NZ Merino Company says dividend wouldn't be 'prudent'

Wool sales up but signficant lift in cost base also. (Image: Getty)

Mon, 04 Sep 2023

The New Zealand Merino Company (NZMC) has put a halt on paying a dividend this year, saying it would not be “prudent” given the market condition.Global economic conditions and inflationary pressures affected the Christchurch-based, USX-listed wool marketer’s results, which saw a “significant” lift in its cost base in the year to June 30.During the 12-month period, long-time chief executive and co-founder John Brakenridge announced his resignation from AWN Rural Pty Limited taking his 10.1% stake in the bu...

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