Avangard reports strong 1H12 results

Avangard (AVGR LI), Ukraine’s leading egg producer, reported a 27% yoy increase in revenue in 1H12 to USD 284 mln. EBITDA increased 34% yoy to USD 122 mln and net income grew 46% yoy to USD 98 mln. The key growth driver was the shell egg segment, where the company posted a 13% yoy increase in volumes (2.57 bln eggs) and 26% rise in unit price. Revenue in the egg products segment grew just 3% yoy on an estimated 6% yoy decline in volumes sold. In its outlook for 2H12, the company said it expected to load the first stage of its Chornobaivske project at full capacity, revealed plans to expand in new export markets and to increase sales of branded eggs in modern retail. Avangard has scheduled a conference call for today at 14:00 London time.