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Peter Conley.
ANZCO Foods Ltd has reported a pre-tax profit of $1.8 million for the year ended December 31, 2017 — 90% lower than the previous year.
ANZCO reported $17m the year before.
“Revenue at $1.46 billion was consistent with the previous year. This result reflects a tough year in beef processing, which comprises about 60% of ANZCO Foods’ business,” said chief executive Peter Conley.
The privately owned Christchurch company’s assets include New Zealand’s only large-scale commercial feedlot, on the coast at Wakanui, near Ashburton.
The company says growth of the Wakanui brand supported its differentiated beef strategy in NZ, Asia and other markets, including the first shipments to China with the opening of that market for chilled NZ beef and lamb.
ANZCO Foods is now a 100% subsidiary of Itoham Yonekyu Holdings, a global top-10 meat company, following a shareholding change in 2017.
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Meat processor ANZCO Foods’ net profit has plunged on the back of lower market returns which squeezed margins and impacted business performance.
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The depopulation and repopulation of ANZCO Food’s Five Star Beef feedlot, as part of the M. bovis eradication programme, was a long and complex project, says ANZCO CEO Peter Conley.
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West Otago dairy farmer Luke Kane has been awarded the 2026 Rabobank Dr John Morris Business Development Prize.
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An LIC bull, Tronnoco AR Sadio-ET S3F, bred by Tony and Keri O'Connor of Tronnoco Farming Co Ltd near Timaru, has won the 2026 Mahoe Trophy.
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A Palmerston North shearer has been sentenced to six months' community detention and 12 months' supervision after being found to have physically abused three lambs while shearing them.
