Pāmu FY26 Report: Profit More Than Doubles to $113m
Pāmu has released its FY26 Integrated Annual Report, reporting a Net Operating Profit of $113 million, more than double the $49 million recorded in FY25.
Landcorp and The New Zealand Merino Company (NZM) signed a contract to supply wool to Australia's most exclusive carpet manufacturer.
The agreement with Prestige Carpets will see 120 tonne of wool dispatched to Australia through their New Zealand-based supply chain.
Prestige uses pure New Zealand wool, and a cutting-edge tufted construction method to create carpets targeted at Australia's leading designers and architects servicing discerning customers. Prestige Carpets has recently invested in unique technology, which will bring a new range of products to the Australian market.
Steven Carden, chief executive of Landcorp, says the agreement under Landcorp's Pāmu brand represented a significant boost to the company's wool-growing operations.
"This is a great example of our Pāmu strategy in action. Our Pāmu brand captures the quality of our farming and allows us to enter partnerships that connect what we produce with high value consumers around the world. Our scale also means we can guarantee the wool quality and integrity and this is a major attraction to customers. This deal, for example, represents the production of about 30,000 crossbred sheep. "
Simon Longton, general manager of Prestige Carpets, says the fibre integrity and leading environmental management at Landcorp farms were key factors in Prestige Carpets' decision to partner with Landcorp's premium brand across its top-end carpet range.
"We have exclusive arrangements with discerning retailers in Australia and New Zealand and their clients want a deeper connection with our products that we think Landcorp can deliver."
Hadleigh Smith, NZM's market development manager, says the company, through its strategic alignment with Landcorp identified the desire from both companies to target consumers from a product quality, integrity and sustainability stand point.
"NZM is supportive of the Pāmu farms approach. The synergies between both businesses made this a logical fit and Prestige's quality and innovative approach absolutely fits with the direction Landcorp is taking. We're excited about mapping out how this story will evolve in the market."
The wool will be spun by New Zealand spinner Woolyarns in Petone before it is exported to Australia.
