Pure Foods Tasmania (PFT) chair, Malcolm McAully, says the company is “no longer chasing volume for its own sake”. FY25 has been a year of significant change with deliberate decisions to improve the quality of the company’s earnings, he added. PFT’s portfolio includes Woodbridge Smokehouse, Tasmanian Pate, Daly Potato Co., and The Cashew Creamery.
Snapshot
- Revenue: $5.4m, down from $7.5m in FY24;
- Net loss after tax: ($2.8m), down from ($3.9m) on FY24;
While revenue was down ($5.2 million), it was due to PFT exiting low-margin and unprofitable sales. Gross margin improved from one per cent in FY24 to 16 per cent in FY25.
PFT made three acquisitions in the early 2020s – Daly Potato Co. in 2020, Lauds Plant Based Foods (sold in 2024) and The Cashew Creamery in 2021 - but since then has been attempting to reduce debt and make the business more profitable.
“Since the end of FY25, we have completed a comprehensive recapitalisation and balance sheet resent. Approximately $1.2 million of debt has been converted into equity and we successfully raised $1.76 million,” McAully said.
“We are no longer chasing volume for its own sake. Instead, we are focused on profitable growth, disciplined cost management, and value creation for shareholders.”
