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Ingham's Group (ASX:ING) - CEO and Managing Director, Andrew Reeves
CEO and Managing Director, Andrew Reeves
Source: Ingham’s
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  • Ingham’s (ING) has seen its core poultry sales volume grow 4.2 per cent over the prior corresponding period (pcp) for FY21
  • Statutory earnings before interest, taxes, depreciation and amortisation increased 14.5 per cent over the pcp to $443.9 million
  • In Australia, revenue grew 4.8 per cent while New Zealand revenue grew 2.2 per cent
  • Ingham’s expects to see consumer recovery begin when vaccination rates increase and the current lockdowns are lifted
  • Shares in Ingham’s are up 4.86 per cent on the market and are trading at $4.10 at 3:51 pm AEST

Ingham’s (ING) saw its core poultry sales volume grow 4.2 per cent over the prior corresponding period (pcp) for FY21.

There was strong growth across the majority of the company’s channels with the results underpinned by continuing demand for poultry products.

Finances

Statutory earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 14.5 per cent over the pcp to $443.9 million while statutory net profit after tax (NPAT) increased 107.7 per cent to $83.3 million.

Underlying EBITDA increased 16.6 per cent to $209.6 million and underlying NPAT increased 28.4 per cent to $101.2 million.

Total dividends were 16.5 cents per share, fully franked, an increase of 17.9 per cent.

Cash flow totalled $450.4 million, a 15.5 per cent increase over the prior corresponding period.

CEO and Managing Director Andrew Reeves was pleased with the results, particularly in this challenging time.

“These strong financial results were underpinned by solid poultry volume growth and a recovery across the majority of our key channels during the year,” Mr Reeves said.

“They [the Ingham’s team] have ensured that we maintained supply to customers and consumers across Australia and New Zealand during the year, including during the most recent COVID-19 lockdowns and restrictions introduced in some Australian locations.”

Australia

In Australia, revenue grew 4.8 per cent from the pcp while underlying EBITDA grew 7.8 per cent to $375.9 million.

Ingham’s core poultry volume grew 3.9 per cent and was driven by greater demand as COVID-19 restrictions were eased and removed.

New Zealand

Total revenue in New Zealand grew 2.2 per cent while underlying EBITDA increased 20.3 per cent to $72.8 million.

Additionally, core poultry volume grew 6.3 per cent.

Outlook

Ingham’s expects to see consumer recovery begin when vaccination rates increase and the current lockdowns are lifted.

Feed costs have stabilised, however, volatility in international markets has led to domestic pricing remaining firm.

“Ingham’s high safety standards enabled us to keep operating throughout COVID-19 with minimal operational disruption and perform our role as an essential service provider whilst also protecting our employees and contractors,” Mr Reeves concluded.

“Our ability to respond quickly and effectively to the challenges that COVID-19 presents, speaks to the resilience and agility of our business and the unwavering commitment of our people to deliver great outcomes for our customers and consumers.”

Shares in Ingham’s were up 4.35 per cent on the market and were trading at $4.08 at 3:51 pm AEST.

ING by the numbers
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