Plummeting sales forces C-Dax to cease trading
Farmer-owned co-operative Ravensdown is winding down the operations of its agritech subsidiary C-Dax following a long decline in sales.
Last month, the rural retailer released its half-year results, revealing that the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 13% and net profit after tax (NPAT) jumped up 25%.
The result improves upon the 2024 full-year result released in July which saw NPAT drop to $3.1 million and EBIDTA drop by 17%.
Guerin says that there have been some significant highs for the company in the past six months.
“For us, it’s playing out in a couple of ways,” he told Rural News. He says that in the past six months, PGW’s real estate arm has sold several farm properties valued at over $10 million.
This, Guerin says, shows that farmers are seeing different opportunities available to them. “We’re working our way through some changes in our livestock saleyard footprint. We’ve sold two saleyards in that regard so that’s contributed to our cash.”
Guerin says that the current higher commodity prices – like with the rising farmgate milk price – are improving optimism across the sector.
