Australia’s largest independent food manufacturer Goodman Fielder has hedged its purchases of wheat for at least seven months. The company – whose brands include Helga’s and Wonder White bread, and Meadow Lea margarine – flagged mid to high single-digit growth next year after reporting an 8.3 percent fall in full-year net profit of AUD161.1 million (USD142.8m).
CEO Peter Margin said commodity prices were volatile each year, but the company had contracts locked in for much of the 2011 financial year for wheat, dairy products and oils.
The company meanwhile remains braced for tough retail conditions as consumers opt for discounted items and cheaper private-label food products.
(Source: The Australian)