Chicken producer profit takes off

Chicken producer profit takes off

New Zealand's largest poultry producer Tegel has beaten its profit forecast, in its first results announcement after being listed on the New Zealand stock exchange.

Tegel posted a net profit after tax of $11.3 million, $1.3 million ahead of its performance expectations and $2.6 million more than the previous year.

Revenue of $582 million was also up on last year and ahead of forecasts.

The financial year finished nine days prior to the company listing on the NZX.

Tegel Group Holdings Limited processes approximately 50 million birds per year, across operations in Auckland, Christchurch and New Plymouth.

It is New Zealand's leading poultry producer, processing approximately half of New Zealand's poultry, and also manufactures and markets a range of other processed meat products.