Sharechat Logo

AsureQuality profit beats guidance on higher testing volumes

Thursday 4th September 2014

Text too small?

AsureQuality, the state-owned food testing company formed by the 2007 merger of Asure New Zealand and AgriQuality, beat forecast profit by 64 percent on higher testing volumes across its laboratories.

Profit rose to $12.5 million in the 12 months ended June 30, from $10.1 million a year earlier, beating the $7.6 million forecast in its statement of corporate intent, the Auckland-based company said in a statement. Sales rose 8 percent to $173.1 million, ahead of the forecast $156.9 million, which it said was due to higher testing volumes across its labs.

2014 was a year in which Fonterra Cooperative Group upped its focus on food safety and quality, after a false food alarm in August last year sparked a recall, and several investigations into the dairy exporter's quality assurance processes. Earlier this year, Fonterra was fined $300,000 over failures related to the food scare, including the dairy company's failure to inform AsureQuality, as a recognised agency, about product concerns early enough.

The state-owned enterprise expects profit of $10 million in the 2015 financial year on $174.2 million in sales, according to its statement of corporate intent for 2015 to 2017. That's up from an earlier forecast profit of $5.7 million, on $158.5 million of sales.

AsureQuality paid $4.5 million in interim and special dividends to the government, and would declare a final dividend on Sept. 16. In 2013 the company paid $8.5 million in dividend payments, including a $4 million final dividend in September.

In March the company appointed former Hansells Food Group boss John McKay as its new chief executive.

 

 

 

 

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record

IRG See IRG research reports