CE David Chin says increasing demand for sexed semen, animal health services and GeneMark Genomics reflects the increasing focus of farmers on genetic gain and their continued confidence in LIC’s products and services.
“We’re seeing encouraging growth in areas that matter most to our farmers. As a generational co-operative we remain focused on delivering long-term productivity gains for farmers and supporting sustainable genetic progress for the New Zealand dairy herd.”
Results released this morning show:
- Total Revenue: up 5.2% at $195.2 million
- Net Profit After Tax (NPAT): $33.8 million, down 13.5% from the same period last year
- Underlying Earnings: $36.8m, up 9.3% from the same period last year
- Underlying Earnings forecast range at year-end: $20-24 million.
Net Profit After Tax was lower than the prior year, primarily due to the absence of last year’s bull team revaluation gain and the costs incurred within the period for the multi-year investment to replace older technology and customer-facing systems.
Board Chair Corrigan Sowman says while system investment has impacted short-term profitability, it positions LIC well for the future by improving resilience, capability and farmer experience.
“The co-operative’s balance sheet remains strong, allowing us to invest into technology and infrastructure to support delivery of our future business strategy, to help farmer breed better cows faster.”
For the full interim report click here
ENDS
For Media enquires please contact
Kellie Addison
[email protected]
