General Capital revenue and profit bounce higher
The financial services company today said revenue rose 32% to $22.6 million in the year ended March 31, compared with the previous year. Net profit was up 7% to $2.8m.
It noted continued growth,
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NZ Herald
a day ago
- NZ Herald
Bremworth to restore woollen yarn production in Napier and hire up to 40 people
A dyehouse and more recently a finishing line have been restored on site since the cyclone and the company announced on Thursday it was spending $6m to reinstate its yarn-making equipment. Bremworth's new chief executive Craig Woolford said the investment was 'huge' for the plant and business. 'Basically, what it is going to enable the plant to do is make yarn,' he said. 'We haven't been able to do that for a long time [at Napier]. 'It will be a fully-functioning spinning plant at the end of October. 'That was its sole purpose [before the cyclone] – a spinning plant.' The woollen yarn from Napier will be sent to Auckland to be made into carpet. Bremworth also has a spinning plant in Whanganui. 'For the past couple of years, Bremworth has been buying yarn from all around the world, with little control over quality etc, and having to carry huge inventories to cover the long lead times,' Woolford said. 'So it makes perfect sense to bring all our yarn manufacturing back in-house with the spinning plant in Whanganui and the spinning plant [in Napier], which will be fully operational at the end of October.' The Napier plant will run as a smaller model than it was before the cyclone. 'To put it in perspective, we had up to six cards [large machines for making yarn] running, we are now going to have two cards running fulltime,' he said, of the new Napier facility. 'Unfortunately, the wool share of the New Zealand soft flooring market has been shrinking. 'So we have sized the business up to our market share at the moment. 'There is significant investment going into the sales side of our business and, I guess, if we get to a point where we are pushed to capacity, then we can put another card on.' He said that would lead to more staff being hired. Not including the 40 new staff being hired, the plant has a team of about a dozen for the existing finishing line and dyehouse, plus further engineers on site. The exterior of the plant is still visibly damaged from the cyclone and Woolford said that would be fixed, probably by the end of the year. Part of it will also be knocked down. Bremworth is an NZX-listed company. In February, the company announced it had reached a 'full and final settlement agreement' with its insurers in relation to the cyclone of $104m. Another significant company in the wool industry, WoolWorks NZ, is located directly across the road from Bremworth on Waitangi Rd and underwent a full rebuild after the cyclone. Gary Hamilton-Irvine is a Hawke's Bay-based reporter who covers a range of news topics including business, councils, breaking news and cyclone recovery. He formerly worked at News Corp Australia.
RNZ News
2 days ago
- RNZ News
Farmers 'going hell for leather' to take advantage of high prices
Rosalind Crickett said it looked like dairy farmers were "going hell for leather" as they took advantage of high milk prices. Photo: 123rf Some milk processing factories are bursting at the seams as huge volumes of milk are trucked to their plants, according to a dairy analyst at NZX. Rosalind Crickett says there was a record collection of milk solids last month - nearly 18 percent more than the same time last year. It was also nearly 12.5 percent higher than the last five years' average. Crickett said it looked like dairy farmers were also "going hell for leather" as they took advantage of high milk prices. Crickett described June's national milk collections as "off to a flying start" with 23,956,000kg of milk solids collected - a record for the month and surpassing expectations. While off a low base, the figure marked a 17.8 percent year-on-year (YoY) leap on June 2024, and a 14.8 percent improvement on the previous record (June 2022). There were 261,000 tonnes of milk collected in June, also a record, with the figure up 14.6 percent YoY and up 9.9 percent on the rolling average of 238,000 tonnes. This month's milk supply was also expected to be up by 10 percent, partly due to lush pasture growth particularly in the South Island, where not as many farmers dry off at this time of the year compared to further north. Butter - getting expensive. Photo: Margaret Jaszowska for Unsplash But would so much milk arriving at processing plants lead to a drop in the price of locally sold butter for consumers ? Crickett said that would depend on how much milk was able to be processed in other countries next month and sold in international auctions at the same time as New Zealand. "If there is not as much in the northern hemisphere, it's because we are seeing drought across Europe impacting their grain production for cattle feed. And we are seeing water supply issues as well. "That will be a price support for New Zealand products because they are going to need to export more to make up for that deficit globally." She said grass conditions seemed to be set up well for the spring flush with an overwhelming abundance of moisture in the ground, but avoiding pugging damage may become a headache for farmers before then. However, the large quantity of milk produced was expected to continue, and Cricket said it would be interesting to see what transpired. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
2 days ago
- RNZ News
Head of NZ stock exchange Mark Peterson resigns
Head of the NZ Stock Exchange Mark Peterson said the time was right to stand down. Photo: RNZ / Dom Thomas The head of the NZ Stock Exchange (NZX), Mark Peterson, has resigned and will leave in April next year after close to a decade in the position. He said he was close to achieving certain projects aimed at developing and bringing growth for the company, and it was an appropriate time to be going. "The company is in a strong position financially - including NZX Wealth Technologies now being cashflow positive from external client activity. "NZX has an experienced and talented senior management team, is operating up-to-date and secure technology infrastructure and has a positive organisational culture and relationships with customers, stakeholders and shareholders. "This demonstrates the time is right for me to stand down and for the NZX board to appoint a new chief executive to lead NZX into the future and continue to deliver its strategic priorities." Peterson said giving such advance warning would allow a smooth transition and give plenty of time to search for a new chief executive. He joined NZX in 2015 as the head of its markets operations, was appointed acting chief executive in January 2017 and confirmed in that position in April 2017. His term was extended in August 2023. NZX chairperson John McMahon said Peterson had been an exceptional leader of NZX. "He is a highly effective all-round performer who has calmly and ably led the NZX Group through some challenging and volatile times. "Mark has also built strong relationships in New Zealand and internationally, in particular the business partnerships we have with the Singapore Stock Exchange and the European Energy Exchange." Peterson counted the launch of NZX's anonymous mid-point trading venue, NZX Dark, its equity futures products, and the expansion of its wealth management business, Smart, as key achievements. He said he believed he still had another executive role in him but did not have any firm plans other than taking a break. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
