Goodman Fielder warns annual earnings to fall, seeks faster cost-cutting with lay-offs

Tue, 01 Apr 2014

By Paul McBeth April 2 (BusinessDesk) - Goodman Fielder, Australasia’s biggest food company, says annual earnings will miss expectations by as much as 15 percent, prompting it to speed up its cost cutting plan and reduce staff. The Sydney-based company expects normalised earnings before interest and tax will be 10 to 15 percent below analysts’ consensus of A$180 million in the 12 months ending June 30, having previously said in February EBIT would be broadly in line with last year’s A$185.6 million. As a result, the company has accelerated...

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