Full Year 2024 Inghams Group Ltd Earnings Call Transcript
Key Points
- Inghams Group Ltd (ASX:ING) reported a record set of financial results for FY24, with strong year-on-year growth in earnings, profit, and cash flow metrics.
- The company declared a fully franked dividend of $0.08 per share, contributing to a total dividend increase of 38% compared to the prior year.
- Inghams Group Ltd (ASX:ING) achieved a 31% increase in underlying pre AASB 16 EBITDA to $240.1 million, with a 130 basis point increase in the underlying EBITDA margin to 7.4%.
- The New Zealand segment delivered a very strong performance, with a 100.9% growth in pre AASB 16 underlying EBITDA, driven by a return to normal operating capacity.
- The company completed significant investments, including two acquisitions and the installation of new automated leg deboning machines, contributing to a return on invested capital of 21.3%.
- The general rate of inflation remains elevated, impacting costs despite some stabilization in key feed ingredients.
- The company experienced a marginal increase in its leverage ratio to 1.5 times, although it remains within the target range.
- There is a phased reduction in annual volume under the new Woolworths supply agreement, which may impact overall volumes in FY25.
- Cost inflation has moderated but remains a concern, with increases in salaries, wages, utilities, and other operational costs.
- The shift in channel mix towards retail and away from out-of-home channels, including quick service restaurants, may affect overall revenue dynamics.
Welcome to the Inghams full year 2024 results call. (Operator instructions)
I will now hand over to Andrew.
Thank you, and good morning, everyone, and thank you for joining us this morning. My name is Andrew Reeves, Managing Director and Chief Executive Officer of Inghams, and it's my pleasure to welcome you to the Inghams FY24 results presentation this morning.
On behalf of the Inghams, I'd like to respectfully acknowledge the traditional owners both past and present as, of custodians of the land we're meeting on today. Also joining me today, as is normal is our Chief Financial Officer, Gary Mallett, and at the conclusion of the formal presentation, we'll be happy to take any questions you may have on the results and the business.
I'm very pleased to report that Inghams has delivered a record set of financial results for FY24. I'd like to take this opportunity to acknowledge the entire Inghams team, their hard work, dedication and
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