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Chicken giant Ingham’s cites ‘unprecedented challenges’ from COVID-19

The ASX-listed chicken producer Ingham’s says the boost from panic buying at supermarkets has stopped and demand for its products has been hit by COVID-19 restrictions hurting tourism and hospitality.

Ingham’s said it had been on track to record better EBITDA (earnings before interest, tax, depreciation and amortisation) this half than in the first half, but warned that market volatility now made it too hard to predict what would happen to demand over the next nine weeks.

$1.3 billion ASX-listed chicken giant Ingham's said the temporary surge in panic buying by shoppers has eased.

$1.3 billion ASX-listed chicken giant Ingham’s said the temporary surge in panic buying by shoppers has eased.Credit:

In its first update to the market since the coronavirus pandemic worsened dramatically in March and April, Ingham’s also said its New Zealand division had been on track for a better result this year than last, but warned that COVID-19 lockdown rules in New Zealand meant this was now in doubt.

“In Australia COVID-19 restrictions created a temporary surge in retail sales in March and early April but as consumer behaviour normalised, store traffic has decreased and shopping behaviours altered,” said Ingham’s chief executive Jim Leighton.

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