Saibosi partners with Wools of New Zealand to showcase farm-to-floor wool rugs in China
Chinese textile company Saibosi has partnered with Wools of New Zealand to put the 'farm to floor' story of New Zealand wool rugs on screen for its customers.
Wools of New Zealand (WNZ) has posted its first after-tax profit of $1.48 million for the year ending June 2016, but former chief executive Ross Townshend is keeping up the pressure.
The company’s maiden profit results from a 16% improvement in wool sales, helping lift revenues past $30m for the first time -- to $31.5m, the company says.
Operating profit increased to $681,000, a turnaround of $1.16m from the previous year’s loss of $493,000.
The company sold 5.5 million kg of shareholders’ wool during the year, reflected in an increase in Wool Market Development Commitment (WMDC) income to $2.6m, from $2.2m in 2015.
Commenting on the WMDC, chairman Mark Shadbolt says “at the time of our capital raising in 2012 the WMDC was critical to driving our marketing initiatives and investments. By 2014 we’d reduced our reliance to 20% of revenue and this year this has fallen to 8%, in spite of the WMDC’s increase in real terms.”
But Townsend says the claimed net operating profit includes $2.6m of WMDC “donation”.
“So without that – or in real terms – this is a $2m loss, not a profit. When WMDC runs out mid-2018, WNZ will be broke,” says Townshend who is a shareholder and former chief executive of the organisation.
“The directors need a Plan B, as I stated recently.”
Commercial fruit and vegetable growers are being encouraged to cast their votes in the Horticulture New Zealand (HortNZ) board directors' election.
A unique discovery by a Palmerston North science company, Biolumic, looks set to revolutionise the value and potential of ryegrass and the secret is the application of ultraviolet (UV) light.
A New Zealand company is redefining the global collagen game by turning New Zealand sheepskin into a world-class health product.
With further extreme weather on the way, ANZ Bank is encouraging farmers and business owners impacted by the recent extreme weather and flooding to seek support if they need it.
New Zealand must continue to educate Chinese consumers about the unique qualities of its red meat products and how they differ from competitors, says Silver Fern Farms chief executive Dan Boulton.
There are opportunities outside the farmgate for young farmers to further develop their skills, says 2025 Primary Industries Emerging Leader Award winner Bridie Virbickas.
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