PGG Wrightson reports first revenue drop in six years, no full-year dividend

PGG Wrightson has been affected by tough times in the agriculture sector. (Image: Supplied)

Tue, 13 Aug 2024

A subdued agriculture sector has led to the first drop in PGG Wrightson’s revenue in six years.The New Zealand Exchange-listed (NZX) rural services firm 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 non-cash $900,000 deferred tax expense related to the change in legislation for tax depreciation on long-life commercial buildings.Revenue was down $59.7m to $915.9m – the first drop since...

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