Latest news with #DaveHarris
Yahoo
23-05-2025
- Business
- Yahoo
Australian Agricultural Co Ltd (ASAGF) (FY 2025) Earnings Call Highlights: Record Cash Flow ...
Release Date: May 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Australian Agricultural Co Ltd (ASAGF) achieved its highest operating cash flow and second highest operating profit since 2017. The company reported a 15% increase in total sales revenue, driven by higher meat and cattle sales volumes. ASAGF's strategic refresh and focus on sustainability initiatives, such as the solarable program and soil carbon project, are expected to provide long-term benefits. The company maintained a stable herd size with improved productivity, contributing to increased revenue. ASAGF's brands, including West Home and Darling Downs, showed significant sales growth and market expansion. The company reported a statutory net loss of $1.1 million, impacted by the unrealized mark-to-market value of the herd. Inflationary pressures led to a 5% increase in the cost of production per kilo. Price pressures in some regions resulted in an overall reduction in the weighted average meat sales price per kilogram. The company faced challenges from dynamic markets, evolving trade conditions, and supply and demand constraints. An unfortunate animal welfare incident occurred earlier in the year, highlighting the need for improved procedures to prevent future occurrences. Warning! GuruFocus has detected 7 Warning Signs with ASAGF. Q: With gearing levels at the lower end of the company's target range and the stock trading at a 43.5% discount to NTA, has a buyback been considered? A: Dave Harris, MD and CEO: The decision regarding a share buyback is for the board to make. Currently, the focus is on reinvesting in the business to develop the three strategic business areas, which we believe will provide long-term benefits for shareholders. Q: What is the strategy for debt reduction and future dividend payments? A: Glenn Steadman, CFO: With the strategic refresh, we have identified areas requiring future investment. Therefore, debt reduction is unlikely as we pursue these investment opportunities. Q: Can you please advise how many franking credits AAC has? How much possible fully franked dividend per share does this represent? Why does AAC have a policy of not paying dividends, and when is it likely a dividend may be paid? A: Dave Harris, MD and CEO: Currently, there are zero franking credits. The decision on dividends is for the board. Regarding the unfortunate incident where cattle died due to a water supply failure, we have conducted an investigation and developed procedures to minimize the likelihood of such an event occurring again. Q: What were the impacts, if any, of the heavy rain and Northern Queensland floods in March? How is the pasture since the floods? A: Dave Harris, MD and CEO: The property most affected was South Galway, experiencing significant flooding. Fortunately, there were minimal cattle losses, and the rain was beneficial overall, putting us in good shape for the season ahead. Q: Post-liberation Day, what have you witnessed with respect to trade flows and pricing, and how is AAC positioning itself given likely ongoing volatility? A: Dave Harris, MD and CEO: We focus on controllable factors, working with distributors and customers in each region. Our broad marketing opportunities allow us to move products through different markets as conditions change, ensuring the best outcomes for both customers and the business. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
BBC News
17-04-2025
- Business
- BBC News
Medway Council has nearly £20m in unused funds from developers
A local authority is sitting on almost £19.5m of unused funds meant for health, education and leisure Council has received the contributions from developers which were granted planning permission, as reported by the Local Democracy Reporting Service (LDRS).Their payments, called Section 106 agreements (S106), are sums given to support projects to benefit the community and limit the impact of new houses.A spokesperson for Medway Council said: "The S106 team keep all potential and received contributions under review and work with the relevant services within the council, the NHS and other third parties to identify suitable projects that can utilise S106 funds." After an agreement, developers can then begin work and pay the contributions when they reach a certain point in the construction Freedom of Information (FOI) requests submitted by the LDRS show issues with money getting to where it was initially report revealed as of December, the council held £4m of S106 cash for schools and education, £3.1m for community centres and museums, and £5.3m for open the £4m agreed with developers since 2013, just £1.2m has been collected with only £17,846 total, funding from 40 different agreements has been received by Medway Council, but only two projects have actually seen money spent. A £9,446.36 sum from a 2014 agreement for development on Richmond Road, Gillingham, was used for "healthcare services".The report also revealed another £8,400 was spent from a £9,197.96 agreement from 2020 for a development in Twydall, which was used for a health pod in the Woodlands Family Practice, LDRS reported the largest S106 contribution collected for a single development was £180,869.99 for a 300-home scheme on land at Otterham Quay Lane, was agreed for improvements to GP services at the Rainham Healthy Living Centre, the Thames Avenue Surgery or the Maidstone Road LDRS reported none of the money has been spent yet. Out of the five towns and Hoo Peninsula, Chatham is the place with the most health-based S106 funding currently held by the council, which is £406, LDRS added if the fund was not spent by a certain deadline, the developer could request the money be range between five and 10 years but Medway Council said it had never had to return any another FOI submitted by the LDRS revealed £175,000 of S106 funding agreements for health projects was allowed to expire before the money was collected by the council. Medway Council chief planning officer Dave Harris told the LDRS the issue of getting the NHS Kent and Medway Integrated Care Board (ICB) to request the funds collected "had been a long-term frustration".He said the council was having regular meetings with the ICB to discuss how to use the available funds as the local authority was unable to spend the money on services ICB spokesperson said: "We request S106 funding when there is an identified and approved project to allocate the funding to."Where we have an opportunity to pool S106 funding contributions, we will sometimes do so where appropriate."The spokesperson added there can be a "significant lag" between the S106 contribution being secured, the development and getting to a point when the contribution is due."Due to the time lag, the ICB may consider a different project from that proposed originally is required and we will discuss this with Medway Council," they added.
