PGG Wrightson Limited Reports Unaudited Consolidated Earnings Results for the Six Months Ended December 31, 2014; Provides Earnings Guidance for Fiscal 2015
March 30, 2015 at 05:01 pm EDT
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PGG Wrightson Limited reported unaudited consolidated earnings results for the six months ended December 31, 2014. For the period, the company reported operating revenue of NZD 654,699,000 compared to NZD 634,892,000 a year ago. Operating EBITDA was NZD 33,640,000 compared to NZD 22,314,000 a year ago. Operating EBITDA (including earnings of associates) was NZD 33,799,000 against NZD 23,560,000 a year ago. EBITDA was NZD 35,067,000 compared to NZD 23,856,000 a year ago. Profit from continuing operations before income taxes was NZD 28,096,000 compared to NZD 14,357,000 a year ago. Profit from continuing operations was NZD 19,555,000 against NZD 12,053,000 a year ago. Profit was NZD 19,717,000 or NZD 0.026 basic per share compared to NZD 13,406,000 or NZD 0.016 basic per share a year ago. Profit attributable to shareholders of the company was NZD 19,477,000 against NZD 13,082,000 a year ago. Net cash flow used in operating activities was NZD 11,437,000 compared to net cash flow from operating activities of NZD 10,549,000 a year ago. Purchase of property, plant and equipment was NZD 4,145,000 compared to NZD 4,633,000 a year ago. Purchase of intangibles (software) was NZD 811,000 compared to NZD 512,000 a year ago.
The strength of this first half result has given confidence that the 2015 full year result will be solid. While the impact of a number of factors in the remainder of the financial year are yet to be determined, full-year guidance for Operating EBITDA (excluding earnings of associates) has increased to a NZD 62 to NZD 68 million range. This represents a significant improvement on the last financial year's strong result of NZD 58.7 million.
PGG Wrightson Limited is a New Zealand-based agribusiness company. The Company is primarily involved in the provision of goods and services within the agricultural and horticultural sectors. The Company operates in two segments: Agency and Retail & Water. The Agency services segment includes the sale and purchase of all categories of livestock (sheep, beef, dairy, and deer) at saleyards, auctions, private and on-farm sales, and online trading of livestock. The Company operates from 56 auction selling centers, located throughout New Zealand, of which 40 are owned and co-owned saleyards. The Retail & Water segment includes the Rural Supplies and Fruitfed Supplies retail operations, Agritrade, PGG Wrightson Water, PGW Consulting, ancillary sales support and supply chain functions. It also offers full-service water and irrigation packages to its clients nationwide servicing the agricultural and horticultural and water reticulation markets in New Zealand.
PGG Wrightson Limited Reports Unaudited Consolidated Earnings Results for the Six Months Ended December 31, 2014; Provides Earnings Guidance for Fiscal 2015