New Zealand poultry group Tegel is prospering. Annual profit ($11.3 million) and sales ($582 million, from $563 million last year) were both higher than expected, with forecast profit sitting at $10 million and sales at $581 million.
“Tegel is proud to have achieved this significant milestone in the Group’s history”, said Tegel’s CEO Phil Hand. “We warmly welcome our new shareholders to join us on the continued growth journey of this iconic New Zealand brand. The FY2016 result is extremely pleasing, made possible by all divisions joining together to deliver strong sales growth and operational efficiencies.”
The company is getting closer to its ambitious targets for 2017 of $44 million in profit and $637 million in sales. Increased export sales contributed to the results as well as the launch into the foodservice channel in the United Arab Emirates. In general, according to the company, demand for poultry is growing both domestically and globally.
"In the domestic market, New Zealanders will see the culmination of the brand refresh project, with the initial launch of Tegel’s new brand imagery, packaging and new products in the first half of the financial year," the company said. As for its export targets, Tegel plans to generate revenue growth in both existing and new markets through the distribution of new products and the addition of new customers.
Employing 2,300 people in New Zealand, Tegel Group Holding has been recently taken public by Affinity Equity Partners."Since listing, Tegel has met with customers and presented new products in the Philippines and Japan. Market access has been opened to Bahrain and South Africa."