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Juice company Charlie's Group said today it planned to keep expanding distribution in New Zealand and Australia to endure tough market conditions.
The company, fronted by former All Black Marc Ellis, also said it would continue to build its brands, introduce new products and monitor costs to maximise profits.
"Early orders for the Charlie's brand in Australia have far exceeded our expectations and growth of Phoenix Organics in this market is strong," chief executive Stefan Lepionka said at the company's annual meeting today.
He said the new IT system, implemented in July, provided detailed information allowing it to focus sales and product development.
"Our strategy for the year is to balance our growth with achieving improved profitability."
In October, sales were seven per cent ahead of the same period and earnings before tax, interest, depreciation and amortisation for the beginning of the 2008/9 financial year was $328,000.
Gross sales rose 24 per cent in 2008 to $33 million.
In August, the company reported a loss of $425,000 in the year to June 30 compared to a $33,000 profit in the same period last year.
The company incurred one-off costs to set up a production facility in Renmark, South Australia, in the period.
Charlie's made a back door listing on the stock exchange in 2005 via reverse takeover by Spectrum Resources. It then bought Phoenix Organics. Its shares were at 12c by mid-afternoon today, having traded between 10c and 20c this year.
- NZPA
