Rural services company, PGG Wrightson, has revised its operating earnings forecast for the 2024 financial year down to around $43 million, from $50m.
The company attributed the lower guidance to deteriorating trading conditions in the agricultural sector.
PGG Wrightson chair, Garry Moore, cited several factors that have contributed to restrained spend patterns, including drought conditions, weak sheep meat demand from China, and elevated interest rates and input costs.
Moore acknowledged a slight uptick in farmer and grower confidence but said the outlook for the remainder of the financial year remained cautious.
Despite the challenges, the company expressed confidence in the sector's prospects and its ability to support clients.
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