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Seeka chief executive Michael Franks.
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
Fruit grower and trader Seeka expects forecast full year earnings guidance at a profit before tax level of between $21 million and $25m. The forecast range compares to a loss of $21m last year.
Rural trader PGG Wrightson is forecasting earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $51m for year ending June 2025, compared to $44m last year.
The company says that while sheep farmers are facing challenging market conditions with soft returns, there are however some positive indicators suggesting the start of a turnaround, including good quality yields in the horticulture sector.
Seeka, a major player in the hort sector, attributes its improved forecast to a clear strategy, excellent fruit quality and performance, efficiencies and margins across the business. The turnaround has prompted Seeka to declare a dividend of 10c/share to be paid on January 25, 2025.
Seeka chief executive Michael Franks notes that a full year dividend is normally paid in April.
This year the full year dividend has been varied to provide a quicker restoration of dividends and provide an earlier return on investment to Seeka's shareholders, he says.
Franks says the company has achieved a good year.
Over at PGW, chair Garry Moore notes that the rural servicing market in New Zealand remains relatively challenged.
"Geopolitical tensions are contributing to cautiousness in the market and a slower than expected recovery in New Zealand's key export market. China continues to dampen commodity prices," he adds.
Sheep farmers are facing challenging market conditions with soft returns. Flock numbers are estimated to have reduced by 4.3%, down to 23.3 million. However, he notes confidence returning to the dairy sector with Fonterra and other processors forecasting a milk price of $9/kgMS for the season.
South Island agribusinesses Ngai Tahu Farming and PGG Wrightson were able to see first-hand the fruits of their continued support of IHC recently when members of IHC’s North Canterbury Kapa Haka ropu performed at Ngai Tahu’s Te Whenua Hou farm in North Canterbury.
In a heart-warming display of community spirit, the annual Daffodil Day stock drive held at the Matawhero Saleyards near Gisborne last month has raised about $55,000 for the Cancer Society.
PGG Wrightson chief executive Stephen Guerin says the agriculture sector remains in a tough spot.
As New Zealand's avocado growers struggle to stay afloat after three years of plummeting Hass prices, a new hero emerges in the form of the GEM™ avocado.
One of the country’s largest kiwifruit growers has reported a 44% increase in production this season.
Applications are open for Horticulture New Zealand’s (HortNZ) 2025 scholarship programme with18 funding opportunities for students with a special interest in the commercial fruit and vegetable industry.
A lot depends on what happens in the next few months. That's the view of Federated Farmers Otago president, Luke Kane.
A group of volunteers from Lincoln University known as the 'Handy Landies' is among those descending on Otago to help farmers get their properties back to normal.
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
Three nominations have been received for two vacant director positions on meat processor, Alliance Group's board.
Canterbury milk processor Synlait says some farmer suppliers have been inquiring about the process to remove their cessation notices, handed in earlier this year.
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