Inghams Group Limited (ING)
All research reports and stock updates for Inghams Group Limited.
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Research Reports
Growing a leg
ING’s 2H23 outcome was very strong with margins recovering 260bp due to the price-driven growth in sales.
Chicken feed
Inghams Group has put a difficult FY22 behind it, but the current financial year is unlikely to be cordon bleu.
Plucked
It could be said that all ING’s chickens came home to roost over the last two years.
Fried
The trading update from Inghams confirms that the tough circumstances evident at the interim result in February may have worsened.
Schnitzelled
Inghams is fighting a torrid battle against staff absenteeism (Omicron), higher feed costs and supply chain issues. FY22 earnings are therefore doomed. But the disruptions are all likely to be temporary in nature so earnings will eventually recover.
Omicron pecks hole in earnings
Omicron has cut a swathe through Ingham’s staff causing disruption to all facets of the business. In addition, feed costs have risen in recent months. The combination will lead to consensus earnings downgrades for FY22 and we have consequently lowered our recommendation to Hold.