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


AsureQuality profit beats guidance on higher testing volumes

AsureQuality profit beats guidance on higher testing volumes

By Suze Metherell

Sept. 4 (BusinessDesk) - AsureQuality, the state-owned food testing company formed by the 2007 merger of Asure New Zealand and AgriQuality, beat forecast profit by 64 percent on higher testing volumes across its laboratories.

Profit rose to $12.5 million in the 12 months ended June 30, from $10.1 million a year earlier, beating the $7.6 million forecast in its statement of corporate intent, the Auckland-based company said in a statement. Sales rose 8 percent to $173.1 million, ahead of the forecast $156.9 million, which it said was due to higher testing volumes across its labs.

2014 was a year in which Fonterra Cooperative Group upped its focus on food safety and quality, after a false food alarm in August last year sparked a recall, and several investigations into the dairy exporter's quality assurance processes. Earlier this year, Fonterra was fined $300,000 over failures related to the food scare, including the dairy company's failure to inform AsureQuality, as a recognised agency, about product concerns early enough.

The state-owned enterprise expects profit of $10 million in the 2015 financial year on $174.2 million in sales, according to its statement of corporate intent for 2015 to 2017. That's up from an earlier forecast profit of $5.7 million, on $158.5 million of sales.

AsureQuality paid $4.5 million in interim and special dividends to the government, and would declare a final dividend on Sept. 16. In 2013 the company paid $8.5 million in dividend payments, including a $4 million final dividend in September.

In March the company appointed former Hansells Food Group boss John McKay as its new chief executive.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Sweet Health: Sugary Drinks Banned From Hospitals And Health Boards

All hospitals and DHBs are expected to kick sugary drinks out of their premises. University of Auckland researcher, Dr Gerhard Sundborn who also heads public health advocacy group “FIZZ”, says he welcomes the initiative. More>>


NASA: Evidence Of Liquid Water On Today's Mars

Using an imaging spectrometer on MRO, researchers detected signatures of hydrated minerals on slopes where mysterious streaks are seen on the Red Planet. These darkish streaks appear to ebb and flow over time. More>>


Bird Brains: Robins Can Just Be Generally Clever

Research from Victoria University of Wellington has revealed that birds may possess a ‘general intelligence’ similar to humans, with some individuals able to excel in multiple cognitive tests. More>>


Psa-V: Positive Result On Whangarei Kiwifruit Orchard

Kiwifruit Vine Health (KVH) has received a Psa-V positive test result on Hort16A and male vines on a kiwifruit orchard in Whangarei. This is the first confirmed case of Psa-V on an orchard in the Whangarei region. More>>

Regional Accents: Are Microbes The Key To Geographical Differences In Wine?

A new study of six of New Zealand’s major wine-growing regions has found that differences in flavour and aroma of wine from different areas may depend more on microbes than was previously thought. More>>


Science: AgResearch To Cut Science Staff In Areas Of 'Reduced Demand'

“We are therefore consulting with our staff from today on a proposal to reduce science staff in areas of shrinking demand. Combined with recruitment planned in areas of growing demand, this would mean a net reduction of 15 scientists and 41 technicians at AgResearch in the 2015/16 year." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news