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.
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.”
