Strong growth in exports and in its grocery business has enabled Bega Cheese to deliver a result at the top end of its earnings guidance for the 2019-20 financial year.
The dairy and food business was one of only a few ASX-listed companies not to ditch or lower its earnings guidance in the June half as the coronavirus pandemic swept across the world, hit economic activity and sent Australia towards recession.
Bega’s full-year results released shortly before the market opened on Thursday revealed its normalised EBITDA (earnings before interest, tax, depreciation and amortisation) of $103 million was at the top end of its guidance released last year, of $95 million to $105 million.
Statutory profit after tax rose by a hefty 384 per cent for the year to $21.3 million. On a normalised basis, profit after tax was up by a more moderate 3 per cent, to $31.9 million, and comfortably ahead of $27.4 million Bloomberg consensus.