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Fonterra chief executive Miles Hurrell.
Fonterra has reported a solid half-year result – an 8% lift in profit after tax to $729 million.
The co-op’s operating profit for six months ending January 31, 2025 topped $1.1 billion, up 16% on last year. Earnings per share rose 10% to 44c.
Fonterra chief executive Miles Hurrell says it’s pleasing to be able to deliver these results for farmer shareholders and unit holders.
“We’re focusing on driving value which includes delivering strong financial performance while achieving the highest sustainable farmgate milk price," says Hurrell.
“At the same time, we’re looking ahead as we implement our strategy and continue to invest for the future. We have commenced projects to unlock manufacturing production capacity for our Ingredients and Foodservice channels, with site works now underway at Studholme for high-value protein capacity and at Edendale for a new UHT cream plant.
“We’re also continuing to invest to future proof our operations and supply chain network, with work underway on a new Whareroa coolstore and plans for decarbonisation projects at Clandeboye, Edendale, Edgecumbe and Whareroa to secure energy supply and reduce the co-op’s emissions.
“As we focus on delivering the strongest farmer offering, we have announced new funding for farmers with lower emissions milk and expanded the fixed milk price programme that farmers can use to get more certainty around the farmgate milk price,” says Hurrell.
While the name and technology remain unchanged and new machines will continue to carry the Novag name, all the assets, intellectual property and staff of the French manufacturer have been acquired by a new organisation called Agriculture Nouvelle Génération.
This season's dry conditions have made one thing clear: not having enough feed on hand can bring your season to an early close.
Fonterra says it takes the ongoing threat of 'adverse cyber action' extremely seriously.
After 20 years of milking cows, Northland farmer Greg Collins is ready to step into the governance side of dairy.
Dairy farmers will be paying a new levy rate of 4.5c/kgMS - an extra 0.9c/kgMS - to industry-good body DairyNZ from June 1 this year.
Recent rain has offered respite for some from the ongoing drought.
New Zealand's TBfree programme has made great progress in reducing the impact of the disease on livestock herds, but there’s still a long way to go, according to Beef+Lamb NZ.
With much of the North Island experiencing drought this summer and climate change projected to bring drier and hotter conditions, securing New Zealand’s freshwater resilience is vital, according to state-owned GNS Science.
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