Inghams (ASX:ING) increases poultry sales by 4.2%

Company News

by Lauren Evans

Poultry producer Inghams (ASX: ING) reported a solid year for the period ending 30 Jun 2021 (FY21), backed by volume growth and operational efficiency gains.

Group core poultry sales grew a healthy 4.2 per cent from the prior year, following ongoing demand for poultry throughout the year.

Ingham’s is the largest integrated poultry producer across Australia and New Zealand. Reported revenue growth was 4.4 per cent, supported by positive net selling price performance across most channels.

Statutory net profit after tax reached $83.3 million, up 107.7 per cent from the prior year.

CEO and managing director Andrew Reeves said, “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."

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

Total dividends of 16.5 cents per share fully franked were recorded, up 17.9 per cent from the prior year, reflecting a payout ratio of 71 per cent of underlying net profit after tax. 

Shares in Inghams Group (ASX:ING) are trading 4.2 per cent higher at $4.08.

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