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The New Zealand Merino Company has posted a net profit of $1.9 million for year ending June 2014. A dividend of $950,000 has been declared.
Company chairman Ruth Richardson attributes the positive result to NZM's innovative model.
"This is a result NZM can be proud of. It highlights that our market-focused model is setting a standard that is distinctively different to any other offering.
"Our customers and shareholders can be confident that we are delivering value through our single-minded focus to have the highest standards in production, ethical standards, servicing our markets and creating customer delight".
"Through this model we have delivered major value add to growers and market partners alike".
Richardson says the board has set ambitious goals to double the value of the company in the next three years.
Chief executive John Brakenridge says the result reflected the strong partnerships and a model that continues to deliver.
"In the last 16 years we have built several key and lasting market partnerships and this year have delivered a profit after tax return of 22% on average shareholders' funds," he says.
"The success of the Merino and Mid Micron model has given us confidence to build a presence in the adjacent strong wool market."
Brakenridge also commented on the talent of the NZM team.
"We have attracted a team of capable, passionate people who have a diverse base of skills who are recognised for their leadership from wool expertise, through to market development, sales and marketing, creative, textile science, production science and environmental science and are helping us to achieve our vision".
While wool returns continue in the doldrums, smart sheep farmers are looking for alternatives for a product that currently cost more to get off a sheep's back than it's worth. One such initiative is run by husband and wife team Hayden and Anastasia Tristram who farm at Wanstead in the Central Hawke's Bay. Mark Daniel reports.
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Trade Minister Todd McClay says Kiwi exporters will be $100 million better off today as the NZ-EU Free Trade Agreement (FTA) comes into force.
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New Zealand actor Sam Neill has joined the Campaign for Wool NZ as an ambassador, lending his name and profile to educate and advocate for New Zealand strong wool.
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