Farmlands signals strong result
October 5 2005
Farmlands signals strong result on a $2-million bonus rebate
Rural retail co-operative Farmlands has signaled an exceptionally good year today returning an extra $2 million to its shareholders.
Farmlands Chief Executive John Newland said sales had been strong across the three main sectors of the business – retail, the company’s charge card service, Farmacard, and fertiliser.
The company’s annual result would be announced next week when increased productivity would further demonstrate the solid position Farmlands holds in New Zealand’s rural service industry, Mr Newland said
“Farmlands’ advantage is that we are consistent and understood by our shareholders and customers in a market where there has been plenty of uncertainty,” he said.
It is pleasing to again return a rebate to shareholder while continuing to grow the company and its market share through ongoing expansion strategies, Mr Newland said.
The bonus rebate is Farmlands way of rewarding shareholders for their loyalty, along with their ongoing investment in the company. Individual payments are based on the amount shareholders have spent at Farmlands during the year which will see some shareholders receiving more than $3000.
Farmlands has paid out more than $15 million in bonus rebates in 12 of the last 13 years.
The company’s 2005 annual result will be announced on October 11.