LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
Baldwin, a third-generation farmer, and his wife Marilyn milk 850 cows on their property near Lichfield.
Baldwin says it has been a pleasure to be part of the co-op and serve his fellow farmers during such a transformative time.
"LIC is a fantastic co-operative with a great heart and future, and a butt-kicking balance sheet," he says.
"The co-op I'm leaving is a more efficient and lean machine than when I started 10 years ago, and it's one of the strongest companies I govern."
Baldwin heralds the recent journey of LIC's automation business as the project he's most proud to have been involved in.
"The board made a concerted effort to grow the automation business and make it profitable. Even though it wasn't all smooth sailing, it was incredibly insightful.
"The proposal to buy a stake in (Israeli agritech company) Afimilk got us on the map with automation which ultimately led to the successful sale of LIC's automation business.
"That sale is the key reason we've got a strong balance sheet with no debt."
Baldwin says he's had a great run on the board and looks forward to watching the co-op continue to grow and develop.
"Most people would describe LIC as a genetics business, but I think a data company is a more accurate description.
"There are huge opportunities for LIC in the data space and I think it'll become hugely successful in that area."
At the co-op's annual meeting last week in Palmerston North, LIC chair Murray King thanked Baldwin on behalf of the co-op for his outstanding contribution.
"Gray has been an outstanding director, always representing what's good for our farmers and supporting what's best for the co-operative. We have been very fortunate to have his expertise on the board for the past ten years.
"Gray is a highly experienced commercial director whose skill for calling a spade a spade always adds to the quality of our discussions around the board table and our decision making.
"In particular Gray's clarity and strategic thinking means he has made a big contribution as a member of the audit and risk committee."
Baldwin started his career in rural banking and the fertiliser industry and has worked in a number of governance roles in the agriculture industry including as board director for Farmlands, Trinity Lands and Ballance.
He is a graduate of the Fonterra Governance Development Programme and of the University of Missouri's Graduate Institute of Co-operative Leadership programme.
