The feed producer cited factors such as the expiry in October 2018 of a large supply agreement with poultry integrator, Inghams Enterprises - year on year 65,000 tons reduction - the pass through of raw material price movements and reduced sales as a result of the Covid-19 pandemic.
Revenue from continuing operations after tax saw a loss of AUS$8.64m.
Significant items that impacted the financial results included the closure and replacement of three feed mills, together with restructuring costs, asset impairments and the settlement of a legal claim in February this year with leading Australian poultry producer, Baiada in respect of feed manufactured for Baiada at Ridley’s Wasleys feed mill in South Australia.
The company’s earnings before interest, tax, depreciation and amortization (EBITDA) from ongoing operations were AUS$64.3m in FY20, an increase of 8.2% compared to FY19.
Ridley reported a 13% improvement in financial performance from ongoing operations in FY20. It invested AUS$42.9m in capital expenditure including an investment as regards the production of its Novacq feed additive in Thailand.
However, the company said its growth strategy was expected to deliver improved earnings in the 2021 financial year.
Managing director, Quinton Hildebrand, recently announced that Ridley is now focusing on certain optimization initiatives aimed at simplifying the business, installing automation, leveraging its raw material and consumable procurement and rationalizing the supply chain.
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August 27, 2020 at 04:25PM
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Ridley Corporation feed sales hit by Covid-19 pandemic - FeedNavigator.com
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