Australia’s Inghams Group has denied media speculation that the poultry processor has been exploring a sale of the publicly listed business.
Inghams, which operates in Australia and New Zealand, issued a stock exchange announcement today (23 October) refuting the claims.
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A report in The Australian publication suggested the group had been “discreetly” offering Inghams up for sale.
Today’s filing referenced the speculation that there are “discussions being held in relation to a possible sale of the company”.
In response, Inghams said: “The company confirms that it has not been holding such discussions or otherwise pursuing a sale of the business. Inghams will keep shareholders and the market informed in line with its continuous disclosure obligations.”
Inghams’ shares closed 2.4% higher on the Australian Securities Exchange today at 2.52 Australian dollars. However, the shares have lost 21% this year, with a more notable 27% decline over the past six months.
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By GlobalDataInghams’ recent financial results show revenue and net profits dropped in the year to 28 June.
Issued in August, the results show net profit to shareholders fell 11.5% to A$89.3m ($58.1m). Revenue decreased 3.4% to A$3.15bn.
Meanwhile, EBITDA dropped 15% to A$392.2m and EBIT declined 6.2% to A$209.3m. Earnings per share were down 11.5% at 24.2 cents.
Inghams said the results reflected the transition to a new supply contract with Woolworths, Australia’s largest retailer, along with “challenging” conditions in the local market, especially in the final quarter.
“Core” poultry volumes fell 1.4% from a year earlier, led by a 2.5% decline in Australia linked to the switch over in the Woolworths contract. However, volumes in New Zealand increased 5.3%.
The acquisition of Bostock Brothers in New Zealand, a deal revealed last year along with the promotion of Edward Alexander to group CEO effective from June 2025, contributed around 40 basis points to that growth.
Overall, total group poultry volumes dipped 0.4%.
Inghams’ core poultry volumes in Australia declined 2.5% amid lower volumes in retail, foodservice, wholesale and exports, the company said.
“Ongoing cost-of-living pressures” weighed on the QSR segment, while bird flu on non-Ingham farms during the year and the subsequent closure of certain markets, damped export volumes.
