Cedenco close to naming buyer

Food ingredients manufacturer Cedenco Foods may reveal the identity of a buyer for the company before the year is out.

The announcement came on the back of the company's $2.4 million profit for the year to September, up 9 per cent from $2.2 million last year.

The company deferred the setting of a final dividend until its annual meeting in February.

Cedenco said in September it was seeking offers for the company, after a decision by 48.5 per cent shareholder Brierley Investments to sell its stake.

Cedenco said the sale was at the due diligence stage.