SPC has delivered a profit for the first time in years.
But the fruit processor’s parent company Coca Cola Amatil is not saying how much.
SPC, in its centenary year, has been under considerable pressure in recent years with competition from cheap imports and declining sales in traditional categories.
The company has also been unable to convince governments that public sector consumers such as hospitals should be using Australian grown products rather than imported varieties.
Coca Cola Amatil announced a net after-tax profit of $416million, similar to last year.
The annual report noted the SPC team had worked hard to deliver on the investment plan objectives and had made significant progress in modernising its manufacturing capabilities and bringing new innovative products to market, such as ProVital, Perfect Fruit and several snack fruit products.
‘‘We look forward to building further on the small profit that was delivered in 2017,’’ the operating report said.
‘‘We see a strong future for SPC as it continues to expand its range of products and targets additional markets.
‘‘With the joint investment program with the Victorian Government expected to be completed this year, we remain committed to securing SPC’s long-term future.’’
SPC recently announced it had entered into a partnership with China State Farm Agribusiness, to bring SPC products to Chinese consumers.
SPC has also announced it will explore the sale of its iconic IXL Jam and Taylors Marinades and Sauces brands made in Kyabram.
SPC’s earnings result improved from the prior year due to reduced depreciation and improved portfolio mix.
SPC’s revenue decline reflected the proactive exit from a number of private label lines as well as continued competitive pressure.
‘‘While strong marketing has improved share in tomatoes and beans and spaghetti, we continue to experience some pressure in the fruit and spreads categories,’’ the operating report said.