By Keri Algar
SYDNEY, NSW: Breville Group Limited has almost doubled its profit after tax result on prior year, for the financial year ending 30 June 2010.
The small appliance maker has recorded a 92 per cent increase in profit to $22.6 million, up from $11.8 million in the last financial year, despite reporting a 2.6 per cent drop in sales to $420.9 million, down from $431.9 million recorded in 2009.
The decline in sales revenue was in part due to unfavourable movements in foreign exchange rates used to translate the Group’s international sales, according to a statement released on the Australian Securities Exchange this morning.
A positive consumer response to new product releases and Breville’s consolidation of its market position in key category segments were listed as factors contributing to the Group’s strong financial report.
According to the Group’s investor presentation, Breville’s focus on developing innovative products and tight working capital management "underpins" the trading result.
The report also highlighted that the “benefits of reduced operating costs were realised”.