Launceston-headquartered TasFoods managed to grow revenue by 32 per cent to $67.43 million.

Sales revenue in the dairy division - including 2019 acquisition Betta Milk - increased by 92 per cent to account for 44 per cent of total revenue.

The company said it had two core operating divisions in growth markets (dairy and poultry).

It said a new strategic plan being rolled out this year would drive strong revenue growth through market expansion of super premium and "everyday luxury" brands in interstate markets.

The result compared with a loss of $3.46 million for 2019.

The more recent result was hammered by an impairment expense of $3.5 million, which TasFoods said followed economic uncertainty in the first half of the year.

A $1.2 million writedown of the fair value of the wasabi crop also hit the result.

The company said 2020 "was a very challenging and unforeseen year for TasFoods, with significant COVID-influenced market volatility experienced across the business".

"Despite these challenges, the company ended the year with a strong cash balance and achieved earnings growth since August," TasFoods said.

"The turn-around in the business from August reflected the rapid response of the management team to dramatically changing production, sales and distribution conditions and provides the momentum required to successfully implement the company's new strategic plan in 2021."