Elders’ shares tumbled following FY2022 results

Elders Limited (ASX: ELD) has announced the release of FY2022 results for the period ended 30 September 2022.

FY2022 Highlights:

• Sales revenue increased 35% to AU$3,445.3 million compared to the previous corresponding period (pcp).
• Underlying EBIT improved 39% to AU$232.1 million on pcp.
• Underlying PBT was up 42% to AU$223.5 million compared to FY2021.
• Operating cash flow declined 20% to AU$113.7 million.
• Total dividend per share (cents) grew 33% to AU97.3 cents.

Outlook:

The Company highlighted that there would be a high demand for agricultural commodities. However, the extreme rainfall events in the recent times across the eastern states have created some uncertainty in affected cropping regions and concern about attainment full harvest potential for summer as well as winter crops.

Rural Products outlook is positive, with high demand mainly for agricultural chemicals, fertiliser and seed. However, the agricultural industry will wait for assessment of the full impact of the extreme wet conditions plus flood events to readjust FY2023 expectations.

ELD expects Cattle and sheep prices to soften in mid-term.

At AEDT 12:41 PM, ELD shares are trading at AU$11.210, down 15.396% from its previous close. 

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