Ingham’s net profit dipped in the fiscal first half amid a reduction in volume under its new supply agreement with Woolworths.
The company’s net profit plunged 18.8 per cent to $51.5 million as revenue fell 1.9 per cent to $1.61 billion.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) slid 17.1 to $210.4 million.
“We have made significant progress in covering the reduction in volume under the new Woolworths supply agreement, with new business in retail and QSR equivalent to approximately 75 per cent of the volume reduction now secured, and I remain confident of further progress in the coming months,” said outgoing Ingham’s CEO and MD Andrew Reeves.
“Overall, the business is performing well, and today’s results confirm the company remains on track to achieve its FY25 volume and earnings guidance provided at the FY24 results in August 2024.”
For the full fiscal year, the company forecasts underlying EBITDA to be between flat and up 6 per cent, and core poultry volume to decrease 1 per cent to 3 per cent.
