PGG Wrightson, the rural services company, has forecasted operating ebitda of $51 million for the financial year ending on June 30, 2025.
The company cited challenges in the New Zealand rural servicing market, including geopolitical tensions and a slower recovery in the key export market of China, as factors affecting commodity prices.
Sheep farmers are facing difficult market conditions, with reduced flock numbers and soft returns.
However, PGG Wrightson also highlighted some positive indicators, such as returning confidence in the dairy sector, strong beef prices, and good quality yields in horticultural crops.
The company said it remains cautious about the financial year ahead and will reassess its forecast after the spring trading period.
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