Cedenco bidder revealed by year end

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.

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