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Primary Wool Co-operative Announces Record Profit

30 January 2014

Primary Wool Co-operative Announces Record Profit

Primary Wool Co-operative announces its audited profit of $1,962,165 for the year ended 30 September 2013. Chairman Bay de Lautour says that, at 71 cents per share, this is the largest profit in the co-operative’s 39 year history.

The profit comes from Primary Wool Co-operative’s 50% share of Elders Primary Wool which de Lautour says has continued to gain market share as farmers see the benefits of their wool being handled by an efficient broker and seeing half the profits returned to the 100% farmer owned Co-operative.

Primary Wool Co-operative continues to see significant growth in members with an average of two new members joining per week throughout the 2013 financial year. Mr de Lautour says the consistent rewards to members, including a 5% dividend in 2012, a 10% dividend in 2013, the annual 3 cents per kg rebate and the new high quality woolpacks at a significant discount, have clearly struck a chord with farmers who appreciate seeing tangible benefits. This membership growth trend continues with de Lautour reporting an even greater growth of nearly three members per week after the first four months of the 2014 financial year.

The discounted woolpacks have been really successful says de Lautour. The Co-operative has sourced about 75,000 new wool packs and was selling them to farmers at $4 each, less than the market rate for second-hand packs. “This is a reward to members and also a way of improving the presentation of the wool clip.” A lot of the second-hand wool packs still in regular use were shoddy and also a safety risk, he said.

Primary Wool Co-operative is also a big supporter of industry-good programmes and a significant funder of the Campaign for Wool in New Zealand. Primary Wool Co-operative would increase its spending on promotion and industry-good as its equity position continued to strengthen, de Lautour said.

About Primary Wool Co-operative Limited (PWC)
Primary Wool Co-operative Limited (PWC) was formed by a group of local farmers in 1974 to increase the returns for wool growers. Over the ensuing decades, membership has grown to over 1,000 and significant investment and involvement has been made in the NZ wool industry. The proven grower owned and controlled co-operative structure remains paramount.

PWC holds a 50% shareholding in Elders Primary Wool (EPW) and two PWC Directors sit on the EPW Board to actively represent the interests of Co-operative members. International market access through the marketing initiatives of EPW under the Just Shorn™ brand direct to the lucrative American consumer market will help to continue the objectives that were present at the Co-operative’s inception – increased returns for wool growers.

Co-operative membership delivers significant benefits to wool growers. Members not only get a reduction on charges but also increased prices for quality wool and a share in the profits of Elders Primary Wool.

www.primarywool.co.nz

ENDS

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