surplus before tax increased by 80%, from $2.21 million to $3.99 million, due to strong growth experienced in the business centred around Gisborne. Earnings from Cedenco's 50% shareholding in Australia's largest manufacturer of tomato paste and allied products remained stable.

The company says it has completed construction of a new state-of-the-art frozen vegetable factory at its Gisborne site which will significantly enhance earnings from the first half of 2001 financial year.

In September Cedenco called for offers to buy all of the company after Brierley indicated it wanted to sell its shareholding, and it says the purchase process is progressing to the due diligence stage with a preferred bidder expected to be named prior to the end of the calendar year.

Directors have deferred a decision on a final dividend until closer to the company's annual general meeting at the end of Feburary next year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Cedenco approves US purchase

IRG See IRG research reports