Frozen foods maker Patties Foods expects new products such as chunkier pies will help lift profit.
Patties owns the Four'N Twenty, Herbert Adams, Nanna's and Chef's Pride brands, and has recently released new products such as chunky and slow cooked premium pies.
"Recently launched innovative new products are delivering excitement and incremental growth within our existing channels," chief executive Steven Chaur said on Monday.
The company has a clear program to deliver innovation, increased brand support, operational improvements and cost management, demonstrating its focus on delivering growth and improved earnings, he said.
In addition to new products, Patties said its investment in automated pie making at the Bairnsdale bakery in Victoria was delivering efficiencies as planned.
A move to a global sourcing model in its frozen fruit business is also expected to deliver cost benefits in the second half of the current financial year.
The company more than tripled its net profit in the year to June 30, to $16.7 million.
Its underlying profit, which excludes one-off items that adversely impacted its previous year's net profit, dropped by two per cent.
The underlying profit fall was much smaller than in the prior year, and underlying profit grew in the second half of the 2013/14 year.
Profit margins were stable in a competitive market in 2013/14, but input costs rose.
That was offset by improved manufacturing performance and sales price increases.
Patties shares were up seven cents, or 5.8 per cent, at $1.28 at 1540 AEST.
PATTIES LOOKS TO NEW PRODUCTS TO BOOST PROFIT
* Net profit of $16.7m, up from $4.8m in 2012/13
* Revenue of $247.7m, up 1.2 pct from $244.8m
* Final dividend of 3.9 cents per share, unchanged
