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PFT - Pure Foods Tasmania

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On November 30th, 2016, Cockatoo Coal Limited (COK) changed its name and ASX code to Baralaba Coal Company Limited (BCL).
 
On August 22nd, 2018, Baralaba Coal Company Limited changed its name to Bunji Corporation Limited.
 
gone .... from what I can ascertain

Came across this, but nothing on ASX site (unless i got the spelling wrong)

Pure Foods Tasmania, which operates Tasmanian Pate and Woodbridge Smokehouse packaged salmon and trout, made a subdued debut on the stock exchange on Thursday.

Pure Foods Tasmania raised $3.5 million in new capital at an issue price of 20¢ each. It headed onto the ASX via a back-door listing using the shell of Bunji Corporation. The group's first trades on Thursday were at 20c...
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oh, there it is, still under the old ticker.

BUNJI CORPORATION LIMITED details
Operation of a premium food business in Tasmania
Managing director Michael Cooper said both businesses produced robust sales in March and early April as he aimed to build a company for the long term. "People are spoiling themselves a little bit: The Zoom catch-ups and Friday evening drinks and that sort of thing,'' Mr Cooper said.

There had also been extra demand in line with the broader spike in grocery sales at Coles and Woolies.. Government restrictions on the hospitality industry meant that households were looking for more variety in meals, and demand had been strong during March and early April. "People are eating at home and I believe that will be the case for some time,'' he said.
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The Tasmanian Pate business sells its products in Woolworths supermarkets and at warehouse giant Costco, and is also a private label supplier to Aldi. The Woodbridge Smokehouse business exports about 60 per cent of its product, and Mr Cooper said its main destinations of Hong Kong and Singapore had proved robust amid the coronavirus pandemic.

"So far, so good,'' he said.
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He said Pure Foods Tasmania was in a good position to make bolt-on acquisitions and then extract synergies. "The opportunities are on the other side of the fence."

The economic fallout from the coronavirus pandemic would weaken some competitors, and elevate the number of potential acquisition targets.

"I think we're in the right space.''
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PUREFOODS TASMANIA - LISTED ON ASX

Pure Foods Tasmania Limited (Company or PFT) will commence trading on the Australian Securities Exchange (ASX) 30 April after successfully completing its Public Offer raising $3.5 million. The company has completed its change of name from Bunji Corporation Limited and will list under the code BCL with the code changing to PFT from Tuesday 5 May 2020.

MD Michael Cooper said the group was eyeing long-term organic growth along with potential acquisitions. He said he will not be checking the share price every day. "I'm not the sort of guy who will be looking at a screen all the time. I'll be looking at the screen in a year's time,'' he said.

He said Pure Foods Tasmania was in a good position to make bolt-on acquisitions and then extract synergies. "The opportunities are on the other side of the fence."

The economic fallout from the coronavirus pandemic would weaken some competitors, and elevate the number of potential acquisition targets. "I think we're in the right space.''
 
On May 5th, 2020, 99 Bunji Corporation Limited (BCL) changed its name and ASX code to Pure Foods Tasmania Limited (PFT).
 
pure Tasmanian :
"WBSH produces some of the most subtlety flavoured ocean trout and Atlantic salmon available anywhere in the world today."

also, spot the creative tension:
a) "Our purpose-built smokehouse and processing facility combines time-honoured methods with world’s best practice smoking methods".
b) "PFT is well advanced with its automation project and new product development."
 
PFT BRANDS

Tas-Pate-Logo.jpg


woodbridge-logo.jpg


They are also investing an plant based Foods.
 
"Our partnership with Bruny [Island Cheese] has introduced new consumers to PFT. Since launching five weeks ago, we have seen an uplift of 33% in our customer base. The success of this partnership has proven the power of Tasmanian produce when combined in an “offer” (such as a gourmet hamper). It supports PFT’s strategy of establishing JVs with complimentary food and beverage players in Tasmania and thus facilitating greater distribution capacity and reach into mainland Australia and the rest of the world."

- there is cachet in Brand Tasmania, but distribution to the mainland and RoW will be tricky. Will alliances be effective? Quality and quantity; getting foodstuffs to outlets and to customers with minimal wastage. Tricky.
 
The PFT chart is a bit young so trends are taken with a grain of salt, but the P&F is a break and the trading and market sentiment has been looking (as per the knife ad) very, very, very good for the past few days.
The Darvas box is not really a Darvas - not enough points.

pft 5 Aug 20 .jpg
 
Might be small bikkies but like the Peter Russel-Clark's pan the announcement is also very, very, very good

Pure Foods Tasmania Limited (ASX code: PFT) would like to update the market on the launch of its new Premium Pate:
● PFT will launch 3 premium 150g “Homestead by Tasmanian Pate” products into
Woolworths nationally; and
● The 3 varieties are all produced in Tasmania with a focus on using 100% Tasmanian ingredients where possible.
A key feature of the momentum in our product development is continuing to innovate and
expand the PFT product range.
The new range will be available in over 850 Woolworths stores from mid October 2020. We have been working closely with our major customers to identify key trends in growth categories.
 
interesting: up 20%. Getting on to supermarket shelves can be a mixed blessing because the margin can squeeze. and if the volume isn't there, then adios. But it does help that WOW (and COL for that matter) is becoming less undifferentiated, with Metro and other verticals. I suspect Tassie Paté will do better in Surry Hills compared to Dubbo.
 
Tough business to be in I reckon. TGR is the only food producer I hold, and its a low conviction hold!
 
Dona Ferentes said:
90%+ in this month.

Creaming it in the August comp.
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and "creaming it" with an entry to the Misleading Labelling category
.. launch of our new Plant Based Dairy range, New Pastures. A key feature of this momentum is continuing to innovate and expand PFT’s product range and take the lead from market and consumer trends. The 5 varieties are all produced in Tasmania using Tasmanian ingredients where possible. Products include Original Oat Melt, Smoked Oat Cheese, Aged Cashew Cheese, Almond Greek Feta & Cultured Oat Butter. The plant-based cheese market is likely to grow at a CAGR of over 15% during the period 2018–2024
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not milk, not cheese, not dairy. Not a problem, we'll piggy back off the nutritionally beneficial and supply this stuff to the dietarily challenged.

This announcement was on morning of 21/08, so it hasn't gone anywhere (well timed, Aug comp winner)
upload_2020-9-3_16-41-46.png
 
PFT is moving into the ready-to-eat meals segment with the acquisition of Daly Potato Company (of Sorell), a company that sells prepackaged gourmet products including potato salad, mashed potato, and cauliflower and broccoli in a sauce.

▪ DPC recorded $2M sales revenue in FY20;
▪ National footprint through major retail chains, including opening the doors with Coles & Metcash which Pure Foods Tasmania currently does not trade with;
▪ Launch of several new products in FY21 expected to significantly increase revenue;
▪ Mayonnaise is produced in-house for all Daly products and potentially is the basis for a range of new premium mayonnaise-based products;
▪ Expands “meal solutions” and “vegan” product options;
▪ Synergistic benefits through combined distribution, IP sharing and substantial costs savings following consolidation;
▪ Family backs itself with ~78% of purchase price to be paid in PFT scrip, based on current share price

Chief executive Michael Cooper said on Wednesday it was part of a bigger push into the $1 billion ready-to-eat meals segment, as households consumed more at home during COVID-19. He also foreshadowed a new range of plant-based products under the New Pastures brand that will come to market next month.
 
When I bought this in July #130 above and later said an announcement was only small bikkies, I thought it would maybe slowly increase till I lost patience with it as I have never been a food company person (other than milk and associated products).

What I noticed at the time but since forgot about is the small number of issued shares (now still only 44.4 million). So any small bikkies announcements will have an impact on the (rapidly increasing) share price. This may be a longer term holding than I first thought.
 
▪ FY21 sales revenue of $8.2 million up 94% vs FY20 (including revenue from acquisitions) with all divisions delivering positive revenue growth
▪ Woodbridge Smokehouse increased sales by 90% v FY20
▪ Strong growth in ecommerce sales, up 332% vs FY20
▪ Active growth in stockists from 300 in FY20 to 2000 in FY21
▪ Positive EBITDA for all five business entities
▪ Group EBITDA for FY21 of ($461,150) vs FY20 $41,009
▪ Investment of over $400k in marketing, brand and new product development to drive further growth in FY22
▪ $2.3 million invested in the acquisitions of Daly Potato, Lauds Plant Based Foods and The Cashew Creamery
▪ $3.5 million invested in plant & equipment to underpin growth
▪ Group continues to remain well funded with a Net cash position of $1.6 million as at 30 June 2021 and a further $1.235 million in undrawn debt facilities
 
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