LIC Space folds for good
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
LIC chairman Corrigan Sowman made the comment at the co-op's annual meeting in Hamilton last month.
Sowman, a dairy farmer from Golden Bay, acknowledged the headwinds the sector may face but expressed confidence in LIC's resilience and future potential.
"Our cooperative is well-positioned for the challengesahead. We remain focused on our core purpose: delivering value for our farmer shareholders. This goes beyond short-term gains. Our decisions today shape the future of New Zealand's national herd."
Looking forward, LIC says it will continue to innovate and invest in the health and productivity of herds, using cutting-edge genetic improvements and data-driven solutions to support farmers.
"LIC is here to safeguard the future of farming in New Zealand. Our teams are working hard every day to improve herd performance, which in turn supports the strength of our communities and the broader dairy sector," says Sowman.
Reflecting on the cooperative's financial performance, Sowman emphasised LIC's ability to deliver a sustainable profit and a solid return for its shareholders despite a challenging economic environment.
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"We are proud to have closed the year with a respectable profit of $7.7 million and a total dividend of 18.84 cents per share, thanks to prudent management and a strong balance sheet with no debt."
The co-operative forecasts underlying earnings of $16-22 million for 2024/25, barring any significant external factors.
Sowman notes that with a strong financial foundation and no debt, LIC is positioned to continue delivering long-term value to its farmer-shareholders.
At the AGM, LIC welcomed two new directors - Mike O'Connor, North Island region, and Tony Coltman, South Island region, and a new member of the Shareholder Reference Group (SRG).
