Cedenco profit on target

The food processor says its latest forecast net surplus before tax for the year to the end of September is $3.11 million, with an after tax surplus of $2.41 million - a $200,000 increase over last year.

The company says the latest forecast does not include any benefit from the Heinz Wattie's frozen vegetable project, which is now close to completion.

Next year's profit is expected to be even better, with further growth of the existing New Zealand business, the addition of the Heinz Wattie processing contract, an improved outlook for the Australian business, and other growth initiatives.

Cedenco says those factors should increase net profit before tax to $4.7 million in the 2001 financial year.

Last week the company invited expressions of interest from buyers to take 100% of the company's shares following a decision by Brierley to quit its investment.

Brierley says while Cedenco's recent performance has been very good and prospects are excellent, the asset is no longer strategic.

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