Chicken giant Inghams says more customers dining at home amid cost-of-living crunch
Ingham shares are in freefall after providing a cautious outlook for the 2025 financial year, with the chicken giant citing challenging conditions as more consumers dine at home amid the cost-of-living crunch.
Ingham’s on Friday reported that while retail volume was up 20 per cent in fiscal 2024 — as a result of more consumers dining at home — this was partially offset by a reduction in volumes in quick service restaurants and other out-of-home channels.
Shares are down 17.6 per cent to $3.19 in early trade on Friday.
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By continuing you agree to our Terms and Privacy Policy.Inghams reported net profit grew 68 per cent to $101.5 million in the 2024 financial year, while revenue revenue rose 7.2 per cent to $3.3 billion.
Earnings before interest, tax, depreciation and amortisation increased 12.6 per cent to $471.1m.
Proving its outlook for the current year, Inghams is expecting poultry volume growth to decline one to 3 per cent and underlying EBITDA to hit between $236m to $250m, representing flat to about 6 per cent growth.
“Our strong results are underpinned by volume growth, improved margins, and good cost control and operational outcomes across both farming and processing,” Inghams managing director Andrew Reeves said.
“The key long-term fundamentals supporting the poultry sector remain in place, with poultry continuing to be the affordable protein of choice for consumers.”
It comes after major Australian KFC and Taco Bell restaurant operator Collins Foods on Thursday warned cost-of-living pressures were dampening demand for fried chicken.
