Wednesday 27th January 2021
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Livestock Improvement Corporation announces its half-year financial results for the six months to 30 November 2020, which show continued strength in the cooperative’s financial performance with increased revenue and underlying earnings.
Net profit was up 10.4%, primarily due to a strong growth in sales of LIC’s premium artificial breeding options and animal health and diagnostics testing, as farmers invest to optimise the value of their dairy herds. The cooperative also continued investment in Research & Development (R&D) and the MINDA farm management software, and made capital investments in new facilities on the cooperative’s farms.
Board Chair Murray King said the cooperative is balancing profit with focussed R&D and technology investment for the long term.
“We are investing in the areas where LIC has unique capability to maximise the value LIC’s customers generate from their livestock and their product; providing technology and services to make farmers’ lives easier.
“This includes investment in key areas such as genetics and R&D, through to updating and enhancing LIC’s MINDA farm management software given its critical importance to LIC’s farmer shareholders and their businesses.”
King said the highlight of the result was farmers’ growing confidence in LIC’s genomic selection with around 1.4 million inseminations from genomic sires this year, up from just under 400,000 in 2017.
We will continue to prioritise a sharper, deeper focus on investment in the areas where LIC is uniquely placed to drive value, innovate and deliver positive impacts for our customers and shareholders.
Underlying earnings (NPAT excl bull valuation change) at year-end is now forecast to be in the range of $19-23 million, assuming no significant climate event or milk price drop takes place between now and then, nor any major impacts from M. bovis or COVID-19.
LIC expects underlying earnings in 2021-22 to be in the range of $19-25 million.
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