Full Year 2024 PGG Wrightson Ltd Earnings Call Transcript
Key Points
- PGG Wrightson Ltd (PGWFF) has maintained steady gross margins despite challenging market conditions.
- The company has successfully consolidated market share in most categories within its retail business.
- PGG Wrightson Ltd (PGWFF) has implemented a self-led R&D model to strengthen its core competencies in seed, ag chem, and fertilizer.
- The company has made significant investments in IT systems to improve operational efficiencies, with expected benefits in FY26.
- PGG Wrightson Ltd (PGWFF) has seen positive demand for its GO-STOCK grazing program, which frees up capital for farmers.
- Operating EBITDA decreased by $17 million compared to the previous financial year.
- Net profit after tax (NPAT) fell by $14.5 million from the prior year.
- Revenue declined by $59.7 million, marking the first drop since FY18.
- No final dividend was declared for FY24 due to difficult trading conditions.
- The retail & water business experienced a 24% drop in operating EBITDA, reflecting reduced farmer and grower spending.
Thank you for standing by, and welcome to the PGG Wrightson Limited Full Year Results Call. (Operator Instructions)
I would now like to hand the conference over to Stephen Guerin, Chief Executive Officer. Please go ahead.
Thank you, Harmony. (inaudible) Good morning, and welcome to the PGG Wrightson results call for the financial year ended June 30, 2024. It's a beautiful day in Christchurch here and thank you for your time this morning. I'm Stephen Guerin, the Chief Executive Officer of PGG Wrightson. It's my pleasure to today provide an overview of our financial results for the year ended June 30, 2024. With me on the call today, I have Peter Scott, our CFO; and Julian Daly, our General Manager of Corporate Affairs and is also the Company Secretary.
Before I start today, I'd like to acknowledge the immeasurable loss PGG experienced in April this year with a passing of Grant Edwards, the General Manager for Wool. Grant dedicated 40 years to the business and his leadership will leave
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