Australia’s biggest baker, Goodman Fielder, says it’s on course to make $100 million in yearly savings by 2015.
The announcement follows the company posting a $150 million net loss in the last financial year, a 12 per cent improvement on last year’s loss, the Weekly Times reports.
Goodman Fielder managing director Chris Delaney said the company’s priority for the next 12 months was on cutting costs and improving reliability and quality.
He said the company was also looking for revenue outside supermarkets, exploring opportunities in artisan bread and alternative outlets like restaurants and hot bread shops.
Delaney also said the company and its retailer customers had agreed on price increases for its bakery and grocery products.
Goodman Fielder’s brands include White Wings, Meadow Lea, Praise and Helga’s.
Delaney said consumer confidence in Australia and New Zealand was “subdued” and Goodman was looking to Asia to help expand its business.
As the company moves to diversify its earnings, Delaney said it would continue to sell assets and use the proceeds to pay off debt.