New Zealand's second-largest dairy co-operative, which had been under fire for poor financial performance, posted an after-tax profit of $1.5 million in the 12 months ended July 31, from a loss of $10.3 million a year earlier.
In the company's annual report, released yesterday, new chairman Pete Morrison said the 2016-17 financial year was characterised by ``challenge and change'', with new leadership at board and management levels.
``With Westland finishing the 2015-16 year in the unenviable position of offering its shareholders the lowest payout of any New Zealand dairy company, we began the new financial year under considerable financial pressure.
``Understandably, our shareholders were demanding answers and calling for both the board and management to do much better.''
Ms Brendish, who has just completed her first year in the role, initiated a review of the company with a strong focus on managing costs and increasing efficiency. At the same time, the board concentrated on reviewing its own performance.
As a result, Westland's year had ended with a sense of confidence, Mr Morrison said.
``In partnership with our management team, we have taken this co-operative from one that was offering unsustainably low returns, to a position where our prediction for the 2017-18 season is industry competitive, setting Westland and its shareholders up for a more secure future.''
However, its final 2016-17 net average cash payout of $5.18 was not the result shareholders needed, though it would not have come as a surprise.
Shareholders would be watching its performance carefully to ensure it could deliver on its 2017-18 predictions and then maintain that competitive position in future seasons.
Boosted by a payout prediction for 2017-18 in the $6.40 to $6.80 range, shareholders were now exhibiting more confidence in their company, he said.
Ms Brendish said the period of ``enormous change''
had set company up to perform far more efficiently and with a more sustainable culture.
The cost savings achieved could not be a one-off and the efficiencies and savings had to be embedded ``as part of the way we work'', she said.