Retail Food Group swung to a net profit of $5.8 million amid an expanding network of store outlets during the past fiscal year.

The company’s revenue increased 9.7 per cent to $132 million while earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 611.3 per cent to $211.7 million.

During the year, the company opened 92 additional outlets, alongside completing 131 franchise renewals and 43 refurbishments.

Its brand Rack ’em Bones BBQ Ribs became live through 101 quick-service restaurant outlets, up from 42 outlets in FY23. The brand launched a direct-to-consumer e-commerce site to expand beyond UberEats late in the year.

“In a tough macro environment, we are pleased to have delivered on the first year of our growth strategy whilst building organisational capability and a customer led culture,” said Matt Marshall, RFG CEO.

“We successfully delivered the acquisition of Beefy’s Pies, the launch of our second e-comm platform, Donut King Occasions, deployment of new customer-facing technology solutions and network growth.”

RFG intends to grow Beefy’s to 15 locations over the next 12 months, with leases already secured for the three new sites in Brisbane and Toowoomba. The company opened a new Beefy’s outlet in Balina in June, which is expected to contribute to this fiscal year’s results.

Meanwhile, RFG recorded network sales of $59.8 million in the first six weeks of this fiscal year, up 2.3 per cent from the year-ago period.

It also reached a national launch milestone after its second e-commerce platform Donut King Occasions saw 68 per cent of Donut King outlets live on August 19.

RFG’s portfolio includes Gloria Jean’s, Donut King, Brumby’s Bakery, Crust Gourmet Pizza and Beefy’s Pies.