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Scoop
31-07-2025
- Business
- Scoop
Ravensdown 2025 Financial Results Reflect Reshaping Of The Business
Ravensdown has announced its financial results for the year ending 31 May 2025, delivering an operating profit before impairments*, tax and one-off adjustments of $13 million. After impairments and one-off adjustments, but before tax, the co-operative reported a net loss of $2 million. Flat year-on-year revenue of $764 million, and volumes up 71,000 tonnes on the previous financial year to 962,000 tonnes, resulted in lower margins. Garry Diack, Ravensdown CEO, said that the co-operative again worked hard to deliver competitive pricing throughout the year and focussed on keeping prices lower while customers emerge from the economic downturn. 'The co-operative has absorbed increasing international fertiliser prices and rising input costs to delay passing them on to customers, even as our own margins have come under pressure,' said Mr Diack. 'Impairments of $9 million from the closure of manufacturing in Dunedin, the divestment of five lime assets, and the sale of C-Dax are an outcome of our strategy to size the business to meet the market.' Cautious support of the rejuvenating industry Bruce Wills, Ravensdown Chair, said the co-operative's underlying performance continued to ensure a stable funding base that saw the balance sheet equity ratio lift to 80%, up 1% on the previous financial year. The co-operative again reported positive inventory and debt management building on improvements achieved in the previous two years. Inventories at year-end reduced further by $22 million to $128 million with debt reduced by 67% to $26 million. But Mr Wills said a third year of difficult trading does not allow payment of a shareholder rebate. 'In this environment it has been prudent to continue our conservative approach to capital expenditure and conserve funds. 'Although fair pricing was at the expense of a rebate, the business was able to leverage the strength of its balance sheet to ensure we're well positioned for any market upturn.' Mr Diack said: 'This autumn, following the fortunes of the dairy sector, we saw the beginning of an upturn in the red meat sector, and expect that to translate to improved volumes in the coming spring.' While it is anticipated that volumes will increase over the coming year, Ravensdown has also adapted its operating model to better position for the emerging environment. Product and capacity to meet New Zealand farming systems Ravensdown's total manufacturing capacity has been adjusted to meet future market volume requirements with the closure of manufacturing in Dunedin earlier this year. The site is now in operation as a port store and continues to serve the region as a key distribution centre. The 2025 financial year also marked the completion of significant capital works programmes at Ravensdown's two manufacturing sites in Napier and Christchurch, shoring up total manufacturing capability to around 550kmt per annum. Over the past year, sales of New Zealand-manufactured product increased 17% (382kmt) and the co-operative is anticipating a further lift during the 2026 financial year. Mr Diack said: 'Superphosphate is still the most consistently affordable means to return phosphorus and sulphur nutrients to New Zealand soil and pastures. 'Ravensdown has remained steadfast in its strategy to shore up sourcing and diversify supply of raw materials that can be manufactured locally to specifications suitable for pastoral farming systems.' Strategy to deliver products and services 'The co-operative's impairments over this past financial year reflect that we are a business adapting to changing market conditions,' said Mr Diack. 'While the closure of manufacturing in Dunedin has had a significant impact on our financial result this year, ongoing we will realise the benefit of reduced operating and capital maintenance costs.' In the 12 months to 31 May 2025 Ravensdown has implemented a targeted programme of projects to enhance operational efficiency and support customers to 'do more with less' nutrients. 'Farmers are adapting to modern technology around variable nutrient placement. Our investments in our digital interface are keeping pace with the release of HawkEye Pro, and we continue to invest in technology and innovation through Agnition.' Looking ahead Although Ravensdown foresees increased volumes and profitability as the rural economy returns to a more stable period, the outlook for the global economy is more volatile. The international fertiliser market remains tight and prices are trending upwards. Mr Diack said: 'To ensure the long-term viability of our shareholders and the wider sector, we will pursue our strategy to maintain security of supply and invest in the local manufacture of superphosphate – which remains the most affordable and most effective choice for New Zealand farmers and growers.' *Total reported impairments of $10.3 million* The year at a glance 2024-25: numbers for 2023-24 in brackets Total revenue: $763.9 million ($756.8 million) Net profit from continuing operations before impairments and taxation: $8.3 million ($27.4 million) Net loss from continuing operations after tax: -$5.4 million ($2.8 million profit) Operating cashflow: $103.2 million ($127.5 million) Equity ratio: 80.3% (79.4%).
Otago Daily Times
21-06-2025
- Sport
- Otago Daily Times
Obituary: teacher and rugby pied piper
TUPPY DIACK There is a story told by long-serving Otago rugby manager and union president Des Smith that sums up rather well the magnetic pull of Tuppy Diack. The two elder statesmen of Otago rugby had been on a road trip to Queenstown and stayed for the aftermatch at a White Horse Cup game, so the hour was late when they headed home via the Pigroot. When they reached Omakau, Smith phoned the Dunback pub to be told, sorry, there was no chance of a quick drink and a bit of tucker if they called in at 11pm. "I've got Tuppy Diack, the former All Black with me." To which the publican replied: "Tuppy Diack. I've never met him and would love to have a beer with him." That is how two stalwarts found themselves having a feed of fish and chips and a yarn with yet another person who thrilled to the prospect of an audience with one of the great figures of Otago rugby. It illustrates how Diack, the first player to earn 100 caps for Otago and a one-test All Black, was something of a Pied Piper figure — in the most positive manner possible — in the rugby community. People sought him out for a chat, either to tap into his immense rugby knowledge or simply to soak up the mana of a man who gave back much more than he took from the sport. He was a wonderful player but he was also a coach, a mentor, a sounding board, an administrator and a near-constant presence on the sidelines of Otago University, Otago and Highlanders rugby. "Tup was a wonderful man and a true friend," Smith recalled. "He was an amazing rugby player but he was far, far more than that. He was kind, modest — a real gentleman. "He was so well respected wherever he went and gave his time to everyone he came in contact with." Smith recalls watching Diack "weave his magic on the wing" at Carisbrook before getting a taste of Diack's generosity. After scoring a couple of tries for Kaikorai and converting them himself, Smith was selected in an Otago second grade team and unexpectedly advised he would be handling the goal-kicking duties. He called "Mr Diack", who was teaching at John McGlashan College, and the former All Black promptly gave Smith an hour-long session on the intricacies of kicking rugby goals. Smith later served as Otago and Highlanders manager for eight years and recalls Diack barely missing a training session as an interested observer. "The players loved him being there, and he became part of our teams. His understanding of the technical side of back play was incredible." Diack served as Otago Rugby Football Union president in 2005, and he and Smith spent many an enjoyable Saturday heading around the region. "The people in the country just loved to see Tuppy. He was like a magnet in the clubrooms after the game. "Many of those people used to stand on the terrace or sit in the stand at Carisbrook and watch him playing for Otago." Diack, who died in Dunedin on May 16, aged 94, played six games for Southland in 1954 but was otherwise exclusively seen in Otago blue in provincial rugby. He played 101 games for Otago between 1951 and 1964 as a goal-kicking, strong-running winger who was described by late ODT sports editor Brent Edwards as the "pin-up boy" of the province. There were highlights aplenty, including a Ranfurly Shield victory over Wellington in 1957, helping Otago tame the Lions in 1959, three consecutive selections for the South Island, and 18 appearances for New Zealand Universities, including a famous victory over the 1956 Springboks. In 1959, Diack scored two tries and kicked two conversions and a penalty for the Universities side against the Lions, and when he kicked four penalties and a conversion in Otago's 26-8 win over the Lions, he finally heard his name read out in the All Blacks over the radio. Fate played a cruel hand when he was ruled out of the first test at his beloved Carisbrook with an ankle injury sustained in Otago's game against the tourists. "I was usually able to run off an injury but this one got worse," Diack recalled years later. "The pain was excruciating. It was the only major injury of my career, and it was a bit of a sad end to what had been a wonderful week." Diack got an All Black jersey and a framed photograph for being selected, but had to watch from the Carisbrook grandstand as the All Blacks beat the Lions 18-17 thanks to the boot of Don Clarke. He had intensive treatment on his ankle ligaments and was named in the team for the second test in Wellington, only to find another complication as he and Ralph Caulton were both specialist left wings. Diack drew the short straw to play on the right, Caulton scored two tries in an 11-8 win, and the Otago man did not play in the third and fourth tests as the ankle was still not right. He trained like a man possessed over the summer and regained his top-line pace, and it was a blow when he missed selection for the All Blacks' 1960 tour of South Africa. "I was really disappointed to miss out. I thought I could have made a difference on that tour." Diack, All Black No 602, bowed out of top rugby aged 34 in 1964, having scored 53 tries and 706 points in 146 first-class games. Ernest Sinclair Diack was born in Invercargill on July 22, 1930. He was the eldest of four children to teachers Ernest (known as Charlie) and Molly Diack. The nickname emerged at the age of 10 months. Ernest junior had no pet name to distinguish himself from his father and grandfather (also Ernest). His father came home one day, looked in the baby's crib and said, "Poor little Tuppence hasn't got a name." And Tup, or Tuppy, stuck. When he was a toddler, his father — who played rugby for Southland, New Zealand Universities and Marlborough, and coached Southland to Ranfurly Shield success — was seconded to Havelock then Wellington then Koromiko, where he started school. At 7, the family shifted back to Invercargill for his father to teach at North School. Two years later, the family shifted to Napier, where Diack started at Napier Boys' High School, playing for the First XI cricket team as a third former. When Diack was 15, the family moved to Pukerau, near Gore, where Ernest sen was headmaster at Pukerau School. There were not enough bedrooms in the house, so Diack's bedroom was a tent with a wooden floor and wooden sides in the back yard. He finished his schooling at Gore High School, where he was head prefect, captain of the cricket team, vice-captain of the rugby team, athletics champion and regimental sergeant-major of the cadets. Diack stayed at Knox College to begin a teaching degree in Dunedin, but returned to Pukerau every holidays to work as a hay contractor and farmer's hand. The story goes that, while tossing bales of hay on to a trailer, he counted each one because he was paid a halfpenny for two bales. His total when he finished was over a million bales — a record which Southlanders say stands to this day. After graduating in 1954, he started a masters in history so he could continue playing rugby for his beloved Otago University club. He later played for Zingari-Richmond, and played his last game at the age of 39. While the legacy of his rugby career included four hip replacement operations and two knee replacements, the sport remained a great love. Diack was a New Zealand Universities selector for 13 years and coached an NZU team to Japan, he coached the Otago University Gold colts into his late 70s, and he continued to mentor student goal kickers at a club where he was more than just a life member — he was an institution. "I've always been involved with the University club, and working with 18 to 20-year-olds keeps you on your toes. You get all the bad publicity about students but I don't buy it." Diack was nearing the end of his school days when he met Margaret Potter, a farmer's daughter from Pukerau, whom he married in Gore on December 11, 1954. They bought their first home in Dunedin that same year, and both initially taught at primary schools, Diack at Caversham and his wife at Kaikorai, before sons Kim (1963) and Shane (1965) and daughter Philippa (1968) were born. The family settled in Forbury Rd, which was to remain their home for over 50 years. A passion project was Margaret's garden full of fuschias — some 150 different varieties, regularly shown off to gardening groups and passers-by — while many happy holidays and summers were spent at a crib in Otematata. His daughter said Diack found a perfect partner in Margaret. "They absolutely loved one another. Everybody tells me they were just such a team," Philippa said. "They had intellectual conversations. Dad read the paper, cover to cover, and they'd have good conversations about politics and about sport. Mum loved her rugby too. She understood the game. "He was a great dad. He was always keen to see us get ahead and do well, and he encouraged us academically and, particularly, with sport." Diack taught at John McGlashan from 1961 to 1988. He taught geography, social studies and physical education, spent 13 years as deputy principal, and coached both the cricket and rugby teams. Deerstalking and shooting — both black powder and smallbore — were interests outside rugby, and he also became a keen golfer. "You always hear about top sportspeople and their top two inches, and Dad was like that," his daughter said. "He had that mentality. He gave it everything he had." The Diacks had been happily married for 68 years when Margaret died in 2023. Tuppy Diack is survived by children Kim, Shane and Philippa, and grandchildren Libby, Morgan, Madison, Ruby and Charlotte. — Hayden Meikle
Otago Daily Times
18-06-2025
- Sport
- Otago Daily Times
Stalwart of southern rugby memorialised by competition, shield
Pip Jones, of South Otago, holds up the new shield which bears the name of her father, Otago rugby great Tuppy Diack, who died recently. PHOTO: PETER MCINTOSH A former Gore man, who died last month, will be memorialised through a new rugby competition and shield. The Tuppy Diack Shield will make its debut this season. Diack, who died in Dunedin, aged 94, played for both Otago and Southland. He also played one test for the All Blacks, in 1959. Born in Invercargill, he was once the head boy at Gore High School. The former winger was revered and in a fitting tribute, Southland Country, Southland Metro, Otago Country and two Dunedin metropolitan teams will contest a new competition for the Tuppy Diack Shield. It will be a straight round-robin, attached to the end of the club rugby season. The opening round will be on August 2. Otago Rugby Football Union game development manager Michael Smith said it was a great shame Diack had died before he got to see the competition in action. However, Diack had been aware of the idea and was very pleased to put his name to it. The wood the shield is made from is from a fallen totara tree in the Catlins area and was carved by Patrick Bowden and members of the South Otago Turners Club. The tree was understood to have been about 1000 years old. "It's a great bit of wood," Mr Smith said. The new competition was a way to bridge the gap between club and provincial rugby, as well as offering players who missed out on representative opportunities something else to aim for, Mr Smith said. After the competition an Otago B and Southland B team will be selected for a triangular tournament that will include a Canterbury team. — APL
Otago Daily Times
06-06-2025
- Sport
- Otago Daily Times
Commemorative shield to make debut
Pip Jones, 56, holds up the new shield which bears the name of her father, Otago rugby great Tuppy Diack, who died recently. The shield is made from the wood of a fallen totara estimated to be about 1000 years old. Photos: Peter McIntosh What better way to recognise a fallen totara than by putting his name on a fallen totara. The Tuppy Diack Shield will make its debut this season. It is a new competition that bears the name of Otago rugby great Tuppy Diack, who died in Dunedin last month. It will be played for by Southland Country, Southland Metro, Otago Country and two Dunedin metro teams — a north team made up of Alhambra-Union, University, Harbour, Kaikoria and Taieri and a south team made up of Zingari-Richmond, Southern, Dunedin and Green Island. It is a straight round-robin that will be attached to the end of the club rugby season. The opening round is on August 2. Otago Rugby Football Union game development manager Michael Smith said it was a great shame Mr Diack had died before he got to see the competition in action. However, Mr Diack had been aware of the concept and was very pleased to put his name to it. The wood the shield is made from is from a fallen totara tree in the Catlins area and was carved by Patrick Bowden and members of the South Otago Turners Club. The reverse of the shield. The tree is understood to have been about 1000 years old. "It's a great bit of wood," Mr Smith said. "We've put Tuppy's photo on the front of it, and a story about him on the back as well. "It looks great. It was unfortunate that Tuppy passed away [before he got to see it]." Mr Smith said the new competition was a way to bridge the gap between club and provincial rugby, as well as offer the players who miss out on representative opportunities something else to aim for. It was also a good way for players from the country to get noticed. At the end of the tournament, an Otago B and Southland B team will be selected to play in a triangular tournament that will include a Canterbury team. Mr Diack was born in Invercargill and went to school in Gore. He played seven games for Southland and 101 games for Otago. He was the pin-up boy of Otago rugby in the 1950s and early 1960s and played one test for the All Blacks against the British Lions at Athletic Park in 1959. Mr Diack was a life member of both the Otago University Rugby Club and the Otago Rugby Football Union.
Otago Daily Times
27-05-2025
- Sport
- Otago Daily Times
Beloved stalwart of Otago rugby remembered
Tuppy Diack. File photo: Peter McIntosh One of the best rugby players to come out of Gore has died. Tuppy Diack died earlier this month in Dunedin, aged 94. Diack had only a brief stint in the All Blacks, just the second test, playing on the wing, against the touring British Lions at Athletic Park in 1959. Diack, who was the first person to play 100 games for Otago, was born in Southland and attended Gore High School where he was head boy in the late-1940s. He played in the first XV at the school for the last three years of his education. Though he was picked for the first test against the Lions in 1959, an ankle injury led to his withdrawal, but he did enough. He was the son of Charlie Diack, a solid provincial player of the 1920s and 1930s. But apart from a period in 1954, when he played six games for Southland, including a Ranfurly Shield challenge against Canterbury, all of Diack's rugby was with Otago. He played 101 matches for Otago between 1951 and 1964. He was a member of the Otago side which lifted the Ranfurly Shield in 1957 and the 1959 win over the Lions. Diack was a long time teacher at John McGlashan College in Dunedin. In 2005, he had the honour of being the Otago Rugby Football Union president, having already been made a life member of the union, a prestigious honour. He was a mainstay at many practices for both the Highlanders and Otago over the years. Diack played top rugby until 1964, when he retired at age 32. He scored 53 tries and 706 points in 146 first class games.
