Inghams in tough spot

INGHAMS has posted a drop in full-year net profit on the back of a weak demand for poultry through COVID-19 restrictions, especially the lockdown in New Zealand.

Net profit for the year sank 68.2 per cent to $40.1m for the full-year through June, as Australian volumes grew by 4.3 per cent but were offset by a 2 per cent fall in New Zealand. The company declared a final dividend of 6.7c a share, down from 10.5c.

Inghams said that the poultry demand continued to show resilience, with consistency of supply and attractive pricing, though government restrictions in Australia and New Zealand continued to impact consumption.

The group said net debt had increased by $50.9m to $314.7m for the year.

Smooth run in skin care SKIN and hair care company BWX has flagged a 10 per cent lift in earnings for the year ahead as it delivered a net profit up nearly 60 per cent on the prior year.

Net profit for the year to June climbed to $15.2m, up from $9.5m a year earlier. Revenue surged 25.5 per cent to $187.7m.

BWX, which produces products under the Sukin, Mineral Fusion and Andalou brands, said it expected to achieve ongoing growth in revenue and earnings before interest, tax, depreciation and amortisation of at least 10 per cent in fiscal year 2021.

“The board is very pleased by this performance when considering the economic disruption faced by the business during the second half,” chairman Ian Campbell said.