Money and health conscious consumers swapping red meat for poultry have helped Inghams Group grow its half year profit.
The 100-year-old poultry giant produced 248,000 tonnes of birds in the six months to December 31, up 13 per cent from a year ago, due to strong demand from its supermarket and restaurant customers.
Inghams' profit rose 14 per cent to $51.3 million, excluding the financial factors associated with its share market listing in November.
"As other proteins become more expensive we see growth in chicken, especially so over the last period where we have seen customers investing in everyday low prices," chief executive Mick McMahon said.
The company still expects to hit its full year net profit forecast of $98.8 million, even though its strong volume growth in Australia is expected to moderate and New Zealand's tough trading conditions are unlikely change.
"We are certainly not seeing any slowdown in customers investing in chicken," Mr McMahon said.
The company's statutory net profit, including its IPO costs and restructuring, dropped 54 per cent from a year earlier to $9 million.
Its shares dropped six cents to $3.33, but are up almost six per cent on its listing price of $3.15.
Inghams has over 200 farms as well as hatcheries and processing plants in Australia and New Zealand.
Mr McMahon said the company's goal is to build "a world-class food company".
"Throughout the last 100 years of history it has been good enough to be the best in Australia and New Zealand, but increasingly our customers are international," he said.
DEMAND FOR POULTRY BOOSTS INGHAMS' PROFIT
* Half year pro-forma profit up 13.8pct to $51.3m
* Pro-forma revenue up 4.3pct to $1.23b
* Interim stub dividend of 2.6 cents
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