LIC Space folds for good
Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.
Farmer co-op LIC will pay $18 million in dividends to shareholders after a strong full-year result.
The 12.75c/share dividend represents a gross dividend yield of 22.7% based on the current share price of 78 cents. Last year, the co-operative paid a dividend of 11c.
The breeding and automation company recorded a net profit of $17.5m, down 21% over last year’s $22.2m net profit, mainly due to a $7.2m decrease in the bull team valuation. However, total revenue was up 3% to $254m and underlying earnings up 16% to $22.7m.
LIC chairman Murray King says the strong result was in line with market guidance and achieved despite the impacts of drought and Covid-19.
“The strong result enables LIC to deliver a significant dividend to shareholders at a time when every dollar counts on-farm,” says King.
LIC reported that despite a challenging season, farmers continue to move up the value chain, investing in the latest genomics and other genetics products, driving revenue up.
“The increasing uptake of these products demonstrates the value on-farm of LIC’s ongoing investment to enhance our core genetics business through world-leading genomics to drive genetic gain in dairy herds and high-valued premium genetics products like A2 and sexed semen,” says King.
A brilliant result and great news for growers and regional economies. That's how horticulture sector leaders are describing the news that sector exports for the year ended June 30 will reach $8.4 billion - an increase of 19% on last year and is forecast to hit close to $10 billion in 2029.
Funding is proving crucial for predator control despite a broken model reliant on the goodwill of volunteers.
A major milestone on New Zealand's unique journey to eradicate Mycoplasma bovis could come before the end of this year.
We're working through it, and we'll get to it.
The debate around New Zealand's future in the Paris Agreement is heating up.
A technical lab manager for Apata, Phoebe Scherer, has won the Bay of Plenty 2025 Young Grower regional title.