The co-operative, which supplies genetics and world-leading agritech
solutions to farmers across New Zealand and around the world, was praised for
making a significant and positive impact
within the co-operative community and returning benefits to its 10,300 Kiwi
Business NZ CEO Craig Presland said LIC exemplifies co-operative values and
highlights the strengths of the enduring business model.
tells, arguably, the biggest success story amongst New Zealand’s co-operatives
in the last 18 months. It is a stand-out
example of a modern, progressive co-op, which has to operate at the leading
edge of its field in dairy genetics and agritech to keep its farmer
shareholders ahead of the game.
delivered significant benefits to its shareholders and communities in 2018-19
including: products and services that improve on-farm productivity &
prosperity; world-leading biosecurity protection in the face of M. bovis and a
solid dividend - the largest since 2013.”
LIC’s board chair Murray King, who was named ‘Co-operative Leader of the
Year’ in 2018, collected the award on behalf of the co-operative. He says the
win comes after a period of change for LIC.
“The major strategic projects we have undertaken in the past three years
have transformed the business to ensure it remains strong and sustainable into
“Throughout this process, we were very clear the co-operative principles
were non-negotiable, and our shareholders and their businesses remained at the
heart of each decision,” King says.
For the year ending 31 May
2019, LIC reported $22.2 million NPAT, up 139% from $9.3 million the previous
LIC’s investment in R&D
remained high at 5.5% of revenue for 2018-19 – well above the primary sector
average of around 1%.
Chief executive Wayne McNee says, “It’s
been a really great year for LIC. It’s not been an easy market to work in and
I’m really proud of what we’re delivering for farmers and the way we’re helping
farmers be more sustainable and add value to their farms.
“In the data-driven future of our sector, we
want to ensure LIC and our farmers are in a position to be the disruptors, not
the disrupted. This requires financial strength and a clear focus on new
innovations and technology to keep our farmers ahead of the game.”
LIC was also awarded the
‘Co-operation amongst Co-operatives’ award alongside Fonterra for their joint
2017, Agrigate is a data sharing and exchange platform for New Zealand farmers.
By connecting together data sets from Fonterra, LIC, Figured, Ravensdown,
PaySauce, and others, Agrigate aims to make it easier for farmers to meet
compliance requirements, and to reduce double-entry of data.
Emma Parsons says, “There is increasing pressure on farmers to prove that
they’re doing the right thing, and data is getting harder and harder to manage.
This is a huge step forward in unlocking data-sharing across multiple ag-sector
partners to make life easier for farmers.
“We see it
as essential for the future of dairy farming in New Zealand that data is
brought together and used by farmers for better farm performance, and to help
New Zealand compete in global markets. We’re excited by the potential of