ANZCO Foods' net profit plunges
Meat processor ANZCO Foods’ net profit has plunged on the back of lower market returns which squeezed margins and impacted business performance.
"This result reflects a continued focus on core business activities, growing returns from strategic investments and the hard work and dedication of our people who have continued to deliver through challenging times," says chief executive Peter Conley.
"ANZCO Foods has a core focus on ensuring livestock is procured to meet customer expectations, and this has enabled the company to capitalise on the strong demand globally for premium beef and lamb," he adds.
Conley says the company's attention to supporting key customer relationships and delivering improved revenue streams from its value-add business investments are also big contributors to the strong performance. Other challenges continued during the year, including ongoing impacts from Covid-19, labour shortages, inflationary pressure, and continued supply chain disruption.
"Our healthcare business has been strengthened with the acquisition of Moregate Biotech which has complemented our existing work at Bovogen, and accelerated our capacity, expertise and customer set in the healthcare and bioscience sector," Conley adds.
He adds that the company actively supports people and communities across New Zealand, particularly in rural communities through donations, sponsorships and scholarships.
"We were pleaed to be able to assist people in regions affected by Cyclone Gabrielle, and while the effects of this storm will be long lasting, our people have been active on the ground providing food, and farm supplies to help farmers through this challenging event," Conley explains.
"2023 is already providing challenges with adverse weather events, global volatility, and an uncertain economic outlook. ANZCO Foods remains committed to doing all we can to continue to deliver strong returns, ensure the industry remains stable, and contributes to a strong and vibrant agribusiness sector."
