Bega Cheese (ASX:BGA) released its interim report for the half-year ended 25 December 2022, showing a challenging 1H FY2023 with lower profitability than the prior year due to the lagging effect of price increases in the Australian market.
The Group's revenue exceeded $1.6B, an increase of 11% on the prior year, including 4% volume growth in the Branded segment.
Normalised EBITDA decreased by 30% to $74.6M, and normalised PAT decreased by 74% to $9.4M, while working capital decreased by 21% to $198.2, and the Group's net debt decreased by 2% to $321.4M.
Bega Cheese says there was a reduction in the interim dividend, reflecting the reduction in earnings achieved in the first half.