Food processor Goodman Fielder has warned shareholders not to expect profit growth until 2010 due to the economic slowdown, which it says will drive consumers away from its products and towards house brands.

The company yesterday announced an annual net profit of $27.7 million, down from $239.8m a year earlier, due largely to a massive write-down on its New Zealand dairy business.

According to The Australian Financial Review, Goodman Fielder managing director Peter Margin plans to cut costs further to offset the economic slowdown, closing two ageing bakery plants in Brisbane and building one facility in their place.

However, the consumer mindset will be harder to negate for the manufacturer of the likes of Helga's and Mighty Soft breads, Meadow Lea margarine and White Wings cake mixes.

"There's no doubt in a softening economy you will see a migration to house brand products," Mr Margin said.

The company announced a final dividend per share of 7.5c, the same as last year.