20 Jul 2010

Turnaround reported by Charlie's

12:08 pm on 20 July 2010

Listed beverage manufacturer Charlie's says sales are up 1.7% on last year and it expects earnings of between $3.2 - $3.4 million this year.

That is a turnaround from a loss last year of $925,000.

Charlie's says it has recorded double digit sales growth in Australia, and the other 14 countries it exports to, although New Zealand sales are down.

The company expects to make an after tax profit of between $2.2 - $2.4 million in the year to the end of June, which includes $1.2 million from the sale of a site in Henderson.

Charlie's says it has reduced debt from $7.1 million to $1.6 million in the last 12 months.