Thursday 22nd July 2021
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Livestock Improvement Corporation announces its financial results for the year ending 31 May 2021, reporting increased revenue, profit and a strong balance sheet with no debt at year end.
The farmer-owned co-operative will return $17.8 million in dividend to shareholders, which equates to 12.51 cents per share. The fully imputed dividend represents a 14.4% gross yield based on the current share price of $1.21. The dividend will be distributed on 20 August.
“The LIC Board is proud to present another strong result to our farmer shareholders for the fourth consecutive year,” said Murray King, LIC Board Chair.
“This result is in line with our market guidance and a credit to our shareholders for their support of significant initiatives in the last five years to transform LIC into a modern, progressive co-op. These initiatives have delivered the benefits we said they would, including focussed investment in the business and a better return for our farmers.
“We’ve seen good growth across core business areas this year but particularly in our premium genetics range where young, genomically-selected bulls are used to fast track genetic gain and deliver more value on-farm through increased productivity and efficiency, including improved environmental efficiency.
“That value combined with a solid dividend makes this result a win-win for our farmers. It also means we can continue our work to invest in products, services and technology that drive long term and sustainable customer value.”
King says recruitment of a new chief executive is a priority for the Board over the coming months, following Wayne McNee’s decision to step down at the end of November 2021 (NZX, 14.6.2021).
The co-op will also be firmly guided by its primary focus of delivering value for farmer shareholders and three commitments in its refined strategy, he said, with operational excellence, faster genetic improvement and software reliability and performance.
LIC expects Underlying Earnings in 2021-22 to be in the range of $19-25 million, assuming no significant climate event or milk price change takes place between now and then, nor any major impacts from M. bovis or COVID-19.
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