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Monday 19th January 2009 |
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The company will close four offices that employ 39 people in the states of New South Wales and Victoria, according to a statement from Wrightson.
Last month, Wrightson cut its profit forecast for the year ending June 30, citing a loss at its real estate business, the economic downturn and a writedown of its stake in NZ Farming Systems Uruguay. Annual profit may fall to $39 million to $45 million, from a range of $46 million to $51 million, it said.
Today it said existing commitments to clients in Australia "will be honoured and arrangements made, as required, to transition clients to other service providers." The closure doesn't affect the company's PGG Wrightson Seeds unit in Australia, it said.
The shares fell 10 cents to $1.33 and have declined 35% in the past 12 months.
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