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Farmlands chief executive Tanya Houghton
Rural retailer Farmlands has released it's latest round of half-year results, labeling it as evidence that its five-year strategy is delivering on financial performance and better value for members.
The co-op's revenue is up 10% and Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose 19% year-on-year.
Farmlands chair Rob Hewett says the result is proof the co-op is sticking to it's word.
"We are staying the course with our five-year strategy, and it’s paying off for our shareholders," Hewett says.
"By being disciplined about what we control and driving down costs through better purchasing, we are ensuring Farmlands is strongly aligned with what farmers and growers need today," he adds. "We’ve done the hard work on the foundations, and now we are focused on competitive pricing and making sure the right products are available when farmers and growers need them."
Shareholder value continues to grow, with total rebates reaching $45.0 million for the half-year, compared to $42.6 million the previous year. This includes a $1.2 million increase in Card rebates and a $1.2 million rise in Rural Supplies rebates. Beyond the monthly rebate line, customers are benefiting from sharper shelf pricing through direct sourcing and expanded partnerships.
Tanya Houghton, chief executive of Farmlands, says that while the financial returns are important, the co-op’s value is broader than just money back.
"Our customer Net Promoter Score (NPS) is at an all-time high, which is the best proof we have that our customers are feeling the difference on-farm," Houghton says.
"Whether it’s our teams showing up with practical expertise or the reliability of our supply chain, we are focused on making it easier to do business. We are also investing in the future of the sector, such as our $4 million project to boost capacity at the Morrinsville Mill by 25% to support Waikato farmers."
The co-op has seen a significant boost in its manufacturing performance, with a 14% increase in volumes, including an 18% jump in bagged nutrition products. This growth is tied to a strategic focus on supporting farmers with what they need, when they need it.
Innovations like FarmlandsFlex are also gaining momentum in the energy space, with 81 sites sold and 7.9MW of solar and 5.1MWh of battery storage installed in just seven months.
"Our strategy is paying off, and we are focused on continuing our path and accelerating towards future growth," Houghton says.
"From our new-format stores in New Plymouth and Hastings to our expanded nutrition range, we are building a co-operative that is sustainable for the long term and ready to meet the evolving needs of the rural sector."
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