I am incredibly proud to lead Ingham’s and work with such a highly energised team who continually demonstrate their commitment to nourish our communities as an essential service provider.
This past year has been challenging as we navigated the impact of the ongoing drought and bushfires in Australia, and the emergence of COVID‑19. Throughout this uncertain time, we have maintained an unwavering commitment to ensure the supply of affordable, high quality and trusted products to our customers.
Pleasingly, our robust business model, led by experienced people with expertise in global best practice, helped to mitigate the impact of these challenges on our people and our company.
The health, safety and wellbeing of our people will always come first. Our company‑wide safety performance has materially improved this year. Our Lost Time Injury Frequency Rate has reduced by 45 per cent to 3.8 and our Total Recordable Injury Frequency Rate has reduced by 63 per cent to 8.1. Sadly, one of our team members suffered a serious incident at Tahmoor in February. Thankfully, he is recovering and we are supporting his ongoing rehabilitation.
We achieved an increase of 3.3 per cent in group core poultry volume. This reflects the ongoing demand for poultry as an affordable and healthier protein choice.
In light of the challenges we faced throughout the year, the Ingham’s team has delivered resilient financial results as we remained focused on our five‑year strategy.
Underlying Earnings Before Interest, Tax, Depreciation and Amortisation was down 13.9 per cent to $179.7 million and Underlying Net Profit After Tax was down 23.6 per cent to $78.8 million. This result was in line with our business update in May and reflects the financial impact of the further processing network issues in the first quarter and COVID‑19 impacts on our business in the fourth quarter.