Bega Group has reported a slight increase in revenue for the last fiscal year amid positive performance at both its branded and bulk segments.
The group’s revenue for the year ended June 30 edged up 0.5 per cent to $3.539 billion, with strong volume growth in branded white milk, yoghurt and spreads.
Statutory EBITDA (earnings before interest, taxes, depreciation, and amortisation) was flat at $165 million. The group swung to a loss after tax of $8.5 million from a profit of $30.5 million in the prior year.
Meanwhile, normalised EBITDA rose 23 per cent to $202 million and profit after tax increased 74 per cent to $50.8 million.
The group noted that normalised results include the completed sale and exit of juice primary processing at Leeton, NSW, the closure and consolidation of cheese packaging and processing capacities at Strathmerton, Victoria, into the Ridge Street facilities in Bega, NSW, and the impairment of plant and equipment associated with the closure of peanut processing operations in Queensland.
The branded segment saw normalised EBITDA increase from $199.9 million to $205.2 million. The bulk segment returned to EBITDA profit of $38.7 million from EBITDA loss of $18.2 million in the prior year.
Net debt reduced to $126.1 million as of June 30, compared to $162 million in the year-ago period.
For the new fiscal year, Bega expects normalised EBITDA to be in the range of $215 million to $220 million.
