Bega Cheese has booked an after-tax, full-year profit of $31.9m in FY2020, 1% higher despite the effects of drought, bushfires and COVID-19. Normalised EBITDA fell 2% from the year before to $103m on revenue of $1.49bn, a 5% increase driven by significant cash generation from the grocery brand businesses and a 15% rise in exports to $523m. With increased cash flow, Bega cut debt by $52m to $236m.
Bega Cheese executive chairman Barry Irvin said the year had brought the company’s values and culture to the fore, saying he was particularly proud of Bega’s business performance in the circumstances faced throughout the year. Bega Cheese will continue to manage COVID-19 across its entire supply chain, and noted seasonal conditions were much improved compared to recent years with industry supply set to increase in FY2021. Bega is well positioned for EBITDA growth in FY 2021, underpinned by ongoing product range innovation, the compleion of the new lactoferrin plant at Koroit and the executiob of the orgranisational review in the first half of the year.