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.
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
The decision follows a review of the Space service. The Space service ended May 31 and farmer customers have been transitioned to AI-backed pasture measurement entities - Aimer, Halter and Pasture.io.
LIC says a review was undertaken of the service this year to ensure it has alignment with its strategic focus for the future.
As a result, its senior leadership team, in consultation with the board, decided to close the service.
“Since its launch in 2017, we have proudly delivered Space to farms across New Zealand as an innovative way to measure pasture cover using satellite image technology,” LIC says.
“As our Space satellite nears its last orbit, we want to thank our customers who have used Space as part of their pasture management on farm.”
Fonterra has unveiled the first refrigerated electric truck to deliver dairy products across Auckland.
Research and healthcare initiatives, leadership and dedication to the sector have been recognised in the 2025 Horticulture Industry Awards.
Virtual fencing and pasture management company Halter says its NZ operations has delivered a profit of $2.8 million after exclusion of notional items.
Manuka honey trader Comvita slumped to a $104 million net loss last financial year, reflecting prolonged market disruption, oversupply and pricing volatility.
The Government has struck a deal with New Zealand's poultry industry, agreeing how they will jointly prepare for and respond to exotic poultry diseases, including any possible outbreak of high pathogenicity avian influenza (HPAI).
The conversion of productive farmland into trees has pretty much annihilated the wool industry.
OPINION: Milking It reckons if you're National, looking at recent polls, the dream scenario is that the elusive economic recovery…
OPINION: Sydney has a $12 million milk disposal problem.