Ingham’s delivers strong half year results due to resilient demand and operational momentum

•  Group core poultry volume growth of 4.0% on the prior corresponding period (pcp) and 5.6% on the second half of FY20, reflecting strengthened demand across most channels and the return of overall trading volumes to pre COVID-19 levels
•  Solid total revenue growth of 4.6% despite declining external feed revenue, with total poultry revenue growth of 6.1%, ahead of volume growth
• Good progress achieved in the reduction of frozen poultry inventory arising in FY20 due to COVID-19, down $42.3million during the half year and now close to normal levels
•  Statutory and Underlying EBITDA growth of 5.0% and 4.3% respectively driven by volume growth and improvements in operational efficiencies, Underlying EBITDA pre AASB 16 up $9.0 million or 9.8%
•  Statutory NPAT of $35.3 million up 34.7% and Underlying NPAT of $37.5 million up 28.4%, with Underlying NPAT pre AASB 16 up 10.7%
•  Leverage1 of 1.7x down from 1.8x at June 2020 with Net Debt of $327.5 million at December 2020
•  Interim dividend of 7.5 cps (fully franked), up 0.2 cps on pcp, reflecting a payout ratio of 74.3% of Underlying NPAT post AASB 16, in line with the revised dividend policy

Presentation

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