Allied Farmers shares jump 23% as soaring livestock sales beat expectations

Thu, 15 Jun 2017

By Paul McBeth June 16 (BusinessDesk) - Allied Farmers shares jumped 23 percent after the rural services firm raised annual earnings guidance on a much stronger pick-up in livestock sales than expected. The Hawera-based company said pretax profit in the 12 months ending June 30 will be at least 40 percent higher than the $1.57 million reported last year as dairy herd sales beat expectations. That comes as the recovery in global dairy prices has renewed optimism about the sector, after a period of retrenchment where cash-strapped farmers...

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