ANZCO posts $61m net profit despite challenging year
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
“The big worry for lamb is not the price of retail in the UK, because that is holding up; it is the issue of the exchange rate. The NZ dollar has appreciated so much,” Harrison told Rural News.
“The problem really is sterling, which has depreciated so much against all major currencies and we are caught up in all that.
“That’s a worry,” Harrison says.
“On the beef scene, while obviously we have enjoyed very good times, it will be difficult to keep prices up where they are. But a lot depends again on demand in Asia and where the exchange rate finishes. I would say the exchange rate has got a huge influence on farmer incomes this year.”
Harrison says it has always been a big factor, “but it is particularly big at the moment”.
“When dairy prices have been down in the past the New Zealand dollar has gone down – and it didn’t this time.”
The dollar is well ahead of where it was last year, “a concern for NZ”.
He doesn’t think the falling interest rates will have a big influence.
