Operating EBITDA Growth
Operating EBITDA of $45.7 million, up $4.4 million or 11% versus the prior corresponding period, reflecting improved operating execution and a supportive market environment.
Revenue Increase
Operating revenue of $619.4 million, up $49.1 million or 9% year-on-year, driven by strong trading across Retail & Water and Agency businesses.
Net Profit After Tax Improvement
Net profit after tax of $17.3 million, up $1.3 million or 8% compared to the prior corresponding period.
Retail & Water Segment Performance
Retail & Water operating EBITDA of $41.8 million, up $2.3 million or 6%, with revenue of $528.6 million, up $38.3 million or 8%, supported by strong demand across livestock services, pasture renewal, agronomy and animal health products.
Agency Group Momentum
Agency businesses delivered operating EBITDA of $8.7 million, up $1.8 million or 27%, and revenue of $89.8 million, up $10.7 million or 14%, helped by high cattle demand, stronger wool prices and growth in online trading (Bidr) and GO-STOCK contracts.
Strategic M&A and Product Launches
Acquisition of Nexan Group (animal health, NZ-made brands) and launch of Blue Ag private-label AgChem range; management reports Nexan is trading ahead of expectations and Nexan contributed $1.9 million NPAT for five months post-acquisition.
Capital Allocation & Shareholder Return
Interim fully imputed dividend declared of $0.045 per share; full-year operating EBITDA guidance reaffirmed at around $64 million, indicating confidence in delivery for FY'26.
Positive Commodity and Market Backdrop
Supportive commodity prices (dairy, red meat, kiwifruit, apples) and a buoyant rural real estate market improved farmer confidence and demand for PGW products and services.
Investment in R&D and Sustainability
Acquired lease of the 2.8-hectare Geelan Family Research Station to strengthen trial capability; further introduction of electric vehicles into the fleet noted in sustainability update.