Over the past 12-15 months, leading Australia-based poultry meat producer Ingham’s Group has made a series of acquisitions and other investments, and renewed its supply agreement with one of the country’s largest retailers.
For the financial year recently ended, Ingham’s Group reports a 7.2% year-on-year increase in revenue to 3.262 billion Australian dollars (AUD; US$2.111 billion). At AUD240.1 million, underlying operating profit (Earnings Before Interest, Taxes, Depreciation, and Amortization) was 30.8% higher than the previous 12 months, and net profit after tax increased by 68.0% to AUD101.5 million.
The firm’s core poultry production for the year was up by 2.8% to 476,400 metric tons.
Presenting the 2024 fiscal year results at the AGM this week, the group’s chairperson Helen Nash highlighted strong year-on-year growth by Ingham's in terms of earnings, profit, and cash flow. These results were supported by growth in both volumes and margins, solid operating performance across farming and production, and strong cost control, she said.
During the last financial year, the Group made a number of acquisitions, including a primary processing plant in South Australia — which it had previously leased — and a hatchery in New Zealand. Furthermore, Ingham’s finalized its acquisition of Bostock Brothers — the only organic chicken producer in New Zealand — on July 1, 2024.
Ingham’s Group: Top poultry integrator in Australia, New Zealand
The company’s diverse national network delivers important advantages as a key poultry producer, according to Andrew Reeves, CEO and managing director of Ingham’s Group, addressing the AGM.
“As a result, we can ensure we achieve the appropriate production balance in our operations, which combined with operational excellence are important to growing returns over time,” he said. “Our ambition is to be our customers’ and consumers’ first choice for poultry across Australia and New Zealand.”
Contributing to the group’s overall poultry output growth of 2.8% in the year just ended were an 8.4% increase in production from the New Zealand operations. Growth in Australia amounted to 1.9% compared with the 2023 fiscal year.
Reeves reported that Ingham’s Group has renewed its multi-year supply agreement with Australia’s largest supermarket chain, Woolworths. While it will remain the leading supplier to the retailer, volume supplied by Ingham's is set to reduce during the second and third quarters of financial year 2025. This new agreement allows both companies to diversify their trading partnerships, he said.
In addition to the major acquisitions made by the group during the year, Reeves also mentioned two smaller investments in New South Wales. These involve the conversion of a production line in Lisarow to fully cooked capability, while all value-added production are being moved to Ingleburn.
Business developments so far this year
Trading during the first 18 weeks of the 2025 financial year is in line with full-year guidance given by Ingham’s Group in August, according to Reeves.
He said that core poultry output is down by 1-3%, mainly as a result of the new supply agreement with Woolworths. Meanwhile, Ingham's has secured new business with other major supermarkets.
Already, lower feed prices are contributing to lower business costs, and Reeves said further improvements are expected during the coming fiscal year.
At the AGM, an overwhelming majority of Ingham’s Group shareholders voted in favor of three resolutions. These concerned the re-election of Linda Bardo Nicholls as non-executive director, the remuneration report, and the proposed long term incentive plan grant for the CEO and managing director for the financial years 2025-2027.
More on Ingham’s Group
With output of 229 million birds (chickens and turkeys), Ingham’s Group was the largest poultry producer in Oceania in 2023, according to WATTPoultry.com’s Top Poultry Companies survey.
In August, Ingham’s Group reported that it had achieved its highest annual earnings since the company had gone public.
Earlier this year, the Group reported that its conversion of a debt facility to a sustainable loan demonstrated its leadership on sustainability in the Australian poultry sector.
