Animal feed manufacturer Ridley Corporation has reported strong performance in FY22 as it emerged from the rationalisation of its Australian production sites and benefitted from its growth strategy and focus on efficiency.
The company reported operating profit from ongoing operations up 16 percent to $80 million on revenue up 13 percent to $1.05 billion, navigating challenging factors including rising raw material costs, delays in supply chains and the impact of Covid-19.
Total comprehensive income was up $17 million or 70 per cent to $42.4 million, including $6.2 million largely related to gains on the sales of surplus production sites.
Asset sales also helped reduce total debt from $83 million to $22.9 million.
Ridley has recently opened or expanded four mills as part of a $150 million investment in production, including opening a new Wellsford, Bendigo feedmill replacing a former Bendigo mill and one at Mooroopna which was closed.
During the year the company’s packaged feeds and ingredients segment grew strongly, led by its rendering business which benefitted from product premiumisation and higher market prices for rendered tallows and oils.
Branded packaged products expanded market share into urban pet supply chains.
Aquafeed volumes fell following the sale of the Westbury, Tasmania facility
Picture: Ridley Corporation
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