TasFoods Ltd (ASX:TFL) Announces FY2024 Results
Financial Performance
TasFoods Ltd reported a group operating EBITDA loss of $2 million for FY2024, a 56% improvement from the previous year’s $4.6 million loss. The statutory NPAT loss was $10.5 million, including a $6 million non-cash impairment. Gross margin decreased by 2% to 23%, and poultry sales volume fell by 11% due to market oversupply. The company successfully reduced corporate overhead costs by $3.8 million despite challenging market conditions.
Operational Achievements
In FY2024, TasFoods completed the full integration of Redbank Poultry, optimizing its supply chain and enhancing its commercial position. The feed supply was transitioned from Inghams to Ridley, improving the feed conversion ratio by approximately 6%. The company expanded its Isle & Sky Pet Treats range, achieving a 209% sales volume increase. Additionally, TasFoods conducted a strategic review of its Pyengana Dairy business, initiating steps to accelerate growth in domestic and international markets.
Future Outlook
TasFoods is focused on strengthening its poultry supply chain, expanding the Isle & Sky Pet Treats range, and advancing export opportunities for Pyengana Dairy. The company aims to further reduce overhead costs and build on growth streams in Pet Treats and Pyengana Dairy to enhance business performance.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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