Australia-based poultry company Ingham’s Group reported a successful conclusion to its 2022 fiscal year, in which core poultry sales volume grew 4.2%, despite numerous market challenges.
“I am very proud of the resilience and commitment shown by our people and the way they have responded to the numerous challenges we have faced during the year. These include significant operational disruptions caused by ongoing pandemic conditions, particularly during the third quarter, and the significant increase in input costs, including increases in feed and fuel costs, which have been exacerbated by the war in Ukraine,” Ingham’s CEO and Managing Director Andrew Reeves said in a press release.
“We are greatly encouraged by the ongoing recovery taking place across the business, with our farming and plant operations continuing their normal operating levels, shifts and product range. Our core business is in good shape. Our diverse network and market leading integrated operating model provides a strong platform that has helped us navigate the significant disruptions over the past two years and positions us well for the future.”
In Australia, Ingham’s reported core poultry volume growth of 5.2%, while it was down 2% in New Zealand, where COVID-19 lockdowns and strict personal travel rules resurfaced.
The company’s net debt for the year increased to AU$267.30 million (US$184.24 million), largely due to the effects of lower trading results in the second half.
Looking ahead, Ingham’s believes that global events are expected to continue to place significant upward pressure on the price of feed ingredients and transportation costs, with feed costs in particular expected to further increase in 2023.
Despite that, the company remains optimistic, stating that the poultry sector is growing and it enjoys a significant affordability advantage over red meats.
Ingham’s, according to the Poultry International Top Companies Survey, is the largest broiler producer of Oceania, slaughtering 214 million head during the past year.
