Westland ups season forecast payout

MEDIA RELEASE, August 31, 2016

Westland ups season forecast payout

New Zealand’s second biggest dairy co-operative Westland Milk Products today announced a 20 cent increase in its forecast 2016-17 season payout.

The company’s forecast average operating surplus has increased to $4.75 - $5.15 per kgMS while the average cash payout range has increased to $4.55 - $4.95 per kgMS.

Chairman Matt O’Regan says this is a result of a recent uplift in international dairy prices for the range of products Westland produces, along with positive August GDT auction results.

O’Regan confirms the advance rate payable 20th September 2016has been approved at $3.80 per kgMS.

“In line with the revised forecast payout, the Board has also revised the 2016-17 season advance rate schedule and extended the $3.80 per kgMS rate for one month to include November milk supplied, payable 20 December 2016.”

O’Regan says despite the uplift, the strong New Zealand dollar continues to be a challenge along with the short-term over supply of international markets.

Westland Milk Products’ new Chief Executive Officer Toni Brendish will commence with the company on Monday 5 September taking over from Managing Director Brent Taylor who has filled the gap from the previous CEO Rod Quin.

ENDS

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