Retail Food Group profit plummets 71 per cent as CBD cafes struggle

Retail Food Group has seen underlying earnings fall after the pandemic impacted a number of its franchises, with EBITDA for the first half down 27 per cent to $14.4 million.

And while this underpins a 60 per cent increase in underlying NPAT to $12 million from $7.5 million for the half, its statutory profit fell 71 per cent from $13.9 million to $3.9 million due to the costs of “discontinued operations”.

RFG executive chairman Peter George said trading conditions across the business had been impacted throughout the half, and had produced mixed results.

“A number of positive indicators were being observed across RFG’s business, particularly in Brumby’s Bakery, the QSR division and outlets situated within regional…