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.”
Thus far in 2025, the Hawke's Bay rescue helicopter crew have completed over 220 missions, resulting in numerous positive patient outcomes.
The New Zealand Food Network's (NZFN) fifth birthday celebrations have been boosted by a whopping five tonne meat donation from meat processor ANZCO.
Pukekohe vegetable growers farewelled 101-year-old Alan Wilcox in late July, celebrating his many achievements and reflecting the widespread respect in which he was held.
A new nationwide survey shows New Zealanders expect farmers and food producers to play a leading role in cutting greenhouse gas emissions, but also gave them higher marks than most industries for their current efforts.
North Otago farmer Jane Smith is standing for the Ravensdown South Island director seat.
The Government and horticulture sector have unveiled a new roadmap with an aim to double horticulture farmgate returns by 2035.