TasFoods Limited is keeping an eye out for potential acquisitions as it grows its sales, including online and interstate.
"We continue to explore value add and acquisitive growth opportunities that leverage our strong manufacturing, marketing and distribution capabilities for premium and everyday luxury consumer branded products," the Launceston-headquartered agribusiness said in its March quarter report.
"Our core focus for 2021 is to advance the strategic objectives adopted in 2020 to accelerate growth of our super premium and everyday luxury brands.
"(The first half of 2021) will see the establishment of a logistics solution for distribution to a broad range of interstate customers and investment in development of new products to support this market opportunity."
It said it would release initiatives in the second half of the year to deliver sales revenue growth related to the expanded network.
TasFoods said the March quarter was its third consecutive quarter of positive earnings before interest, tax, depreciation and amortisation (EBITDA).
It recorded operating EBITDA of $139,000 for the quarter, down from $385,000 in the corresponding quarter a year earlier.
Quarterly revenue came in at $17.03 million, a 1 per cent increase on the March quarter of 2020.
Interstate sales were up by 13 per cent and online sales by 334 per cent.
Marketing initiatives aimed at growing interstate sales included:
- wasabi from TasFoods' Shima Wasabi business featuring on the Masterchef television show;
- a "logistics solution" to provide refrigerated delivery to the door for online customers and small retail and restaurant customers, to start in the current quarter;
- new promotional campaigns with major retailers; and
- a PR influencer campaign targeted at Sydney and Melbourne consumers.
TasFoods' annual meeting will be in Launceston on May 20.
While you're with us, did you know that you can now sign up to receive breaking news updates and daily headlines direct to your inbox?Sign up here.