Sharechat Logo

Wrightson Finance has 80% reinvestment rate, deposit growth

Monday 7th July 2008

Text too small?
PGG Wrightson Finance Ltd, the finance arm of the rural services company, said term deposits rose a net 25% last financial year, with a reinvestment rate of 80%.

The company said its rural lending and financing focus has helped buffer it from the credit squeeze that's hurt other financial firms.

"Investing in secured lending for farming purposes is a strong proposition, with the rural economy generally well-positioned for future performance," Michael Thomas, general manager of financial services, said in a statement.

Wrightson Finance merged with PGG Finance in March 2006, with the merger of their parent companies, initially creating a firm with a loan book of NZ$285 million. The value of loans had reached NZ$500 million by May this year.

PGG Wrightson Ltd shares fell 1.6% to NZ$2.51.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Wrightson chair John Anderson to retire at October meeting
PGG Wrightson buys water businesses for undisclosed sum
PGG Wrightson take $321M charge on goodwill, operating earnings drop on drought
PGG Wrightson managing director Gould to step down in August
Senior Aussie PGG Wrightson exec to head Landcorp
PGG Wrightson parent Agria posts wider first-half loss on land use impairments
PGG Wrightson lifts 1H profit by 55 percent on retail, Ag Services, pays 2.2 cent dividend
Wrightson finally gets $25M Crafar Farms loan repaid
PGG Wrightson gets government backing in $14.6M seeds research
PGG Wrightson boss George Gould paid $1.5M in FY 2012