PGG Wrightson keeps firm grip on costs

A PGG Wrightson stock agent auctions a line of wether lambs. (Image: NZME)

Wed, 14 Aug 2024

PGG Wrightson expects to have to keep a firm grip on its costs for some time.The New Zealand Exchange-listed (NZX) rural services firm had its first revenue drop in six years in the 12 months to June, with subdued agricultural commodity prices forcing farmers to rein in their spending.Having halted the interim dividend at half-year in February, it also won’t pay a full-year dividend after reporting a net profit after tax of $3.1 million in the 12 months to June, down $14.5m on the previous year.Its net profit was knocked by a one-off...

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