ACC says no deal to Singaporean MCK bid
Shares in the NZX-listed hotel group were up 26.85% yesterday, closing at $2.74
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Otago Daily Times
3 hours ago
- Otago Daily Times
Synlait loss turnaround ‘will take time'
Canterbury-based milk processor Synlait Milk is anticipating a loss after tax of $27million to $40m after manufacturing challenges at its Dunsandel factory. The company announced to NZX the predicted result for the financial year ending July compared with a $182.1m loss the previous year. Synlait had to deal with manufacturing issues at its Dunsandel facility across a range of products, resulting in one-off costs. The company said the challenges had been resolved. The site is now in new-season production after winter maintenance. Earnings of $50m to $68m before interest, taxes, depreciation and amortisation (ebitda) are up on the previous $4.1m loss. A closing net debt balance of $300m was expected. Synlait expected its underlying net profit would break even for the full year. The company was expecting underlying ebitda of $100m to $110m compared with $45.2m previously. Synlait has yet to close its books for the financial year, and the preliminary update remained subject to the year-end wrap up, including an audit. It continues to comply with its banking covenants. Chief executive Richard Wyeth said in a statement that Synlait had strong foundations and its assets were well-located, with the capacity and capability to manufacture complex products in high demand around the world. "The company's recovery had been tracking in line with expectations and while turnaround will take time, I am confident of success," he said He joined Synlait 10 weeks ago.
NZ Herald
4 days ago
- NZ Herald
NZX futures support $10 milk price for 2026 season amid strong demand
But if that scenario pans out, then dairy's contribution to the economy would increase by about $10 billion over two years, compared to previous, more moderate milk price outcomes of around $8.50/kg, DairyNZ estimates. 'It's very strong at the moment if you are a dairy farmer in New Zealand, with milk price futures sitting at $10/kg,' NZX derivatives sales manager James Atkinson said. 'A lot of dairy farmers - if not all - will be making a profit at that level, so that's a really good sign,' he said. Driving the milk price futures higher have been Global Dairy Trade prices for the two pivotal products, wholemilk powder and skim milk powder. Indications from the smaller 'pulse' auctions - which occur between the GDT auctions - point to another increase at the next auction on August 6. 'Overall, demand has been pretty sticky and robust over a period of time when volumes are increasing in New Zealand,' Atkinson said. 'There is a lot more volume coming on going into spring, and Fonterra is putting volume on the GDT platform, but prices are managing to stay at historically high levels.' NZX's head of dairy, Cristina Alvarado, said global production trends look to be running in New Zealand's favour. 'We know that production in Europe has not gone well for the key countries, Germany and France, with the little ones keeping it afloat,' she said. 'Production in New Zealand has been doing well, but the fact that the other key regions are not doing that well keeps up interest in demand,' she said. Production in the US is also increasing, but the imposition of world trade tariffs is adding an element of uncertainty to that market. Meanwhile, domestic dairy production in China was declining while demand had remained steady, she said. Atkinson added a steady New Zealand dollar at around US58c to US61c had probably helped keep milk price futures at the $10/kg mark. Further out, NZX futures for the 2027 season point to $9.50/kg. ANZ's latest agri report said good pasture growth over winter meant there was no shortage of feed. The bank said a surge in imports of the feed supplement, palm kernel expeller (up 34% in the past year) should provide extra support. Last season's milk production was up 3%, the largest year-on-year gain since 2014-15. 'It is hard to make large gains two years in a row, but, with the stars aligning, growth of 1-3% should be attainable in 2025-26 if the weather cooperates,' the bank said. Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
NZ Herald
24-07-2025
- NZ Herald
Bremworth to restore woollen yarn production in Napier and hire up to 40 people
A dyehouse and more recently a finishing line have been restored on site since the cyclone and the company announced on Thursday it was spending $6m to reinstate its yarn-making equipment. Bremworth's new chief executive Craig Woolford said the investment was 'huge' for the plant and business. 'Basically, what it is going to enable the plant to do is make yarn,' he said. 'We haven't been able to do that for a long time [at Napier]. 'It will be a fully-functioning spinning plant at the end of October. 'That was its sole purpose [before the cyclone] – a spinning plant.' The woollen yarn from Napier will be sent to Auckland to be made into carpet. Bremworth also has a spinning plant in Whanganui. 'For the past couple of years, Bremworth has been buying yarn from all around the world, with little control over quality etc, and having to carry huge inventories to cover the long lead times,' Woolford said. 'So it makes perfect sense to bring all our yarn manufacturing back in-house with the spinning plant in Whanganui and the spinning plant [in Napier], which will be fully operational at the end of October.' The Napier plant will run as a smaller model than it was before the cyclone. 'To put it in perspective, we had up to six cards [large machines for making yarn] running, we are now going to have two cards running fulltime,' he said, of the new Napier facility. 'Unfortunately, the wool share of the New Zealand soft flooring market has been shrinking. 'So we have sized the business up to our market share at the moment. 'There is significant investment going into the sales side of our business and, I guess, if we get to a point where we are pushed to capacity, then we can put another card on.' He said that would lead to more staff being hired. Not including the 40 new staff being hired, the plant has a team of about a dozen for the existing finishing line and dyehouse, plus further engineers on site. The exterior of the plant is still visibly damaged from the cyclone and Woolford said that would be fixed, probably by the end of the year. Part of it will also be knocked down. Bremworth is an NZX-listed company. In February, the company announced it had reached a 'full and final settlement agreement' with its insurers in relation to the cyclone of $104m. Another significant company in the wool industry, WoolWorks NZ, is located directly across the road from Bremworth on Waitangi Rd and underwent a full rebuild after the cyclone. Gary Hamilton-Irvine is a Hawke's Bay-based reporter who covers a range of news topics including business, councils, breaking news and cyclone recovery. He formerly worked at News Corp Australia.
