Almost a quarter of the Top 100 (24 companies) recorded double digit revenue growth. Meat processor Frew Foods topped the list recording a 129.51 per cent jump. Arnott’s rose 57.35 per cent, and Bega 38.89 per cent.
In 2020, Thomas Foods International acquired 50 per cent of Frew Foods. Without much more information in the market, it appears it has benefitted from the acquisition, leveraging the joint procurement and existing customer networks.
The salmon processors fared well, Tassal rose 36.68 per cent and Huon jumped 27.26 per cent. In fact, the biggest jump on the list was by Tassal, moving 12 places to #30. Increasing prices, optimised sales mix, scaling success and the completion of a major infrastructure investment phase were contributing factors. Huon Aquaculture shifted 10 places to #50.
And the sugar companies also had a better year, with Tully Sugar seeing a 23.78 per cent jump, MSF Sugar 33.64, Mackay Sugar 20.12, and Wilmar Sugar 16.34. They have had a rough time for the last five years, but world sugar prices have risen significantly in the last two, which has benefitted profit margins.
Asahi jumped 30.07 per cent and SunRice 29.66 per cent.
Vesco Foods – acquired by private equity outfit PAG in September – climbed 11 places to #75. Ferrero Australia didn’t let an Easter product recall dampen its pace with an 11 place move to #69. WAMMCO also moved up 11 spots to #46.
The Top 100: Full report
Top 100: The 2022 Top 10
Top 100: The fastest movers in 2022
Top 100: The falls of 2022
Top 100: 2022’s new arrivals
Food & Drink Business, in collaboration with IBISWorld, presents this year’s Top 100 companies, a ranking by revenue of Australia’s largest players in the food and beverage sector.
This year’s Top 100 reflects financial reporting from calendar year 2021 and financial year 21/22, with Covid, ongoing supply chain disruption, geo-political tensions and war, and extreme climate events all protagonists on companies’ balance sheets.
It is worth noting that the list is only inclusive of manufacturers and looks at total revenue of the highest reporting ANZ entity of the company.
