Net revenue for the half rose 3%, from $634.9 million to $654.7, while total earnings before interest, tax, depreciation and amortisation (ebitda) rose 51%, from $22.3 million to $33.6 million. After-tax profit rose 47%, from $13.4 million to $19.7 million.
Following the announcement, PGG-W shares touched a four-year high when they rose to 53c, the highest since February 2011.
An interim 2c dividend was announced.
Forsyth Barr broker Andrew Rooney said the half-year result was ''outstanding'', with the operating ebitda 51%.
''This has been achieved on revenue growth of just 3%, highlighting the significant margin growth throughout the period,'' he said in a statement.
The normalised profit increased more than 100% to $19.2 million; while reported profit was $19.7 million, which overall was boosted by a turnaround in foreign exchange reporting at $3.5 million, compared with $700,000 gains the previous year.
Mr Rooney said the seed and grain business as a whole also performed well.
While revenue actually declined 16% year-on-year, ebitda margin growth, up from from 3.8% to 6.2%, was exceptional, although Mr Rooney was unsure of the key driver behind the performance.
''The performance of the New Zealand seeds business is the most significant on the earnings front. Appropriate levels of rainfall in late-March, early April, are important to drive seed sales,'' he said.
Mr Rooney said while PGG-W has provided definitive guidance for the first time of operating ebitda between $62 million to $68 million, the ''significant range'' was indicative of the earnings volatility potential which exists in the second half for PGG-W.
''This earnings volatility is largely driven by uncontrollable climatic conditions and potential commodity price movements, such as the sheep and beef price weakness recently,'' Mr Rooney said.
Chief executive Mark Dewdney said the strength of this first-half result had given PGG-W confidence that the 2015 full-year result would be a solid one, BusinessDesk reported.
PGG-W beat its own guidance and analyst earnings in 2014 after its rural services and seeds and grains unit underpinned the increased earnings.
''This is a particularly pleasing result for the first half, and whilst there are headwinds facing the agricultural sector such as falling milk prices and more recently a dry summer, we are cautiously optimistic about the remainder of the financial year,'' Mr Dewdney said.
The company's rural services unit, which includes it retail and livestock businesses, boosted external revenue 45% to $471 million, while ebitda gained 15% to $33.5 million.
Its seeds and grain unit reported a 12% decline in sales to $183.6 million, while earnings rose 34% to $13.4 million.
Wrightson increased its debt by $30 million, buying 40 properties it had previously leased to reduce its lease expense.
Net debt was $127.2 million as at December 31, including $18.1 million of cash and equivalents.
That increased the company's net debt to equity ratio to 49% from 33% six months earlier, and up from 37% on December 31, 2013.
The company reported an operating cash outflow of $11.4 million in the period, compared with an inflow of $10.5 million a year earlier, with increased interest and income tax payments.
A $49 million drawdown on bank borrowings increased cash held by $6.8 million in the half.
Mr Dewdney said the operating cash outflow reflected dairy farmers taking longer to pay their accounts, and its building up of working capital in its South American business.
PGG-W expects to spend between $20 million and $25 million in capital expenditure over the next 12 to 24 months, building a logistics centre in Uruguay, a Corson maize plant in Gisborne, and upgrading its IT systems, he said.
