The market has taken profit guidance from trans-Tasman food company Goodman Fielder, as effectively a profit downgrade.
Earnings from continuing and discontinued operations before significant items will be $A195 million to $A200 million in the year ending June 30. That's less than the $A233 million reported last year - which was a near 20% decline on the previous year.
Mint Asset Management fund manager Shane Solly said the guidance is below expectations.
He said the company faces near-term risks such as the re-negotiation of its private label bread contract with Coles.
"It's got lots of key clients who have a reasonably strong ability to influence outcomes on the business, there are very dominant retailers in Australia and New Zealand that have the ability to swing profitability around quite a lot."