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Webster's knows its onions - Chairman forecasts strong fiscal 2009

Last updated: 01:00 11 Nov 2008 AEDT, First published: 00:00 11 Nov 2008 AEDT

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At its annual general meeting, Webster Chairman, David Robinson said, food and salmon group "Webster Ltd expects an even stronger profit result in fiscal 2009 with growing earnings from premium vegetables."  Tasmanian-based Webster's net profit for financial year 2008 was $6.1 million, compared with $2.3 million for 2007, after an "excellent" year for onions, offset a poorer than expected return from carrots. Directors have maintained the ordinary final dividend at 4.5-cents per share.

Chairman David Robinson told shareholders today, "the Webster Fresh premium vegetable operation that helped deliver its solid result looked set to grow. Webster expects a stronger result in 2009 with current trends indicating an increase in earnings from Webster Fresh as well as from increased profit projections as reported by Tassal's Atlantic salmon business."

"Webster Fresh is in the final stages of a major capital expenditure project in the carrot business to improve the position of the operation and has commenced work in onions to increase volume by more than 14 per cent," David Robinson said today.

Apart from Webster Fresh's carrot and onion export and domestic sales business, the group manages Walnut orchards in Tasmania and NSW and has an interest in listed salmon business Tassal Group Ltd. The Walnut division manages orchards in Tasmania and New South Wales (NSW) with a combined
area of approximately 2,200 hectares.

Webster is the largest shareholder in Tassal Group Limited, currently with a holding of 26%. Tassal is the largest producer and marketer for fresh and salmon portions in Australia and the largest supplier of Atlantic salmon to supermarket chains Woolworths and Coles. The Webster share of Tassal’s earnings amounted to approximately $5.6 million for the year.

Tassal continues to focus on being more globally cost competitive through innovation and capital investment.  Tassal Group was reporting it was experiencing "strong earnings momentum" due to volume increases and continued unit cost reductions.

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