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Press Release
: : 10 February, 2005

BRUMBYS BAKERIES LIMITED today posted a profit before tax and amortisation of $915,000 for the six months to December 31, 2004, an 18 percent increase on the $774,000 recorded in the corresponding period the previous year.

Brumby's chairman Terry O'Dwyer said the result was achieved on revenue of $4.19 million, an increase from $3.81 million or 9.8 percent more than the corresponding period in 2003.

Amortisation of $664,993 of the franchise agreement goodwill is a non-cash item and the directors do not regard it as operationally relevant.

EBITDA was $1.09 million, up from $975,000 or 12 percent more than in the corresponding period in 2003.

Brumby's directors today also announced the March dividend at three (3) cents fully franked, an increase of 0.5 cents.

Mr O'Dwyer said Brumby's strong half was very satisfying for the directors who had invested over the recent past in internal development programs which were now bearing fruit.

Brumby's managing director Michael Sherlock said the strong result was particularly pleasing as Brumby's recently opened its 300th store in Australia and New Zealand.

"And we are still investigating expanding into the potentially lucrative Asian market,'' Mr Sherlock said.

Since listing on the Bengigo Stock Exchange (BSX) in December 2003, Brumby's share price has risen from $0.55 to $1.15 yesterday.

"The option of listing on the Australian Stock Exchange was discussed by the Brumby's board yesterday but no decision has been made,'' Mr Sherlock said.

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Brumby's Bakeries
Brumby’s is a specialty bread retailer and one of Australia’s leading franchise networks. There are currently more than 280 franchises throughout Australia and New Zealand, employing more than 3,500.

For more info about Brumby's and how to become a franchisee, visit

Michael Sherlock
Brumby's Managing Director
Ph. 0061 7 3368 3466
Mb. 0061 412 747 111


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