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BurgerFuel super-sizes profits

Published: 11:20AM Tuesday November 20, 2012 Source: ONE News

Kiwi gourmet burget chain BurgerFuel Worldwide has announced a doubling in its profits for the six months to September 30.

Unaudited net profit before tax (NPBT) is up 102% to $454,356 for the six months to 30 September 2012, in comparison with a NPBT of $224,554 for the same period last year.

Total unaudited BurgerFuel Worldwide (BFW) system sales are $22,056,829 (excluding GST), up 26.5% on the same period last year.

BurgerFuel's focus in FY13 has been on international expansion in the Middle East, where unaudited sales for the April 1-September 30 period are up 141%.

"In a shining endorsement of the strength of our brand and business model, our existing Master Licensee in Dubai has acquired the Kuwait territory and also entered into a joint venture with the Abu Dhabi-based Bin Hammoodah Group to open in the UAE city of Abu Dhabi in the near future," said CEO Josef Roberts.

BurgerFuel outlets are also planned for Cairo and Riyadh.

Growth in the New Zealand market has been more modest, but still strong, with system sales up 5.8%.

There are now 30 BurgerFuel outlets in NZ with more scheduled to open in the second half of this financial year.

In Australia, BurgerFuel operates just one store under franchise and at this stage the company plans no further stores across the Tasman.

BFW shares are currently trading at $1.15.