There was no sugar coating Ravensdown's poor performance at its annual meeting in Ashburton on Monday night.
The meeting was marked by disappointment - shared equally by farmers and the company's management.
The co-operative made a profit of $6 before tax this year - down from over $50 million the year before.
For the first time in 35 years - no rebate was paid to farmers on the fertiliser they purchased.
South and western Australian ventures performed poorly and Ravensdown was also affected by the withdrawal of the Eco-n - nitrification inhibitor from the marketplace - the ingredients of which were showing up in milk.
But chairman Bill McLeod says farmers understand the company's got a plan to improve its financial fortunes. He says Ravensdown is already making progress.
But shareholder Jeremy Talbot says Ravensdown's management was delivered a clear message by the meeting: it's on notice and must improve its communication.
