Beston Global Food Company (BFC) is upbeat about its first half results which include revenue of $7.6 million in its first reporting period as a listed company.
The company also reported an underlying profit of $1.7 million in the first half to December, and its net profit after tax result was a loss of $1.1million, due to the costs of the capital raising associated with the IPO and other non-recurring expenses.
The company plans to invest in well established companies in Australia to capitalise on opportunities emerging from the Asian dining boom.
According to BFC, which listed on the ASX last August, it has substantially exceeded production targets for cheese and whey powder, expanded lobster production by 197 per cent, increased processing of tuna by 13 per cent, increased meat processing capacity by 25 per cent, launched new allergen free ready-to-eat meat meals, and signed orders for Sal 50 salt replacer and condensed milk replacer product to Asia over the half year.
BFC also says it built a presence in food service and on retail shelves in China, Thailand, Cambodia, Vietnam and Brunei, launched gift box sales in China, and designed, developed and launched BFC owned “Kyubu” Japanese style cheese snacks for the ASEAN market.
BFC chairman, Dr Roger Sexton, said that the company was pleased with the results it had achieved in a short space of time.
“We are a company in growth mode” he said. “We are investing for growth, and we are acquiring for growth on our journey to become a global food company”.
“BFC is well on its way to becoming one of the few food companies in the world which has its own closed loop supply chain and is able to provide consumers in burgeoning global markets with an authentic, genuine, healthy, verifiably safe, food experience with products sourced substantially from our own raw materials, manufactured substantially in our own factories and sold through our own people on the ground in the markets we aim to serve.”
