16 July 2007

1 minute read

Oceania

The company last week delivered a full-year profit of $9.6 million - up 26 per cent on 2006 when net profit was $7.6 million.

Chief executive Mark Dewdney said there had been strong growth in sales of cattle genetics locally and internationally as farmers had invested to meet demand for dairy.

"Farmers used more artificial breeding last year as they look to increase cow numbers and support growth in the industry. And I think we picked up some market share."

Other core parts of the business - herd testing and recording - also achieved strong volume and significant cost-cutting was achieved.

New offerings such as farm automation products and DNA testing were also progressing well.

"We've had a good year all around," Dewdney said.

The profit was achieved on a relatively small increase in revenue - up $7.8 million to $118 million.

The dairy farmer-owned co-operative has two classes of share and has announced a total dividend for the year of 10c for Co-operative shares, and 25c for Investment Shares.

Source: New Zealand Herald