PGW revises earnings guidance as farmer spending drops
Rural trader PGG Wrightson has revised its operating earnings guidance, saying trading conditions have deteriorated since the last market update in February.
Goat farmers supplying milk to the Dairy Goat Cooperative (DGC) were paid $18.50/kgMS last year.
Speaking at the annual meeting last month, chairman Campbell Storey reported a year of strong revenue.
This grew from $177 million in 2015-16 to $193m in 2016-17; sales grew in existing and developing export markets.
“Farmer payout remained positive at $18.50/kgMS,” he said.
During the financial year DGC gained accreditation to the international FSSC22000 food safety systems certification standard.
Farmer-shareholders voted to appoint Mark Dewdney the third independent director on the DGC board. He recently retired as chief executive of PGG Wrightson, having previously worked for Fonterra and LIC.
DGC was set up in 1984 to develop, manufacture and market overseas its own-brand goat milk nutritional powders for infants and children.
It sources goat milk from its shareholder suppliers in Northland, Waikato and Taranaki.
At its Hamilton base it owns and operates all its core manufacturing processes, enabling tightly controlled production of high quality milk formula. It has at least 200 staff there.
DGC products are sold in at least 20 countries.
OPINION: In recent years farmers have been crying foul of unworkable and expensive regulations.
Another 16 commercial beef farmers have been selected to take part in the Informing New Zealand Beef (INZB) programme designed to help drive the uptake of genetics in the industry.
Trade Minister Todd McClay says Kiwi exporters will be $100 million better off today as the NZ-EU Free Trade Agreement (FTA) comes into force.
Making things simpler, not harder, for deer farmers in farm planning and coping with regulations is Deer Industry New Zealand (DINZ) industry capability manager John Ladley’s current focus.
Rural Women New Zealand (RWNZ) is launching an online business directory called The Country Women’s Collective to promote and support entrepreneurial rural women.
New Zealand actor Sam Neill has joined the Campaign for Wool NZ as an ambassador, lending his name and profile to educate and advocate for New Zealand strong wool.