Elders delivers $232.1 million Underlying EBIT, up 39 per cent from FY21, and declares a final dividend of 28 cents per share (30 per cent franked).
Australian agribusiness Elders (ASX:ELD) today released its results for the 12 months to 30 September 2022.
Elders reported an underlying profit before tax of $223.5 million, up 42 per cent on FY21. Statutory profit after tax was $162.9 million, with prior year comparison impacted by the recognition of income tax expense from 1 October 2021.
Recognising the favourable seasonal and market conditions, Elders’ Chief Executive Officer and Managing Director, Mark Allison, attributes the outperformance to:
- a well-executed growth strategy, which targets a balance between organic and acquisitive growth. Acquisitions completed in FY21 delivered full year EBIT of $12.6 million in FY22, with 13 bolt on acquisitions executed during FY22, delivering an additional $4.2 million EBIT;
- the continued focus on the Rural Products backward integration strategy driving margin benefits, despite supply constraints and high input costs;
- an ongoing focus on strengthening and expanding all core product areas, which has delivered growth across a strategically diversified portfolio of business units; and
- a continued commitment to financial discipline in managing cost and capital.
“Elders’ performance this year reflects a continued commitment to improvement and growth in accordance with our Eight Point Plan, which allowed us to leverage excellent seasonal and market conditions,” said Mr Allison. “The business has performed remarkably well, making tremendous progress on its strategic ambitions and contributing to a thriving agriculture sector.
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