Westland hits $1b revenue
Hokitika-based Westland Milk Products is bracing for another good year after hitting $1 billion in revenue for the first time in 2022.
Westland Milk Products has lowered its predicted payout range for the 2018-19 due to lower than expected sales.
The Westland board lowered its predicted payout range to $5.80 - $6.00 (previously $6.00 to $6.20).
Chairman Pete Morrison said factors driving the revision included the fact that the last quarter’s sales targets for infant and toddler nutrition (ITN) will not be met.
“While we have seen increased production of ITN by 29%,” Morrison said, “the budget was reliant on the business achieving 52% sales growth, and now the forecast sales growth is 34%.
“This situation reinforces Westland’s need to have better and more direct sales channels and to reduce our reliance on third party distributors,” Morrison added.
Morrison says the boad believes the proposed sale of Westland to Chinese company Hongkong Jingang Trade Holding — a wholly owned subsidiary of Inner Mongolia Yili Industrial Group —will provide a strong route to market as one of the world’s leading dairy producers.
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New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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