Goodman Fielder Limited, Sydney, Australia, delivered a robust result in difficult conditions for the year ended 30 June
2010 with Net Profit after Tax of $ 161.1 m, after non‐recurring costs of $ 22.4 m. If these costs are excluded, normalised NPAT was $ 183.5 m – an increase of 11.2 %. The Fresh Baking business returned a solid performance for the year with EBITDA increasing by 16.4 % to $ 155.5 m. This was achieved despite a highly competitive market characterised by aggressive discounting and a consumer focus on value offerings. As a result revenue growth was flat for the period but a continuing focus on extracting efficiency savings and a return to more stable input costs resulted in strong earnings growth.