Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Bob Ingham delivers golden egg in final year of ownership

Bob Ingham delivers golden egg in final year of NZ poultry production

By Suze Metherell

Feb. 13 (BusinessDesk) – Bob Ingham, former owner of Australia’s biggest poultry producer Inghams Enterprises, achieved a record profit from his New Zealand operations in 2013, the final year before private equity firm TPG acquired the Australasian business.

Inghams Enterprises (NZ) lifted net profit by 19 percent to $27.2 million in the 12 months ended June 30, according to the annual report filed with the Companies Office. Revenue rose 5 percent to $336 million.

The Australian parent company was family owned for 94 years when sole shareholder Bob Ingham, grandson of the original founder, sold to TPG for A$880 million in June last year. The Ingham family retained bloodstock assets and some properties including the family farm.

Last year’s sale means the bulk of New Zealand’s chicken industry is owned by private equity investors as Inghams is the nation’s second biggest poultry producer after Tegel Foods, which is owned by Affinity Equity Partners.

Inghams chief financial officer Paddy Watts declined to comment on the results

Cost of sales increased for Inghams NZ, rising 2 percent to $263.7 million. The accounts show the company reduced shares on issue to 16 million from 56 million in the final year of Ingham family ownership, after the tax department approved a share repurchase and share cancellation, suggesting a return of at least $41.5 million to the Australian parent.

The company paid out no dividend in the latest year, from a dividend payout of $12 million in 2012.

Dutch agricultural lender Rabobank has forecast global demand for poultry will increase 60 percent to become the most consumed meat globally by 2030.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news