Dear valued shareholder,
Welcome to another shareholder update, the first for the 2025 financial year. We discuss our FY24 annual results, noting the strong position of the co-operative after a year of consolidation, and we look forward to the future with optimisim. Also entries are now open for the 2025 Ballance Farm Environment Awards and the annual meeting is coming up in September.
We’ve once again recorded a short video, which you can view here, discussing these topics.
Looking forward with optimism
The co-operative model is based on harnessing collective strength to create opportunities that we could not achieve alone. We remain focused, as always, on how best to add value to our shareholders and remain relevant to you in a constantly changing environment.
In the coming months we will be launching several new initiatives providing you more options and supporting your success in today's challenging market conditions.
Look out for an update later in August to find out more.
FY24 Annual Results
Today we announced our annual results for the 2024 financial year. It was a year of consolidation for the co-operative, as we focused on maintaining strength in our balance sheet and providing lower prices to our shareholders.
A focus on reduced working capital saw a 37% decrease in year-end inventory and, with the sale of Seales Winslow, this enabled a $69 million reduction in net debt. Our year-end profit before tax was $17.2 million and the Ballance Board made the necessary decision to not pay a rebate for the 2024 financial year.
You can read more about our annual results on this page of our website.
Our 2024 Annual Report will be live on our website on 26th August. From next year, we will be combining the release of our annual results and annual report, which will be scheduled for August 2025.
Time to showcase your work
Entries are now open for the 2025 Ballance Farm Environment Awards (BFEA). The BFEA is an annual awards programme run by the New Zealand Farm Environment Trust, which embraces you, New Zealand farmers and growers, at every stage of your sustainability journey, providing an opportunity to showcase, benchmark, and improve the environmental, social and economic sustainability of your operations.
Being part of the awards programme is a positive way to receive feedback on your business, help identify your strengths and learn from others who are passionate about the food and fibre sector.
Enter the awards yourself, or nominate someone here.
2024 Annual Meeting
Our 2024 Annual Meeting will be held online on Wednesday 25 September. You will be sent a Notice of Meeting by mail in the coming weeks, which will include further details and instructions on how to join online.
A quick reminder that you can reach out to either of us directly anytime, via email or phone, with any questions or feedback.
Warm regards,
Duncan Coull
Chair
Duncan.coull@xtra.co.nz
027 472 7110
Kelvin Wickham
Chief Executive
Kelvin.wickham@ballance.co.nz
021 513 028