Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news