Latest news with #Northland
RNZ News
11 hours ago
- Business
- RNZ News
Country's largest pastoral farmer Pāmu forecasts record profit in major turnaround
Mark Leslie, chief executive of Pāmu Farming that's expected to flip back to profit in FY25. Photo: SUPPLIED/PĀMU FARMING (Kara Tait) Pāmu is forecasting a record profit for the last financial year, as high prices for dairy and red meat help offset adverse weather events this year like drought and floods. The state-owned farming enterprise, formerly Landcorp Farming, forecasted an after-tax profit of between $119 and $122 million in the year ended June 2025. Pāmu, the country's largest pastoral farmer, managed about 360,000 hectares from Northland down to Southland across 112 dairy, sheep and deer farms as well as in horticulture and forestry. The forecasts marked a significant turn-around from last year's balance sheet when it posted a loss after tax of $26m. Chief executive Mark Leslie said the improved financial result was driven by the record milk price and strong livestock values. "On the operational side, we are laser-focused on core farming activities and operational excellence initiatives," he said. "Productivity gains through targeted pasture and livestock management have been key to the turnaround in performance. "Market-driven conditions-such as high international demand supporting milk, beef, and lamb prices-have contributed to revenue outcomes, offsetting weather-related challenges such as drought in the Central North Island." File photo. Photo: RNZ / Samuel Rillstone Strong export demand for New Zealand beef had pushed up beef farmgate prices to above the five-year average, particularly from key market the United States, and lower domestic production. Similarly, lamb prices had continued to rise, driven by continued strong demand in key markets and the reduced lamb slaughter volumes nationwide. The announcement of forecast results on Thursday followed earlier reports of criticism around commercial performance and calls for the government to sell the state-owned enterprise. Pāmu was expecting a net operating profit for the 2026 financial year of between $56m and $66m. It said the wide range of the next forecast recognised the risks presented by material adverse weather events, volatility in commodity prices, currency and other markets and geopolitical tensions. The company's full-year audited results will be posted in the last week of August. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
1News
12 hours ago
- Sport
- 1News
Kiwi Toa Henderson wins Royal Welsh Open shearing title
Two Kiwi shearers have made it onto the podium at the Royal Welsh Open All Nations Shearing Championship this morning. Toa Henderson from Northland took out first place in the competition, winning the memorial trophy, the crystal award and £600 (NZ$1347). The 35-year-old, who won the Golden Shears and New Zealand Open championships' double in March, blasted through the 20 Welsh speckle lambs in under 12m 38 seconds, to be first off the board in the six-man final. Former Royal Welsh Open winner and defending champion Jack Fagan from Te Kuiti placed third, just 0.15pts behind in his bid to win the title for a third time. Coming in sixth was a third New Zealand shearer, Matt Smith, from Northland and Hawke's Bay. ADVERTISEMENT Henderson told the crowd he felt "pretty good" taking the Welsh title in his first season. Northland's Toa Henderson took out first place in the competition. (Source: 1News) "Awesome final, I really enjoyed it. To all my family back home, I'm rapt with this," he told the cheering crowd. He also acknowledged his wife Phoebe, saying it was her birthday today. The overall test series went to the Welsh team, claiming their second win on the home stage. It was the 50th anniversary of the Royal Welsh championship.
RNZ News
17 hours ago
- Business
- RNZ News
Cabinet papers reveal 550 polytech courses and 900 jobs gone
Newly released cabinet documents reveal the extent of cuts in the Polytech sector: 550 courses abolished and 900 full time jobs gone. Vocational Education Minister Penny Simmonds is overseeing huge change in the sector, including the dismantling of Te Pukenga, with the future of four polytechs in Northland, Taranaki, Wellington and Westcoast still in doubt. The cabinet paper shows for the first time how many jobs and courses have gone already. TEU National Secretary Sandra Grey speaks with Kathryn. To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
18 hours ago
- Business
- RNZ News
Northland businesses pitch growth plan to Ministers
Northland business leaders say the region's economy can grow six-fold by 2050, boosting incomes and the wider economy. They last night pitched to government ministers, outlining what the region needs to grow to a $60-billion economy by 2050. An NZIER report commissioned by the Northland Corporate Group - which includes big players like Northport, Northpower and Top Energy, as well as Ngapuhi, says that's indicative of sustained underinvestment in infrastructure as well as a skills shortage, and poor education outcomes. Kathryn speaks with Northland group co-chair by Rosie Mercer, chief executive of Marsden Maritime Holdings, and Andrew McLeod - chief executive of lines company and contractor Northpower. To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
21 hours ago
- Business
- RNZ News
Northland business leaders call for more government investment in infrastructure
Northland Corporate Group co-chairs Andrew McLeod and Rosie Mercer. Photo: RNZ / Tuwhenuaroa Natanahira Northland business leaders say the region's economy could grow six-fold to $60 billion by 2050, if it had better infrastructure. The Northland Corporate Group - which includes some of the region's biggest businesses like Marsden Maritime Holdings Limited, Northpower and McKay Limited - hosted an event on Wednesday night at Parliament, pitching the region's economic benefits to MPs. At the event, economic analysis , prepared by New Zealand Institute of Economics (NZIER) and commissioned by the group, was released and showed that while the region contributed $11.2 billion to national GDP in 2024 - 30 percent below the national average - it could be higher if it had proper investment in its infrastructure . Speaking at the event, group co-chair Rosie Mercer said the region was full of resource and talent, and was ready to unleash its full power. If Northland's GDP was on par with the national average, it would be a $16 billion economy, Mercer said. "We think that gap can and should be closed, but we're not going to stop there. We're not just going to close that gap. We're ambitious and we are saying that Northland can be a $60 billion economy." The analysis found the region needed an additional 1.1 percent growth every year above the current trend to achieve that. The potential for energy supply growth, agriculture, construction and manufacturing, tourism, trade and supply chain logistics and its closeness to Auckland were all key enablers for economic success. However, the region needed more resilient transport infrastructure, like roads and rail, more certainty on what infrastruture was down the pipeline and recognition the region had under-utilised assets - particularly in the energy sector. Co-chair Andrew McLeod invited politcal leaders to "look north" to see the strength of the region's industries and said building a region was a "long-term game". "Our communities have stood in the north for hundreds of years, in our own businesses, for over 19. We're looking for a commitment, of similar duration, across parties, across governments and across political cycles. "Our ask is, give ongoing commitment to provide a connection between us and Auckland and provide real long-term commitment to infrastructure," McLeod said. Speaking to media, Northland MP Grant McCallum said the "ultimate challenge" would be getting cross-party support for long-term investment in the region. "The power of this pitch today is being business and community led, it hasn't been led by the politicians, because you can immediately create one side or the other," he said. "The key pieces of infrastructure that the government can do to help enable all of this is, build a decent four lane road all the way to Whangārei, and put the rail connection out to the port. That will enable all that to happen." McCallum said Northland had been underperforming for generations and he hoped people could see the oppurtunity. "It's got all its social challenges, and we're not going to get wealthy by increasing the size of the welfare cheque. "We've got great opportunities, great soils, we've got great tourist attractions and great people in the north, and they just need the opportunities to grow and for businesses to grow." He said businesses needed to be confident investment in the region by government would be long-term. "The big advantage we have as a region is we're close to Auckland, the biggest population base in the country. "We're all sick of the stories about the Brynderwyns closing, or the Mangamuka closing . They just send the wrong message and if we ... turn that around, we can actually achieve this," McCallum said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
