Green light for acquisition
The merger of two of the country’s largest animal nutrition companies won’t lessen competition, the Commerce Commission has ruled.
Rural services co-operative Farmlands has posted a $9 million loss for the 2016 year.
In its annual report released late last week chairman Lachie Johnstone and chief executive Peter Reidie blame the loss on the tough year in farming.
“The highs and lows confronting the sector are well documented and Farmlands has not been immune to them, posting a $9 million loss for the year ended 30 June 2016,” they say.
So bad was the year that, as earlier reported, no bonus rebate will be paid to shareholders “because the conditions we were experiencing would not allow it”.
Johnstone says this announcement foreshadowed a full year loss, but he claims things are now improving.
“Since the end of the financial year our results suggest we are on track for a stronger 2017.”
Reidie says: “the decline in sales, required adjustment to our cost base and right sizing our organisation, after many years of growth,” became an urgent focus during the year.
The co-op says its nutrition and retail businesses were hardest hard hit.
“Decreased foot traffic in our dairy-oriented stores had a ripple effect, and some of our livestock and real estate business units were down on previous years.”
But he says there were “positive contributions” from other parts of the business, in particular grain and seed.
Federated Farmers president Wayne Langford is claiming “some real success” on the 12 policy priorities it placed before the Coalition Government.
Federated Farmers is throwing its support behind the Fast-track Approvals Bill introduced by the Coalition Government to enable a fast-track decision-making process for infrastructure and development projects.
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
Divine table grapes that herald the start of a brand-new industry in Hawke’s Bay have been coming off vines in Maraekakaho.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
One of New Zealand’s deepest breeder Jersey herds – known for its enduring connection through cattle with the UK’s longest reigning monarch, Queen Elizabeth II – will host its 75th anniversary celebration sale on-farm on April 22.