AGM season in full swing: Patties Foods
Patties Foods' AGM was refreshing - changes that the new(ish) CEO have enacted are translating into operational benefits. $2.8m of bakery operational cost savings, as well as over $3m of overhead savings have been realised to date (significant for Patties), with more expected in FY-16. The 'frozen-berry' recall, and associated management effort, is now behind the company.
Patties remains the market leader in the in-home (supermarket) channel, but conditions remain competitive and thus challenging. A focus on customer relationships, sales efforts, marketing spend and new product development is expected to contribute to profitable growth in the Out-of-Home channel (e.g. convenience stores, catering) in FY-16.