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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RNZ News
15 hours 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
17 hours 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.
Scoop
2 days ago
- Scoop
Sky TV to buy Three owner Discovery NZ for $1
Sky TV has agreed to fully acquire TV3 owner Discovery New Zealand for $1. Discovery NZ is a part of US media giant Warner Bros. Discovery, and operates channel Three and online streaming platform ThreeNow. NZX-listed Sky said the deal would be completed on a cash-free, debt-free basis, with completion expected on 1 August. Sky expected the deal to deliver revenue diversification and uplift of around $95 million per year. Sky expected Discovery NZ's operations to deliver sustainable underlying earnings growth of at least $10m from the 2028 financial year. Sky chief executive Sophie Moloney said it was a compelling opportunity for the company, with net integration costs of about $6.5m. "This is a compelling opportunity for Sky that directly supports our ambition to be Aotearoa New Zealand's most engaging and essential media company," she said. Sky said it gave the Commerce Commission confidential advance notice of the transaction, and the commission did not intend to consider the acquisition further. Warner Bros. Discovery Australia and NZ managing director Michael Brooks said it was a "fantastic outcome" for both companies. "The continued challenges faced by the New Zealand media industry are well documented, and over the past 12 months, the Discovery NZ team has worked to deliver a new, more sustainable business model following a significant restructure in 2024," Brooks said. "While this business is not commercially viable as a standalone asset in WBD's New Zealand portfolio, we see the value Three and ThreeNow can bring to Sky's existing offering of complementary assets." Sky said on completion, Discovery NZ's balance sheet would be clear of some long-term obligations, including property leases and content commitments, and would include assets such as the ThreeNow platform. Sky said irrespective of the transaction, the company was confident of achieving its 30 cents per share dividend target for 2026. 'Massive change' for NZ media; ThreeNews to continue Founder of The Spinoff and media commentator Duncan Greive said the deal would give Sky more reach and was a "massive change" in New Zealand's media landscape. He noted Sky's existing free-to-air presence via Sky Open (formerly Prime), but said acquiring Three gave it the second-most popular audience outlet on TV. "Because of the inertia of how people use television, Three is just a much more accessible channel and one that's been around longer," Greive said. "To have basically the second-most popular channel in the country as part of their stable just means they've got a lot more ad inventory, much bigger audiences." It also gave Sky another outlet for their content, and would allow it to compete further against TVNZ, both linear and online, Greive said. He said there may be a question mark around the long-term future of Three's news service, which was produced by Stuff. Sky made no reference to ThreeNews in its announcement. However, Stuff confirmed ThreeNews would continue for now. "Stuff's delivery of ThreeNews is part of the deal but there are also now lots of new opportunities ahead that we are excited to explore together," Stuff owner Sinead Boucher said in a statement. On the deal itself, Boucher said she was "delighted" to see Three back in New Zealand ownership under Sky. "And who doesn't love a $1 deal!" Boucher said, referring to her own $1 deal to buy Stuff from Australia's Nine Entertainment in 2020.
