Inghams Group says the 2.2 per cent drop in core poultry volumes in the first nine months of FY25 compared to the same period in FY24 (pcp) was largely due to reduced processing to manage elevated inventory levels from 2H24.
Declines in wholesale, export, and quick service restaurants (QSR) offset modest growth (1.3 per cent) in retail volume growth.
In New Zealand, Inghams reported a five per cent core poultry volume increase, bolstered by the acquisition of Bostock Brothers impacting retail (up 10 per cent) and export (up 18 per cent) channels.
The company said its FY25 guidance of -1 to -3 per cent core poultry volume growth held, as did its underlying EBITDA guidance of $236-250 million.
Inghams CEO and managing director, Andrew Reeves, said the company’s “disciplined execution of our strategic priorities” delivered “solid and sustainable” results.
“We have successfully navigated the changes to our customer portfolio, with the reduction in volume under the new Woolworths supply agreement now substantially covered on an annualised basis,” Reeves said.
He added that a more diversified customer base would see the company well positioned to return to growth.
