23 Feb 2021

PGG Wrightson profit, revenue rises

11:47 am on 23 February 2021

The strong performance of the agricultural sector has lifted PGG Wrightson's half year profit and led to a resumption of dividends.

PGG Wrightson store in Blenheim

The half year net profit of $18 million was up on the previous year's $12.8m. Photo: Supplied

The rural services company's net profit of $18 million compared with the previous year's $12.8m.

Its revenue for the period was up by 6 percent to $499.3m as the company recorded sales growth across its retail, livestock and real estate businesses.

"Our strong half year results reflect well on the health of the business and the performance of our people as they continue to deliver for our customers in the agri-sector that is the powerhouse of New Zealand's economy," PGW chair Rodger Finlay said.

"We are seeing the results of our continued investment in the business and our customers are also benefiting from the enhancements in the PGW Group offering."

Earnings from the company's agency business were up nearly a half from $6.6m to $9.5m.

The company said it would pay a dividend which was suspended last year.

More to come ...

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