"Export sales were strong in Australia, the Pacific Islands and UAE, with the FY2016 launch into the food service channel in UAE providing incremental revenue gains".
"Revenue growth continues to be driven by strong, growing demand for poultry as a meat protein in New Zealand and globally, and record sales in Tegel's key export markets," it said. "Underlying poultry consumption continues to increase, driven by population growth and share of plate gains."
Tegel raised $284 million in its IPO, of which $129 million went to repay the existing shareholders, $130 million to repay external debt and $23.3 million on IPO and listing costs and an expensed management bonus.
The company retained $1.2 million. Tegel was taken public by its second private equity owner after Affinity acquired Tegel in a leveraged buyout from Pacific Equity Partners and ANZ Capital in early 2011. PEP had, in turn, bought Tegal from HJ Heinz in 2005.
Tegel processes about half of all New Zealand's poultry in a market where its only competitor of scale is No. 2 ranked Inghams, owned by private equity firm TPG. Smaller players include Brink's and Turk's, and the four companies have about 98 percent share of the New Zealand market.