Wednesday, 15 June 2016 15:55

PGG Wrightson ups forecast

Written by 
PGG Wrightson chief executive Mark Dewdney. PGG Wrightson chief executive Mark Dewdney.

PGG Wrightson has raised its full year forecast despite challenging conditions in some sectors.

PGG Wrightson chief executive Mark Dewdney says PGG Wrightson (PGW) expects its full year earnings before tax in the $65 to $68 million range, up from the previous guidance of $61 to $67 million indicated in April.

Dewdney says its New Zealand earnings continue to exceed expectations. A strong autumn sales season in New Zealand underpins this earnings performance, and shows the resilience of PGW in spite of the challenging conditions being experienced in some agri-sectors.

The company now expects its retail business will improve on last year's record Operating EBITDA. "This will be a fantastic achievement given the cautious spending from our dairy clients over the year. This will be a result of the positive momentum we have sustained with customers and staff, and in part our exposure to sectors that have had a strong year, such as horticulture and beef."

He says the operating EBITDA for the year to June 30 will reflect two opposing forces.

"On the one hand tougher market conditions, particularly in the New Zealand dairy sector and in South America; on the other, the hard work we are putting into improving and growing PGW continues to pay off and we are benefiting from our market position in the agri-sectors that have been performing strongly."

PGW expects to announce its full year results on August 9 with details of the announcement to be confirmed closer to the time.

More like this

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