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A day after launching legal proceedings against its former chairman over alleged misuse of company funds, food and beverage group SPC Global Holdings (ASX: SPG) has confirmed it remains on track to deliver underlying earnings growth of about 25 per cent in FY26 as its domestic and international operations gain momentum.
The earnings performance, which is backed by a $100 million equity raise completed earlier this year that helped slash net interest expenses, follows the surprise announcement yesterday that SPC has lodged proceedings in the County Court of Victoria seeking to recover funds from former chairman Dr Hussein Rifai and his private company Thor Capital Pty Ltd.
SPC Global says the proceedings against Rifai relate to claims for recovery arising from "certain historical expenditure, reimbursement and related-party arrangements".
The company alleges that amounts were incurred or paid in circumstances that "were not properly authorised or were otherwise not for a proper company purpose".
While SPC has not detailed the amount it is seeking to recover from Rifai, media reports have put the total at more than $112,000 plus interest.
Dr Rifai resigned from the SPC board in November last year in what was at the time framed as an amicable departure, with no mention of any disputes.
Meanwhile, SPC's fourth-quarter update paints a picture of the group building momentum across both its domestic and international operations, led by the Domestic Beverages division which delivered net sales revenue growth of 11.7 per cent in the final quarter of FY26.
Branded product mix lifted 5.2 percentage points year-on-year as the company continues to shift away from lower-margin private label volumes.
Nature One, SPC's infant formula and dairy nutrition brand, added $5.5 million in net sales revenue over the quarter, representing growth of 50.8 per cent on the prior corresponding period.
Internationally, Original Juice Co. Black Label generated more than $1.2 million in net sales revenue in South Korea in under 12 weeks after launching with retailer Emart Traders, with SPC forecasting $10 million from the market over three years.
The group has also secured listings with Costco Japan and Singapore's NTUC FairPrice.
SPC realised $9 million in synergies across FY26 and the planned closure of its Mill Park facility is expected to deliver a further $8 million in EBITDA improvement in FY27.
SPC managing director Robert Iervasi says the results reflected disciplined execution across the business.
“We are reaching more customers and consumers every day, and we are doing so with a greater focus on branded, higher margin products and international growth," says Iervasi.
"International growth is a key pillar of SPC Global's long-term strategy, and the momentum we are building across Asia is encouraging.
"The recent ranging wins with Costco Japan, Emart Traders and NTUC FairPrice show that our premium Australian brands can secure shelf space with leading retailers and scale quickly in attractive markets."
Iervasi points out that these achievements are not isolated.
"They reflect the continued execution of our strategy and give us confidence in SPC Global’s ability to drive sustainable long-term growth," he says.
"With the equity raise completed, we have transitioned from a materially leveraged balance sheet that constrained growth and cash flow to a position where we can fund growth, absorb volatility and generate higher free cash flow."
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