Caltex petrol says while it is disappointed with the likely end of its fuel-alliance with Woolworths it is looking to other avenues for profit.

This will include its retail network with the petrol giant currently experimenting with its own convenience store format.

In its 2016 full year results announced today, Caltex said it is looking to refresh its convenience retail presence, starting with its already operational test store, “The Foodary” located in Sydney.

The first Foodary store has a “new look and feel”, grab and go options, barista coffee, parcel pick up, laundry services, pre-ordering through apps and pre-pay pump screens.

Caltex is venturing into its new convenience format after posting a ‘historic cost result after tax’ of AUD $610 million for its 2016 financial year.

By comparison, Caltex’s 2015 full year profit was $522 million.

Caltex is still providing petrol to Woolworths whilst regulatory authorities decide whether it will approve of the sale of Woolworths petrol stores to BP.

Extracted from Australian Food News.