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.
DairyNZ chief executive Tim Mackle says the organisation is stepping up for this new stewardship role but is awaiting the result of the LIC vote. Voting is underway with a result to be announced at the LIC annual general meeting on November 14.
The transfer of the Core Database to DairyNZ from LIC is part of an agreement between the two organisations but requires the approval of 75% of voting shareholders.
"This is about realising our vision for a national database covering calving, mating and production data, that we can extend and add to with industry good information. New database fields will be defined and added as new animal traits of relevance for genetic evaluation emerge. It's an exciting project and farmers should see it as a huge industry opportunity," says Mackle.
"Our industry is dynamic and we need a national database that is dynamic too – evolving and developing all the time, in response to dairy farmers' needs. That's the industry's vision and that's what we are committed to delivering."
LIC chief executive Mark Dewdney says he has confidence in DairyNZ's capacity to manage the transfer and develop the new Dairy Industry Good Animal Database.
"We wouldn't be putting this recommendation forward if we didn't believe it was good for shareholders. LIC is a partner and supporter in this proposed transfer and we are an integral part of DairyNZ's steering and stakeholders groups and its planning on how to take this forward," says Dewdney.
DairyNZ's strategic investment leader for productivity, Bruce Thorrold, says DairyNZ has already developed relationships with database development experts, who will work on the transfer process if LIC shareholders vote their approval.
