Goodman Fielder is forecasting its profit will rise as much as 9% in the current financial year.
Underlying profit at the Australasian food group rose 11% to $A183.5 million in the year to June, compared with the previous year.
Revenue fell 7% to $A2.7 billion.
Goodman Fielder brands include Nature's Fresh bread, MeadowFresh milk and Chesdale cheese.
The company also says consolidation in the global food industry is likely over two or three years, which may increase asset opportunities.