LIC 2024 AGM
At Livestock Improvement Corporation’s (LIC) Annual Meeting in Hamilton yesterday, shareholders welcomed two new Directors and a new member of the Shareholder Reference Group (SRG).
LIC Board Chair Corrigan Sowman expressed his enthusiasm for the future, noting, "We are delighted to welcome Mike O’Connor as Director for the North Island region and Tony Coltman as Director for the South Island region. Their expertise will undoubtedly strengthen our leadership as we continue to deliver value for our farmer shareholders.”
Additionally, Kirsten Watson was elected as the Upper North Island Territory Shareholder Reference Group (SRG) representative. The SRG is an elected and appointed body of shareholders established to promote shareholder interests and assist LIC to deliver on its purpose and vision.
“The SRG, led by Chair Mark Hooper, plays an integral role in shaping our strategy, and we are excited to see how Kirsten’s fresh perspective will contribute,” said Sowman.
Reflecting on the cooperative's financial performance, Sowman emphasised LIC’s ability to deliver a sustainable profit and a solid return for its shareholders despite a challenging economic environment.
"We are proud to have closed the year with a respectable profit of $7.7 million and a total dividend of 18.84 cents per share, thanks to prudent management and a strong balance sheet with no debt."
Sowman, a dairy farmer from Golden Bay, acknowledged the headwinds the sector may face but expressed confidence in LIC’s resilience and future potential.
"Our cooperative is well-positioned for the challenges ahead. We remain focused on our core purpose: delivering value for our farmer shareholders. This goes beyond short-term gains - our decisions today shape the future of New Zealand’s national herd."
Looking forward, LIC will continue to innovate and invest in the health and productivity of herds across the country, using cutting-edge genetic improvements and data-driven solutions to support farmers in achieving sustainable success.
“LIC is here to safeguard the future of farming in New Zealand. Our teams are working hard every day to improve herd performance, which, in turn, supports the strength of our communities and the broader dairy sector,” said Sowman.
The cooperative forecasts underlying earnings of $16-22 million for 2024/25, barring any significant external factors. With a strong financial foundation and no debt, LIC is positioned to continue delivering long-term value to its farmer shareholders.
LIC’s Board consists of six farmer-elected representatives and up to three independent directors, ensuring robust governance and leadership. The SRG, comprised of 12 shareholder members, is an independent body who work collaboratively with the LIC Board and management.
Key Financial Highlights 2023/24:
- Total Revenue: $267.3 million
- Net Profit After Tax: $7.7 million
- Underlying Earnings: $13.9 million
- Dividend: 5.84 cents per share (plus 13 cents per share Special Dividend earlier in the year)
- Total Assets: $358.6 million
- Debt-Free at Year-End
For more information:
- View the LIC Annual Meeting results on the NZX here.
- View the recording of the Annual Meeting on the LIC website here.
- View the LIC Full Year Results released in July here.
- View the LIC Sustainability Report released this week here.
- Find out more about the LIC Board here.
- Find out more about the SRG here.
