Anzco Foods has announced a turnaround in fortunes ahead
of its usual reporting time, saying it has been concerned about
rumours in the meat industry around the financial state of
The privately-owned company has reported net profit after tax
of $12.2 million for the year to September, based on revenue
of $1.3 billion, compared to a loss last year of $19.2
million on revenue of $1.2 billion.
It had taken the ''unusual step'' of announcing its financial
results well in advance of the Companies Office reporting
requirement of March 31 next year.
It had been concerned about the rumours and comments to the
effect that Anzco had been actively promoting industry change
because of its weakened position.
''Nothing could be further from truth,'' chairman Sir Graeme
Harrison said in a statement.
In 2011-12, the company experienced its first bottom-line
loss from New Zealand operations in Anzco's history but
generated a strong operating cash flow surplus and that
position was further enhanced in the 2012-13 year.
Anzco recognised the ongoing decline in sheep and traditional
cattle numbers and had favoured finding an orderly solution
to facilitate the removal of excess slaughter capacity, Sir
Managing director Mark Clarkson said solid progress had been
made during the past year in advancing the company's food and
solutions (value add) business.
Since balance date, the company had also purchased Itoham's
50% shareholder in Five Star Beef, in Canterbury, New
Zealand's only large-scale cattle feedlot operation.
Other meat companies to report recently include Alliance
Group (after-tax profit of $5.6 million) and Silver Fern
Farms (after-tax loss of $28.6 million), both for the
Earlier this year, Southland-based Blue Sky Meats announced a
$3.8 million after-tax loss for the March year.
• Yesterday, Alliance Group announced it was strengthening
its presence in Iraq, as it looked for export growth in the
The Southland-based company has completed its first full year
of exporting to hotels, restaurants and catering companies in
Iraq after previously shipping product through Jordan.
Exports of Pure South branded lamb have increased by about
35% in the past year.
Most of the ovine product sold in Iraq was domestic fresh,
mainly due to a lack of reliable electricity for
refrigeration, but the company predicted consumers would
increasingly turn to frozen lamb as investment in new
infrastructure gathered pace.
It also believed there was potential for more growth in the
market as consumers became more sophisticated.
Alliance Group was focusing on Iraq's major business cities
including Baghdad, Basra, Mosul, Erbil and Sulaymania, as
well as the holy cities of Karbala, Najaf and Samara.
It was also targeting the country's semi-autonomous northern
territory Kurdistan, which boasted better marketing
structures and higher disposable incomes, marketing general
manager Murray Brown said.