Freedom loss shrinks
Freedom Foods Group’s year of accounting scandals and financial trouble looks to be fading after the slimmed down dairy and nutritional products business slashed after tax losses from $136.4 million to just under $39m in 2020-21.
Managing director Michael Perich said its financial, structural, operational, and cultural reset was now largely complete.
Freedom will announce a proposed name change later this month, to be voted on at its annual general meeting.
Adjusted earnings before interest tax depreciation and amortisation were $22.4m, a 141 per cent turnaround from its $54m loss in 2019-20.
Sales in Freedom’s continuing operations, following the offloading of its cereals division, were up 8.2pc at $559.1m
Diary and nutritionals have been the focus of its operational turnaround strategy to improve production efficiencies, remove unprofitable products and optimise milk supply.
Plant-based beverage product revenue grew 16pc to $152.9m,…