Announcing its 1H24 results, Bega said its performance reflected the importance of the group’s diversity, with its Branded business unit more than offsetting the decline it had in the Bulk segment. The company posted a half year profit of $25.5 million, 263 per cent higher than the prior comparative period.
Announcing its 1H24 results, Bega said its performance reflected the importance of the group’s diversity, with its Branded business unit more than offsetting the decline it had in the Bulk segment. The company posted a half year profit of $25.5 million, 263 per cent higher than the prior comparative period.
Revenue was over $1.7 billion, an increase of three per cent on the prior year, and included eight per cent growth in the Branded segment.
Snapshot - group statutory performance
- Revenue: $1.7bn, up 3% pcp;
- EBITDA: $76.5m, up 3% pcp;
- EBIT: $33.6m, up 46% pcp;
- NPAT: $25.5m;
- PAT: $13.3m, up 41% pcp; and
- Net debt: $250.9m, down 22% pcp.
The Bulk segment statutory EBITDA was down $55.1 million pcp as Australian farm gate milk prices stayed disconnected from global dairy commodities.
But the statutory EBITDA in Branded was up by $66.6 million or 153 per cent.
It also reduced its net debt by $70.5 million to $250.9 million due to selling properties in Port Melbourne and Canberra, and the sale of its interest in the Vitasoy Joint Venture.
Bega said it maintained its FY24 normalised EBITDA guidance on $160-170 million.
