Fremantle-based Little World Beverages Ltd, the owner of brewery Little Creatures, has achieved a 9.4 per cent increase in net profit to just under $3 million, after a series of write offs.
Fremantle-based Little World Beverages Ltd, the owner of brewery Little Creatures, has achieved a 9.4 per cent increase in net profit to just under $3 million, after a series of write offs.
The company, which increased revenue by 31 per cent over its first full year trading on the ASX, wrote off expenses incurred with due diligence on the proposed acquisition of a 5 hectare site in Jarrahdale for a proposed new brewing facility.
Little World also wrote off pre-development costs for the acquisition of a site in Healesville, Victoria, to be used for the development of a regional brewery, as well as pre-development costs for the development of the company's cider range.
Operating cash flow increased 22.8 per cent on the prior year to $3.3 million.
Earnings per share for the year ended 30 June 2007 was 5.05 cents, and diluted earnings per share was 4.59
cents.
The news comes less than one month after former chief executive of Jason Marinko resigned from the company after two years in the role.
The full text of a company announcement is pasted below
Little World Beverages Limited has completed its first full year as an ASX listed company and is pleased to report a very positive set of results for the year and development initiatives for the future growth of the company.
RESULTS HIGHLIGHTS
For the year ended 30 June 2007:
- a 30.9% increase in revenue above 2006, to $26.9m
- a 22.5% increase in EBITDA above 2006, to $4.58m
- a 9.4% increase in profit above 2006, to $2.98m
- a final dividend of 2.0 cents per share fully franked has been declared bringing total dividends declared for the year to 4.3 cents per share
Further achievements during the year were the;
Little World Beverages has also since the year end announced the acquisition of a property in Healesville, Victoria and a 5 year consulting agreement with Phil Sexton. It is our intention to relocate our existing brew house and our original packaging line to Healesville to provide us with new product development opportunities and Victorian production capacity.