Company News Summary | 16 Apr 2018
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Ridley Corporation Provides Update on Rendering Poultry Supply and Inventory Legacy
09:45:00 | Associate analysts
Original annuncemenet:Update on Rendering poultry supply and inventory legacy
Ridley Corporation advised that supply to its rendering operation at Maroota NSW from Red Lea Chickens ceased from the start of April 2018. The ability of the business under administration to resume supply to the Company will take some time to determine, and it is assumption that there is unlikely to be any further supply in the fourth quarter of FY2018. The full year on year impact of the reduction and subsequent loss is estimated to be in the vicinity of $6-7m of EBIT, of which 30% was incurred in the first half year result. It further advised that it is continuing to work through a range of alternative strategies to address the raw material and finished goods Aquafeed inventory legacy issues associated with the prior cessation of supply to Huon.
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