In a statement this week, the co-operative said there had been a 14% increase in revenue, to $477.6 million, and an improved half-year ebitda, up 49% at $17.7m, which it attributed to operational improvements made over the past 36 months.
But when asked for its full six-month financial results, a spokeswoman said the results were not being published for the period.
The full-year result would be released at annual reporting time in November, the spokeswoman said.
In November last year, Farmlands announced a $14.3m full-year net loss on the back of a $68.2m drop in revenue for the year ended June 30. The company said the result was exacerbated by a one-off accounting adjustment to previously recognised tax losses of $12.3m.
In the statement this week, Farmlands chief executive Tanya Houghton said the half-year results reinforced the strategy that had guided the organisation for the past three years.
“Delivering a strong first-half result is vital as it includes spring — the most important season for rural supplies. This result means we are in a good position to continue to support our farmers and growers in the second half of the year while holding our financial position,” Ms Houghton said.
Customer sentiment was up 27% on the same period last year. Satisfaction with product range and pricing had improved significantly, which demonstrated the effectiveness of the recently completed three-year product and supply-chain transformation, she said.
“We are just beginning to see the improvements that were baked into our transformation strategy, and our customers and shareholders are set to benefit even more in future as a strong financial position becomes our foundation for growth,” she said.
Three new retail stores in the North Island would open in the second half of the year, in Hastings, New Plymouth and another location soon to be confirmed.
