Wednesday, 09 October 2024 11:55

LIC ready for challenges ahead

Written by  Staff Reporters
LIC chair Corrigan Sowman LIC chair Corrigan Sowman

Herd improvement company LIC says it's well-positioned for the challenges ahead and remains focused on its core purpose - delivering value for farmer shareholders.

LIC chairman Corrigan Sowman made the comment at the co-op's annual meeting in Hamilton last month.

Sowman, a dairy farmer from Golden Bay, acknowledged the headwinds the sector may face but expressed confidence in LIC's resilience and future potential.

"Our cooperative is well-positioned for the challengesahead. We remain focused on our core purpose: delivering value for our farmer shareholders. This goes beyond short-term gains. Our decisions today shape the future of New Zealand's national herd."

Looking forward, LIC says it will continue to innovate and invest in the health and productivity of herds, using cutting-edge genetic improvements and data-driven solutions to support farmers.

"LIC is here to safeguard the future of farming in New Zealand. Our teams are working hard every day to improve herd performance, which in turn supports the strength of our communities and the broader dairy sector," says Sowman.

Reflecting on the cooperative's financial performance, Sowman emphasised LIC's ability to deliver a sustainable profit and a solid return for its shareholders despite a challenging economic environment.


Read More


"We are proud to have closed the year with a respectable profit of $7.7 million and a total dividend of 18.84 cents per share, thanks to prudent management and a strong balance sheet with no debt."

The co-operative forecasts underlying earnings of $16-22 million for 2024/25, barring any significant external factors.

Sowman notes that with a strong financial foundation and no debt, LIC is positioned to continue delivering long-term value to its farmer-shareholders.

At the AGM, LIC welcomed two new directors - Mike O'Connor, North Island region, and Tony Coltman, South Island region, and a new member of the Shareholder Reference Group (SRG).

More like this

LIC ends year with $30.6m profit

Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.

LIC Space folds for good

Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.

Featured

Fencing excellence celebrated

The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.

B+LNZ launches AI assistant for farmers

Beef + Lamb New Zealand has launched an AI-powered digital assistant to help farmers using the B+LNZ Knowledge Hub to create tailored answers and resources for their farming businesses.

National

Machinery & Products

Tech might take time

Agritech Unleashed – a one-day event held recently at Mystery Creek, near Hamilton – focused on technology as an ‘enabler’…

John Deere acquires GUSS Automation

John Deere has announced the full acquisition of GUSS Automation, LLC, a globally recognised leader in supervised high-value crop autonomy,…

Fencing excellence celebrated

The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards,…

» Latest Print Issues Online

The Hound

A step too far

OPINION: For years, the ironically named Dr Mike Joy has used his position at Victoria University to wage an activist-style…

Save us from SAFE

OPINION: A mate of yours truly has had an absolute gutsful of the activist group SAFE.

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter