Food catering growth spurs record revenue, earnings at Neo Group
Published on Mar 28, 2014 8:56 AM
Strong growth in its food catering business led events caterer Neo Group to record-high levels of revenue and net profit for the year to Jan 31.
Revenue rose 25.6 per cent to $52.4 million while net profit more than doubled to $6.4 million, the Catalist-listed group said on Friday.
The group, whose brands include Neo Garden Catering, Orange Clove Catering and umisushi, said the number of guests it served in the year also hit a record of 2.5 million, up from 2.13 million the previous year.
Founder, chairman and chief executive Neo Kah Kiat also attributed the group's strong performance to higher productivity, having implemented measures to enhance the group's operational efficiency as well as a "highly effective" cost management system.
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