Costa Group Holdings Ltd has released its CY20 Results Presentation on 22nd February 2021.
Key Messages were that there was a strong full year result, with the points high-lighted being:
▪ Recovered from drought challenges
▪ International segment performance well up on previous year
▪ Sustained Australian category momentum through 2HCY20 driving increased earnings
▪ Balance sheet strength and strong cash flow position, highlighting resilience
Image: Costa Group Holdings Ltd
The Group’s earnings momentum was underpinned by the fact that citrus pricing remained strong throughout the season, the result of higher export and domestic demand.
Also, sustained premium pricing for Arana blueberry variety and doubling of production volume on previous year. Long cane raspberry and blackberry strategy showing promising developments, with improved seasonality coupled with production and harvest efficiencies.
Thirdly, avocado retail & wholesale pricing were well ahead of pcp. Increased volumes from Costa operated farms and fruit sizing better than industry average. There was continued higher demand for pre pack mushrooms versus bulk product, reflecting consumer preferences during COVID-19.
Finally, the international segment earnings growth was significantly up on the previous year - higher yields and volumes, improvement in sales and increased production footprint at Agadir (Mor) and Manhong (Ch), although this was somewhat countered by negative pricing impact due to COVID-19 in Europe.
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