Questions commenced.
An analyst from Macquarie said earnings were recovering faster than the market expected. The CEO said the key issues in 2H 23 were getting farm operations back on track plus getting the breeder complex in northern NSW operating, alleviating the egg shortage.
The inflationary environment was still pretty tough, and the CEO wasn't seeing this moderating (as some have claimed). Interesting. ING will also concentrate on price rises implementation.
The egg problem goes back to December 2021/January 2022, as the breeder cycle is 65 weeks. The lack of labour meant that some normal animal husbandry wasn't able to be practised, decreasing rooster fertility. During the last three years, there's still been three per cent per annum volume growth (see above). We are now seeing ING getting back on that trendline, and are quite confident about that continuing. It's a supply issue not a demand issue. The CFO said it was two per cent lower than the production ING would have liked to have had.
The CEO said this wasn't a fundamental problem with bird selection, as historically they've performed well. He saw it as a transitory issue relating to the COVID period. It was not a systemic issue. No need to make changes re choice of breeds.
The broad inflationary environment is affecting everyone. The shortage of chicken meat is most significant in the wholesale market: a year ago, prices were depressed as it was flooded with birds but it's the opposite today. ING is not prepared to predict what price rises will be over the balance of the FY but ING is already involved in conversations with all sectors.
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inghams group limited
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Questions commenced. An analyst from Macquarie said earnings...
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$3.48 |
Change
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Mkt cap ! $1.293B |
Open | High | Low | Value | Volume |
$3.46 | $3.49 | $3.44 | $8.195M | 2.368M |
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No. | Vol. | Price($) |
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1 | 450 | $3.45 |
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Price($) | Vol. | No. |
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$3.49 | 9940 | 1 |
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No. | Vol. | Price($) |
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3 | 26507 | 3.440 |
5 | 61168 | 3.430 |
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2 | 4900 | 3.410 |
Price($) | Vol. | No. |
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3.490 | 9940 | 1 |
3.500 | 6972 | 1 |
3.520 | 15000 | 1 |
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