Two LIC directors not seeking re-election
Two long-standing LIC farmer-elected directors are stepping down later this year.
Farmer cooperative LIC has delivered a solid half-year result with revenue up 4% to $170 million.
LIC reported $60 million in earnings before interest, tax, depreciation and amortisation. The company’s net profit was up 10.4%, sitting at $33.4 million compared to $30.3 million in the same period last year.
Board chair Murray King says the cooperative is balancing profit with focused R&D and technology investment for the long term.
“We are investing in the areas where LIC has unique capability to maximise the value LIC’s customers generate from their livestock and their produce, providing technology and services to make farmers’ lives easier,” King says.
He says this includes investment in key areas like genetics and research and development.
King says the highlight of the result was farmers’ growing confidence in LIC’s genomic selection with around 1.4 million inseminations from genomic sires this year, up from 400,000 in 2017.
“Genomic science and genomic sequencing technology is generating markedly increased productivity and health traits for dairy cows and better returns for dairy farmers.
“LIC is now a world leader in pastoral dairy genomic science thanks to the foresight of LIC’s board and shareholders.”
He says the cooperative has invested $78 million into genomic science over the last 30 years to speed up genetic gain in dairy herds.
King says the half-year result is pleasing considering the disruption of the second Covid-19 lockdown and he paid tribute to the cooperative’s management and staff.
“Our people have had to overcome significant challenges to ensure business continuity and uninterrupted service for LIC’s 10,000 New Zealand customers and their dedication, resilience and effort is very much appreciated.”
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Two major red meat sector projects are getting up to a combined $1.7 million in funding from the New Zealand Meat Board (NZMB).
Angus Barr and Tara Dwyer of The Wandle, Lone Star Farms in Strath Taieri have been named the Regional Supreme Winners at the Otago Ballance Farm Environment Awards in Dunedin.
OPINION: The distress that the politicians and bureaucrats are causing to the people of Wairoa and the wider Tairāwhiti is unforgivable.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.