Australia's Retail Food gains on acquiring pie retailer Beefy's Pies

Retail Food

30/11/2023 01:27

** Shares of Retail Food Group  RFG.AX  up 7.1% at A$0.06,
set for their best day since Nov 6, if gains hold
    ** The food and beverage co says it has signed an agreement
to acquire pie retailer Beefy's Pies for A$10 mln ($6.62 mln)
    ** Beefy's is forecast to generate a revenue of A$18 mln and
EBITDA of A$2.5 mln in FY24 on a pro forma basis
    ** RFG expects to grow the number of Beefy's outlets in
short term to meet strong consumer demand
    ** Stock down 30% YTD, as of last close 
  

    ($1 = 1.5097 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))