Tegel Group Holdings, the poultry group taken public by private equity firm Affinity Equity Partners in April, reported annual sales and profit that beat its prospectus forecasts and said it was on track to achieve its targets for the current year.
Profit was $11.3 million in the year ended April 24, from $8.7 million a year earlier, the Auckland-based company said in a statement. Sales rose to $582 million from $563 million.
The company had forecast profit of $10 million and sales of $581 million in its prospectus. The company's financial year ended nine days before its listing.
New Zealand's biggest chicken producer said it is "well positioned" to meet its 2017 targets, having forecast profit to more than triple to $44 million on a jump in sales to $637 million, allowing the company to pay a dividend of between 7 and 11 cents per share.
The shares are little changed from their NZX debut on May 3, having last traded at $1.68, or 8.4 percent above their initial public offering price. Domestic revenue growth "was driven by general market demand, in addition to securing two major supply contracts during FY2016," the company said.