Ruralco CEO Wins Excellence in Business Leadership at ANZ Business of the Year Awards
Tony Aitken, chief executive of Ruralco, has been awarded the Excellence in Business Leadership Award at the ANZ Business of the Year Awards.
The co-operative attributes the turnaround to a disciplined approach to re-set and refocus the business for long-terms sustainability.
Last year, Ruralco posted a $7m loss, following a $3m loss in 2023. The $1.25m profit this year includes a trading surplus of $175,000 plus accounting adjustments that include a $1.55 million gain on the sale of the Rakaia buildings.
Ruralco chief executive Tony Aitken says the last 12 months has seen continued efforts to minimise expenses, reduce debt, and put strategies in place to increase sales and profitability.
This was while increasing close connections with shareholders and listening to what they need from Ruralco to lower farming input costs.
"Achieving a trading profit of $175,000 for the 2025 financial year has been particularly pleasing as it indicates continued shareholder confidence in Ruralco," says Aitken.
"We exist to deliver choice and real value through service, relationships, and savings that matter in Mid Canterbury's highly competitive farm supplies market.
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"We have continued a careful assessment of our cost structures, and made prudent, and at times difficult decisions."
This resulted in reduced head count across the business, and the sale of Rakaia buildings.
Aitken says that while Ruralco has divested itself of the bricks and mortar at Rakaia, it is still very committed to the area, negotiating a long-term tenancy arrangement, recognising it plays a vital role in supporting shareholders in this area and the local community.
Debt reduction has also been a strong focus over the last financial year, with the business taking a stronger stance on recovering bad debtors and putting processes in place to protect Ruralco from potential bad debt risk.
Resetting its strategy to be locally focused has been a positive move for the co-operative. Over the last 12 months, it has created multiple opportunities with shareholders including local A&P Shows, an inaugural golf classic to support the Mid Canterbury Rural Support Trust, the Spend for Your School initiative which gives back to local primary schools, Ladies Night (again partnering with Mid Canterbury Rural Support Trust), and Ruralco's flagship event, Instore Days, which again attracted over 2,200 attendees.
"Ruralco holds a unique place in Mid Canterbury's farming landscape," says Aitken.
"It is New Zealand's only regional, farmer-owned co-operative dedicated to lowering input costs for local farmers and we are committed to continuing to support a thriving future for our rural community."
Board Election
Ruralco's annual report for the 2025 financial year has been released ahead of the co-operative's 6nd annual general meeting to be held on November 18.
Four candidates have been nominated for two director vacancies on the board. Sitting director, Rhea Booker is retiring by rotation and is seeking re-election. The other three candidates are Mid Canterbury farmers, Richard Fitzgerald, Cole Groves, and Matthew Paton.
Tony Aitken says it's great to see such a strong line-up of candidates wanting to join the Ruralco board.
He says this is a vote of confidence in what they are doing, and another indicator of the increased support they are seeing from shareholders.
"It is important people engage in the voting process, and we encourage as many shareholders as possible to vote and exercise their right to have their say," he says.
