Here are some numbers that I've estimated from charts in the two most recent AGM presentations (those that have been released to the market).
Total grocery egg retail sales across Australia, for calendar years (m dozen):
Column 1
Column 2
Column 3
Column 4
Column 5
0
CY ending
cage (m dozen)
free range (m dozen)
other (m dozen)
total (m dozen)
1
2010
104
42
14
160
2
2011
101
50
15
166
3
2012
100
60
16
176
4
2013
99
66
16
182
5
2014
96
73
19
188
6
2015
100
80
20
200
Now here are the approximate FRM egg sales, this time for financial years (m dozen):
Column 1
Column 2
Column 3
Column 4
Column 5
0
FY ending
cage (m dozen)
free range (m dozen)
other (m dozen)
total (m dozen)
1
2010
26
8
1
34
2
2011
23
8
1
31
3
2012
20
12
1
32
4
2013
19
13
1
33
5
2014
16
12
1
29
6
2015
#
#
#
#
#: no data is provided for FY2015 or FY2o16 (that I am aware of)
It's not a perfect comparison, as we are comparing CY's versus FY's. Nevertheless, a couple of things can be concluded. Firstly, that that FRM's share of caged eggs is dropping substantially (probably a good thing, for a number of reasons, including that it's lower margin). However, it seems to indicate that FRM's share of free-range has not grown rapidly enough to compensate, and has actually probably not been keeping up with the market (thus explaining FRM's fairly flat top line revenue numbers over several years).
So, this does not paint a picture of FRM gaining market share, up to FY2014 (the opposite actually).
Does anyone know if the company has released more recent data, or have any other comment?
FRM Price at posting:
$1.55 Sentiment: None Disclosure: Not Held
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