|
Monday 7th July 2008 |
Text too small? |
"We're moving towards that in the next 18 months," Michael Thomas, group general manager financial services, said in an interview with BusinessWire.
The company claims one of the lowest levels of bad debt of any New Zealand financial firm, at just 0.1% of its loan book. Record payments for dairy farmers and high brand recognition in the rural sector have been stoking Wrightson Finance's growth, Thomas said.
"The dairy sector is on fire and reasonable amount of our lending has been in that space," he said. "That will continue for the next 18 months" while demand from sheep and beef farmers has been stable, he said.
Wrightson Finance boosted its loan book by NZ$40 million to NZ$540 million in June. Term deposits rose 27% to NZ$173 million, while on-call money was unchanged at NZ$70 million.
Wrightson Finance merged with PGG Finance in March 2006, with the merger of their parent companies, initially creating a firm with a loan book of NZ$285 million. The value of loans had reached NZ$500 million by May this year.
PGG Wrightson Ltd shares fell 1.6% to NZ$2.51.
No comments yet
Wrightson chair John Anderson to retire at October meeting
PGG Wrightson buys water businesses for undisclosed sum
PGG Wrightson take $321M charge on goodwill, operating earnings drop on drought
PGG Wrightson managing director Gould to step down in August
Senior Aussie PGG Wrightson exec to head Landcorp
PGG Wrightson parent Agria posts wider first-half loss on land use impairments
PGG Wrightson lifts 1H profit by 55 percent on retail, Ag Services, pays 2.2 cent dividend
Wrightson finally gets $25M Crafar Farms loan repaid
PGG Wrightson gets government backing in $14.6M seeds research
PGG Wrightson boss George Gould paid $1.5M in FY 2012
