Australia’s Inghams Group refutes media speculation over sale talks

Core Viewpoint - Inghams Group has denied media speculation regarding a potential sale of the company, asserting that it is not pursuing any discussions related to a sale [1][2]. Financial Performance - Inghams reported a net profit decline of 11.5% to A$89.3 million ($58.1 million) for the year ending June 28, with revenue decreasing by 3.4% to A$3.15 billion [3]. - EBITDA fell by 15% to A$392.2 million, while EBIT decreased by 6.2% to A$209.3 million, and earnings per share dropped by 11.5% to 24.2 cents [3]. Market Conditions - The company's results were impacted by a transition to a new supply contract with Woolworths, Australia's largest retailer, and challenging local market conditions, particularly in the final quarter [4]. - Core poultry volumes in Australia decreased by 2.5%, attributed to the Woolworths contract switch, while New Zealand saw a 5.3% increase in volumes [4][5]. Strategic Developments - The acquisition of Bostock Brothers in New Zealand contributed approximately 40 basis points to the group's growth, despite an overall decline in total group poultry volumes by 0.4% [5]. - Ongoing cost-of-living pressures affected the Quick Service Restaurant (QSR) segment, and bird flu incidents on non-Ingham farms led to reduced export volumes [6].