Food & Beverage industry positive despite constant pressure on profitability
24 September 2012
Grant Thornton’s recently released 2012 Food & Beverage industry pulse survey confirms what we are seeing with our clients: an industry with a positive outlook for increasing sales but with pressures on maintaining profitability over the next 12 months.
Cost pressures identified by survey respondents include the recently introduced Carbon Tax, new product labelling laws and supermarket discounting.
Tony Pititto, National Head of Food & Beverage at Grant Thornton Australia, comments: “To improve profitability, many organisations are living the challenge of trying to build stronger relationships across the supply chain. However, compared to last year’s Food for Thought survey a much smaller group are reporting stronger relationships with major supermarkets.
“The Food & Beverage sector’s ability to develop and maintain strong supply chain relationships is now, more than ever, a critical success factor. We are seeing many clients focus on this along with the development of new products to meet consumers’ needs and enhance the customer experience.”
Product innovation remains an important aspect of the Food & Beverage business strategy. The level of investment in research and development has not stopped and it is an area of constant review and creativity for those in the sector.
Pititto says, “The survey results show that the industry recognises the opportunity presented by the more traditional export or R&D grants, however, the new green programs and grants have a low awareness within the sector.”
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For further information, or to speak with Grant Thornton Australia’s National Head of Food & Beverage, Tony Pititto, please contact:
National Brand & Communications Manager
T +61 7 3222 0344
About Grant Thornton Australia Limited
Grant Thornton Australia provides audit, tax and advisory services to dynamic, growing organisations and is a single national firm operating from eight offices, with over 150 Partners, more than 1,300 people across Australia and national turnover of AUD $232 million. Grant Thornton International is the fastest growing international accounting network in the world, with a global turnover of US$3.7billion and more than 30,000 people and 2,500 partners.