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The 2011-12 year was one of strong performance for dairy farmer owned LIC.
LIC chairman, Murray King says the volatility of the dairy industry saw an increasing number of farmers invest in innovations that make it easier and more efficient to farm.
"LIC's Protrack farm automation range and GeneMark DNA parentage verification products, for example, enjoyed record sales," he says.
"Our web based software products, MINDA Milk, MINDA Weights and MINDA Land & Feed, also gained significant customer uptake reflecting the value that farmers place on dairy cow performance and being able to make better, more informed decisions on farm."
King says the price freeze which LIC applied to all products in the 2009-10 season, in recognition of the tough financial conditions being experienced on farm, remained in place for Premier Sires in 2010/2011 and 2011/2012 with only a slight increase in the price of MINDA and herd testing.
"These increases were, however, offset by the launch of innovative free products like MINDA Milk, MINDA Weights and Land & Feed."
LIC revenue for 2011-12 was $177 million 7% ahead of the $166 million achieved during 2010-11.
All profit is returned to LIC's 10,500 New Zealand dairy farmer owners/shareholders in products, research and development or dividends.
LIC chief executive David Chin says meeting the revised methane reduction targets will rely on practical science, smart technology, and genuine collaboration across the sector.
Opening a new $3 million methane research barn in Waikato this month, Agriculture Minister Todd McClay called on the dairy sector to “go as fast as you can and prove the concepts”.
The Government has announced it has invested $8 million in lower methane dairy genetics research.
The first calves of a new crossbred dairy-beef offering are now on the ground at a Pamu (Landcorp) farm near Taupo.
Academic and former Fonterra director Nicola Shadbolt has been elected as LIC director.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
