ANZCO posts $61m net profit despite challenging year
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
The total revenue in 2016 ($1.45 billion) was slightly lower than 2015 ($1.54b) mainly as a result of foreign currency exchange rate movements.
The solid business performance was pleasing, especially given the ongoing challenges of the wider red meat industry, says managing director Mark Clarkson.
As well as its beef and lamb processing business, ANZCO has a number of innovative value-add operations and Clarkson said it was pleasing that the positive performance had occurred across both parts of the business.
In addition, a focus on working closely with majority shareholder Itoham contributed to ANZCO’s solid performance.
“Growth in the Japanese market, including grain-fed beef and manufactured food products were key areas of gain,” says chairman Graeme Harrison.
The company’s commitment and focus on health & safety delivered a substantial reduction in injury rates in the 2016 year. The company will continue to focus on this important area in 2017.
“ANZCO invested more than $23m during the year enhancing processing capability at the Rangitikei and Canterbury sites to meet customer requirements, along with a growing commitment to value-add business activities, including a significant increase in Angel Bay manufacturing capacity at ANZCO Green Island,” says Harrison.
“In addition, the company purchased the remaining 50% of its Melbourne-based blood protein and serum business, Bovogen that had been a joint venture since 2013.”
ANZCO will continue its substantial investment in enhancing capabilities in 2017.
