MPI investigation finds 'concerning' instances
The first phase of a Ministry for Primary Industries (MPI) investigation into allegations of mistreatment of sheep connected to shearing practices has been completed.
Christchurch-based New Zealand Merino Company is reporting its third consecutive record annual profit in its financial results for the year to the end of June.
The company says its $6.9 million earnings before interest and tax was 8% up on the previous year and was achieved on sales of 135,000 bales of wool, up 30%. Chief executive NZM John Brakenridge says this is a very pleasing result and shows the business’s commitment to growth.
“Our continued improved performance is founded on a clear strategy with strong grower and customer focus and execution. The foundation of our ZQRX regenerative initiative, which was set out pre- Covid, has resonated strongly with the market, our brand partners and our growers, and has driven the very good growth in demand seen during the year.”
Brakenridge told Rural News what was particularly pleasing was the growth of the business in terms of bales handled and its ability to make an impact for growers, during a time of a lot of uncertainties.
With net profit up 3% to $4.4 million, the company is paying a dividend of 41.6 cents per share. Based on the yearend share price of $6.87, the dividend represents a yield of 6.1%.
The company adopted a new constitution and did a capital raise two years ago to list on the NZ Stock Exchange’s secondary board, the USX. Brakenridge says that entailed producing a Product Disclosure Statement forecasting the next two years profit, but the actual profit outperformed that by 82%.
Brakenridge says the company has been working on developing markets, like the “active outdoors” market for merino garments, with people being much more aware of what they wear and moving away from synthetics.
The company now claims 70% of the merino wool market in New Zealand and is also buying from growers in South Africa and Australia, where it has recently appointed a manager to handle the Australian market.
“We are building relationships with growers in Australia to meet the amount of demand that we have coming our way,” Brakenridge adds.
“We are expecting growth to continue through to 2023, with strong bale volumes and a deepening of our presence in Australia to support extension and investment in market initiatives.”
Newly appointed National Fieldays chief executive Richard Lindroos says his team is ready, excited and looking forward to delivering the four-day event next month.
More than 70 farmers from across the North and South Islands recently spent a dayand- a-half learning new business management and planning skills at Rabobank Ag Pathways Programmes held in Invercargill, Ashburton and Hawera.
Government ministers cannot miss the ‘SOS’ – save our sheep call - from New Zealand farmers.
A tax advisory specialist is hailing a 20% tax deduction to spur business asset purchases as a golden opportunity for agribusiness.
Sheep and beef farmers have voted to approve Beef + Lamb New Zealand signing an operational agreement between the agricultural sector and the Government on foot and mouth disease readiness and response.
The head of the New Zealand Kiwifruit Growers organisation NZKGI says the points raised in a report about the sector by Waikato University professor Frank Scrimgeour were not a surprise.
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