Wrightson profit set to double

By Phil Boeyen, ShareChat Business News Editor

Thursday 13th December 2001

Rural services group Wrightson (NZSE: WRI) says its half-year profit could be twice as much as earlier forecasts.

The company had been planning on an interim after-tax surplus of $3 million but chairman, John Palmer, has informed the market that based on performances to date it could be double that.

Mr Palmer says the company has had significantly improved in earnings to the end of November across its operations, particularly its New Zealand Seeds and Livestock businesses.

"We have been experiencing very strong demand for our seeds, particularly our proprietary seeds, and our livestock revenues continue to grow, reflecting higher livestock values" said Mr Palmer.

"We expect the current momentum to be reflected in our six month result."

The interim result for the six months to the end of December is due to be announced early in February. Wrightson's half-year profit last year was $1 million but that included a loss on the company's Australian businesses, including the sale of its Australian potato business.

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