Overview
- The co-operative raised guidance for continuing operations to 50–65 NZ cents per share from 45–65 NZ cents.
- Reported profit after tax reached NZ$750 million for the six months to January 31, up 3% year on year.
- The board declared a 24 NZ cent interim dividend and confirmed a 16 cent special Mainland dividend, and it lifted the farmgate milk price forecast to NZ$9.40–$10.00 per kgMS.
- Management highlighted higher-value channels as growth drivers, with ingredients delivering an 11% return on capital and foodservice 12.6%.
- The company warned the Middle East conflict could disrupt supply chains and increase inventories and costs, as the sale of its Mainland consumer business to Lactalis targets completion by late March.