Nichol is new PGW chair
A day after the ouster of PGG Wrightson’s chair and his deputy, the listed rural trader’s board has appointed John Nichol as the new independent chair.
Rural trader PGG Wrightson has lifted its earning guidance for the last financial year on the back of stronger-than-expected performances across several business units.
The listed company says gross operating earnings for year ended June 30, 2025 will now be around $54 million, compared to $51m forecast earlier.
The company says this forecast reflects stronger-than-anticipated performance across several businesses and continued resilience in New Zealand's agricultural sector.
Chair Garry Moore noted that the agricultural sector has rebounded and built momentum as the financial year has progressed, in contrast to some other parts of the economy.
"Improved farmer confidence, favourable growing conditions, and solid commodity prices have all contributed to a more positive operating environment."
PGW's Livestock and Real Estate businesses have delivered a strong turnaround from the previous year.
Dairy and beef prices have remained robust throughout the year, supporting farmgate returns. Lamb prices have held at elevated levels, providing welcome cashflows. Horticultural returns, particularly for kiwifruit and apples, have also been positive, with kiwifruit exports on track for a record year.
Moore says that the 2024 financial year appears to have marked the bottom of the cycle. Improved economic signals, including lower inflation and interest rates, are supporting renewed optimism. Rural real estate enquiries have strengthened, particularly for dairy, beef, sheep and select horticultural properties.
"While the overall outlook is positive, we remain mindful of ongoing challenges in the wool, viticulture, and arable sectors. The performance of our Retail & Water business this financial year has broadly been in line with FY24.
"It is pleasing to be able to report a stronger than anticipated finish to the financial year and lift our guidance expectations. We will have more to say on PGW Group's performance when we release our audited financial results on 12 August 2015," says Moore.
Agriculture and Forestry Minister, Todd McClay is encouraging farmers, growers, and foresters not to take unnecessary risks, asking that they heed weather warnings today.
With nearly two million underutilised dairy calves born annually and the beef price outlook strong, New Zealand’s opportunity to build a scalable dairy-beef system is now.
Graduates of a newly-updated Agri-Women’s Development Trust (AWDT) course are taking more value than ever from the programme, with some even walking away calling themselves the “farm CFO”.
Meet the Need, a farmer-led charity, says food insecurity in New Zealand is dire, with one in four children now living in a household experiencing food insecurity, according to Ministry of Health data.
Applications have now opened for the 2026 Meat Industry Association scholarships.
Bank of New Zealand (BNZ) says it is backing aspiring dairy farmers through a new initiative designed to make the first step to farm ownership or sharemilking easier.
OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.
OPINION: Politicians and Wellington bureaucrats should take a leaf out of the book of Canterbury District Police Commander Superintendent Tony Hill.