Farmlands Co-operative delivers another year of growth and profitability to its shareholders

Today, Wednesday 31st October 2018, Farmlands Co-operative announced its annual result to shareholders.

Farmlands Chairman Lachie Johnstone says the rural supplies and services co-operative achieved another positive result for its shareholders with revenues reaching $2.39b, 10.71% higher than the 2017 result. Farmlands has also delivered a profit of $12.2m – more than double the $5.4m it posted in the previous financial year.

Farmlands Chief Executive Peter Reidie says the co-operative is delighted to post another year of growth and profitability for Farmlands shareholders. “Our staff have worked hard this year to deliver $91m of rebates throughout our store network, the Farmlands Card and our Fuel Card.

This is also on the back of a Bonus Rebate of $6.1m, which will be distributed to our shareholders on a 50% cash and 50% bonus share basis.”

Mr Reidie says Farmlands has won a number of awards over the past 12 months, which showed the co-operative is heading in the right direction. “We have been investing in our people to better serve our shareholders. Winning the KPMG Customer Excellence Experience Award, in particular, was a great boost for our staff as this was our shareholders telling us we were doing a great job servicing them.

“To come out as the number one brand in New Zealand for the global KPMG Award, against the likes of Air New Zealand, Kiwibank, New World and ASB is tangible proof that the co-operative is moving from good to great, in line with our strategy.”

Mr Johnstone says the co-operative has been working hard to deliver for its shareholders. “We have seen a 3% growth in shareholder numbers, which is a key indicator of our relevancy to our customer base.

“More people have joined us. We have witnessed a healthy turnout of candidates for the three seats that are open to election this year by rotation. We have 11 shareholders running for three seats – two in the South Island and one in the North Island.”

Farmlands farewells three of its long-standing Directors at this year’s AGM, which will be held in Hokitika on Friday, 23rd November. Joe Ferraby from Seddon, David Jensen from Tauranga and Independent Director Peter Wilson all stand down this year. Rob Hewett is seeking re-election as his three-year term comes to an end by rotation. The Board are in the process of selecting another replacement Independent Director, which will be announced in the coming weeks.

The 2018 Farmlands Annual Report is available to download by visiting www.farmlands.co.nz/annualreport