QAF (Q01) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 1% to $636.1m; EBITDA before exceptional items increased 24% to $59.6m, and profit attributable to owners climbed 26% to $34.7m.

• Resilient results came despite cost-of-living pressure and more price-sensitive consumers; year-end net cash was $177m.

Financial highlights

• Revenue was $636.1m versus $628.6m, up 1% reported and 2% in constant currency.

• EBITDA before exceptional items was $59.6m, up 24%; margin was 9.4% versus 7.6%.

• PBT after exceptional items rose 9% to $44.6m; PATMI increased 26% to $34.7m.

• Operating profit was $35.5m versus $37.6m; net cash from operating activities was $65.3m versus $57.6m.

Outlook and guidance

• FY2025 growth across operating regions is expected to be modest amid geopolitical uncertainty and potential additional tariffs.

• Priorities include proprietary-brand investment, product and mix adjustments, distribution expansion, and new market opportunities.

• Singapore bakery conditions are expected to remain competitive, with cross-border travel affecting domestic spending and demand focused on convenient, innovative, value products.

• Australia expects modest economic growth, continued foodservice pricing and cost pressure, and tourism-led opportunities; additional equipment and new products are planned.