Latest news with #PeterConley
Otago Daily Times
13-05-2025
- Business
- Otago Daily Times
Anzco profit down at $8.4m for year to Dec
Meat processor and exporter Anzco Foods has weathered another challenging season, posting a lower profit of $8.4 million after tax. The company's performance for the financial year to December has come off the boil of 2013's $44.4m, but remains in positive territory when other meat companies are posting heavy financial losses. Anzco managed to increase its turnover to $1.85 billion, up on 2023's $1.83b, while its profit before tax of $13.5m retreated from the previous year's $60.9m. Chief executive officer Peter Conley said in a statement the past year was another challenging one for farmers and the red-meat sector. "Lower market returns, especially during the main processing season, squeezed margins and impacted business performance. Global market pricing for beef and lamb improved in the second half of the year with increased consumer demand in key markets, including United States, Canada, United Kingdom and Europe. China has seen slower economic activity, and this reduced demand impacted beef and sheepmeat returns." He said a positive feature was the company's ability to have sites fully staffed, enabling it to drive higher revenue through additional product recoveries. Anzco's team of nearly 3000 employees were the foundation of the business and a key part of its success, he said. Mr Conley said the company had managed its core business efficiently and continued to focus on growing its value-add food manufacturing, healthcare and bioscience business. "While these businesses continued to perform well, higher raw material costs impacted on margins," he said. The Christchurch-based company, owned by Japan's Itoham Yonekyu Holdings, delivered lower earnings before interest, tax, depreciation and amortisation (ebitda) of $65m compared with the previous year's $110.4m. Operating cash was negative $25.3m, compared with negative $42m. Anzco continued to invest capital in projects, including upgrading the Canterbury beef-packing room, introducing lamb-loin robotics at its Rangitikei site, upgrading a boning room at its Marlborough site and ongoing investment in technology, systems, health and safety and environmental improvements. Mr Conley said the new trading year had started positively, but with uncertainty as geopolitical tensions and tariff implications were yet to be fully understood. "However, the underlying outlook for beef and lamb is positive with improving economic conditions driving increased demand amid global supply constraints. Anzco Foods is satisfied with the 2024 result in a challenging year, and is looking to build on recent years' results in 2025." Alliance Group posted a full-year after-tax loss of $95.8m for the year to September 30, while Silver Fern Farms Ltd recorded a $21.8m loss after tax for the 2024 year.
Otago Daily Times
11-05-2025
- Business
- Otago Daily Times
'Another challenging year' for red meat company
Tight margins in a challenging second half of 2024 have hit the pockets of major red meat processor and exporter ANZCO Foods, but it made a profit nonetheless. The Christchurch-headquartered company with seven processing and three manufacturing sites across Aotearoa recorded a net profit of $8.4 million in the year to December, down from the $44.4m after-tax profit last year. Chief executive Peter Conley said it was another challenging year for farmers and the red meat sector. "Lower market returns, especially during the main processing season squeezed margins and impacted business performance," he said. "Global market pricing for beef and lamb improved in the second half of the year with increased consumer demand in key markets including North Asia, USA, Canada, UK and Europe." He said China was the most challenging market last year. "China has seen slower economic activity, and this reduced demand impacted beef and sheep meat returns," he said. Conley said its sites were fully staffed through the year, which helped drive higher revenue "through additional product recoveries". Looking to 2025, he said there were continued strengths in key markets like North America particularly for beef, and the United Kingdom and European Union for sheepmeat, but China remained sluggish. "The 2025 year has started positively but with new uncertainty as geopolitical tensions and tariff implications are yet to be fully understood," he said. "However, the underlying outlook for beef and lamb is positive with improving economic conditions driving increased demand amid global supply constraints." In relation to its United States business, Conley said it had been able to maintain pricing and pass on the costs to the American end of the chain, as it continued to benefit from the region's insatiable hunger for beef. ANZCO Foods was one of the country's largest exports with an annual turnover of $1.85 billion and nearly 3000 employees globally.
RNZ News
11-05-2025
- Business
- RNZ News
ANZCO Foods posts $8m profit amid 'another challenging year' for red meat
Photo: 123rf Tight margins in a challenging second half of 2024 have hit the pockets of major red meat processor and exporter ANZCO Foods, but it made a profit nonetheless. The Christchurch-headquartered company with seven processing and three manufacturing sites across Aotearoa recorded a net profit of $8.4 million in the year to December, down from the $44.4m after-tax profit last year. Chief executive Peter Conley said it was another challenging year for farmers and the red meat sector. "Lower market returns, especially during the main processing season squeezed margins and impacted business performance," he said. "Global market pricing for beef and lamb improved in the second half of the year with increased consumer demand in key markets including North Asia, USA, Canada, UK and Europe." He said China was the most challenging market last year. "China has seen slower economic activity, and this reduced demand impacted beef and sheep meat returns," he said. Conley said its sites were fully staffed through the year, which helped drive higher revenue "through additional product recoveries". Looking to 2025, he said there were continued strengths in key markets like North America particularly for beef , and the United Kingdom and European Union for sheepmeat, but China remained sluggish. "The 2025 year has started positively but with new uncertainty as geopolitical tensions and tariff implications are yet to be fully understood," he said. "However, the underlying outlook for beef and lamb is positive with improving economic conditions driving increased demand amid global supply constraints." In relation to its United States business , Conley said it had been able to maintain pricing and pass on the costs to the American end of the chain, as it continued to benefit from the region's insatiable hunger for beef. ANZCO Foods was one of the country's largest exports with an annual turnover of $1.85 billion and nearly 3000 employees globally. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
