INDEPENDENT NEWS

PGG Wrightson says annual profit rose about 20%; shares gain

Published: Mon 1 Aug 2016 05:11 PM
Monday 01 August 2016 04:58 PM
PGG Wrightson says annual profit rose about 20%; shares gain
By Paul McBeth
Aug. 1 (BusinessDesk) - PGG Wrightson shares gained 4.5 percent after it said full-year profit rose about 20 percent and operating earnings beat guidance, which had already been upgraded on the strength of the horticulture and beef sectors.
The Christchurch-based company today said trading beat expectations "due to a variety of factors" and that operating earnings before interest, tax, depreciation and amortisation exceeded $68 million in the year ended June 30. Wrightson raised its earnings forecast in June, predicting ebitda of between $65 million and $68 million in the year, though down from $69.6 million in 2015.
It also said net profit was "around 20 percent up on last year" when the rural services firm reported a profit of $32.7 million, implying a bottom line profit of $39.2 million for the year ended June 30. The company will formally report earnings on Aug. 9.
"We are still working through the audit process for our full year results and will be better placed to talk to the detail at the time of our results announcement," chief executive Mark Dewdney said in a statement. "This will be an excellent outcome that the business can be proud of and we look forward to discussing the detail when our results have been finalised in the coming days."
The shares rose 2 cents to 46.5 cents, having gained 7.2 percent so far this year.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Gender pay gap unchanged since 2017
By: Statistics New Zealand
Stuff pulls pin on media companies' joint ad-buying business
By: BusinessDesk
Transdev to Acquire Auckland And Wellington Bus Businesses
By: Transdev
Don’t gamble with last 60 Māui dolphins
By: Forest And Bird
Government taking action to close gender pay gap
By: New Zealand Government
Genter delaying pay equity for publicity stunt
By: New Zealand National Party
Gender Pay Imbalance - call for PM to take action
By: New Zealand Council of Trade Unions
Persistent gender pay gap - need for Govt to move faster
By: NZEI Te Riu Roa
Opportunity to fix the gender pay gap in tertiary sector
By: Tertiary Education Union
Government must take the handbrakes off, deliver equal pay
By: Public Service Association
Metlink welcomes purchase of Mana Coach Services
By: Metlink
Andrew Body – Let's Get Wellington Moving gears up
By: Let's Get Wellington Moving
Drones wanted in fight to protect Māui dolphins
By: RNZ
Arguments over Māui and Hector's dolphin protection plan
By: RNZ
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media