Struggling to maintain the momentum after a record year in a market they say is 'volatile'.
https://www.nzx.com/announcements/416337
Financial highlights for the year to 30 June 2023 included:
� Operating EBITDA2 of $61.2 million (down $6.0 million or 9% on prior financial year)
� Net profit after tax (NPAT) of $17.5 million (down $6.8 million or 28% on prior financial year)
� Revenue of $975.7 million (up $23.0 million or 2% on prior financial year)
� Fully imputed final dividend of 10 cents per share (22 cents per share for full year)
� Second-strongest trading performance for the business since the PGW Seeds divestment (bettered only by last year's record result)
Looks like the seller's back. Down around 10% in the last couple of days.
Buy side 670 - sell side 35,299
The only analyst in the last three months calls it a sell.
Farmers have stopped buying... heard they are getting pretty concerned. Just picked up some fert at a good discount
Farmlands and Ruralco reporting losses. Just wondering what this might mean for PGW?
https://businessdesk.co.nz/article/finance/farm-retailers-profits-hit-as-on-farm-inflation-bites
(probably paywalled)
Given that "Alan" Lai is a confirmed crook (SEC judgement on Agria assets inflated values),
see todays NBR article "Another fine mess at PGW - blame the OIO",
and that the OIO didn't punish Agria by taking their shareholding back to 25% as they supposedly should have,
it is imperative to vote this down at any upcoming meeting. OIO - are you missing in action again ?
No - we don't want him as Chairman once again...
Evening all...this was published by NZSA early this morning.
https://www.nzshareholders.co.nz/scrip-article/with-shareholders-like-this-who-needs-enemies/
(Disclosure - I am NZSA's CEO)
Welcome to the forum Oliver. Its really nice to have you on board.
Nicely written.
Cheers
Basil AKA Beagle.
Quote from: Oliver Mander on Feb 16, 2024, 10:13 PMEvening all...this was published by NZSA early this morning.
https://www.nzshareholders.co.nz/scrip-article/with-shareholders-like-this-who-needs-enemies/
(Disclosure - I am NZSA's CEO)
Great article. Very interesting. Thanks for posting and welcome to stocktalk.
Quote from: BlackPeter on Dec 06, 2023, 10:59 AMFarmlands and Ruralco reporting losses. Just wondering what this might mean for PGW?
https://businessdesk.co.nz/article/finance/farm-retailers-profits-hit-as-on-farm-inflation-bites
(probably paywalled)
on the face of it comparing Farmlands with PGW should work however the CEO of Farmlands is pushing forward with a mammoth product range change which includes less space on the shelves for farming supply options and more space for the likes of scented candles and pots and pans.
Interesting strategy, me thinks the CEO of Farmlands should have stayed at her last job
Quote from: Oliver Mander on Feb 16, 2024, 10:13 PMEvening all...this was published by NZSA early this morning.
https://www.nzshareholders.co.nz/scrip-article/with-shareholders-like-this-who-needs-enemies/
(Disclosure - I am NZSA's CEO)
Nice work... more red flags than a may day parade.
Quote from: Oliver Mander on Feb 16, 2024, 10:13 PMEvening all...this was published by NZSA early this morning.
https://www.nzshareholders.co.nz/scrip-article/with-shareholders-like-this-who-needs-enemies/
(Disclosure - I am NZSA's CEO)
Hi Oliver, welcome on our channel! ... and yes, nice work from the NZSA. Quite concerning situation for the governance of one of our crucial agricultural suppliers.
Quote from: Oliver Mander on Feb 16, 2024, 10:13 PMEvening all...this was published by NZSA early this morning.
https://www.nzshareholders.co.nz/scrip-article/with-shareholders-like-this-who-needs-enemies/
(Disclosure - I am NZSA's CEO)
Thanks Oliver for being all over this situation on our (minorities) behalf...great that PGW have already
taken action to appoint a new Independent Chairman (didn't know they could that without a vote!)...
Downgrade, not nice for holders.
https://www.nzx.com/announcements/429748
Operating EBITDA forecast for FY24 to be around $43 million
PGG Wrightson Limited1 (PGW) announced today it has revised its Operating EBITDA2 to be around $43 million (from $50 million) for the financial year to 30 June 2024.
PGW Chair, Garry Moore said that "Since releasing our half-year results in February, trading conditions have deteriorated because of market conditions that are impacting the whole of the agricultural sector. Features that are contributing to the restrained spend patterns we are seeing include:
� Drought conditions with soil moisture deficits against historic averages across much of the East Coast, Tasman and Northland over the first quarter of 2024.
� Weak sheep meat demand from China and increased supply culminating in lower farmgate returns.
� Interest rates and input costs remain elevated, impacting on-farm and on-orchard profitability with clients looking to reduce debt and defer spend.
� Although the harvest season has been broadly positive there is a time lag in the conversion cycle before farmers and growers see the financial benefits from their harvest production.
Snoopy on the other blog, calling it the third downgrade, 52 to 50 to 43, calling a bottom and buying up...
SP up over 3%
I would be very cautious buying into this at the moment.. still plenty of pain to come in the Ag/Hort sector
https://www.nzherald.co.nz/business/pgg-wrightson-downgrades-forecast-as-trading-conditions-worsen/MNP6RJLCQ5B6VG4ARXDMG2ARDA/
Quote from: Ricky Bobby on Apr 18, 2024, 05:22 PMI would be very cautious buying into this at the moment.. still plenty of pain to come in the Ag/Hort sector
Not quite sure, whether this is true in its totality. I hear Kiwifruit as well as pipfruit (apples) and wine are currently doing pretty well and assume this is true for a number of other agri sectors (mainly crops) as well.
On the other hand - given one Rambo shareholder with a somewhat patchy character test (hard to believe that only 5 years just waiting is already cleaning your vest) seems to wish to fully control the board by playing games and the rules ... I guess this would worry me more than the current status of the agricultural sector (which well might have already hit rock bottom).
Game playing around the board table is rarely good news for retail shareholders.
17-4-24
Harvest 2024
Further to the announcement on 28 February 2024, Harvest 2024 has now been completed and we can advise that the total yield was 4044 tonnes, some 20% below the budgeted tonnage. This reflects the results industry wide, which is reporting drops of 20%-30% in the Marlborough and Hawke's Bay regions. The drop in yields is a result of the poor weather conditions during flowering, resulting in lighter and lower numbers of bunches.
The lower grape price previously signalled and low yields will have a significant impact on Terra Vitae's financial result this year.
Alan O'Sullivan
Company Secretary
Attachments:
Quote from: BlackPeter on Apr 19, 2024, 11:25 AMNot quite sure, whether this is true in its totality. I hear Kiwifruit as well as pipfruit (apples) and wine are currently doing pretty well and assume this is true for a number of other agri sectors (mainly crops) as well.
On the other hand - given one Rambo shareholder with a somewhat patchy character test (hard to believe that only 5 years just waiting is already cleaning your vest) seems to wish to fully control the board by playing games and the rules ... I guess this would worry me more than the current status of the agricultural sector (which well might have already hit rock bottom).
Game playing around the board table is rarely good news for retail shareholders.
Wine is in oversupply with a crap vintage 24. Warehouses are full of apples. No one is buying. I know as I'm in the industry and can 100% assure u we are really struggling.
Quote from: Ricky Bobby on Apr 19, 2024, 09:10 PMWine is in oversupply with a crap vintage 24. Warehouses are full of apples. No one is buying. I know as I'm in the industry and can 100% assure u we are really struggling.
Bought some beautiful big Fuji apples two days ago from our local Asian greengrocer at $1.99 per kg. Sobering.
Quote from: Ricky Bobby on Apr 19, 2024, 09:10 PMWine is in oversupply with a crap vintage 24. Warehouses are full of apples. No one is buying. I know as I'm in the industry and can 100% assure u we are really struggling.
Interesting. This paints at least a picture of some patchy industry performance.
Not quite the right thread, but I guess if growers have plenty of product and warehouses are overflowing (as you say) and consumers stopped buying because products are just too dear, than I guess there is only one cure ... and yes, this might be a painful medicine to take for greedy producers and merchants who always love to screw their home market ...
Anyway. Quite happy so far with my holding in Seeka, and I guess Kiwifruit is an agricultural product as well, isn't it?
Yep, big harvest + slow overseas market = oversupply/ price reduction... and slow cashflow. I think cashflow is going to be the most important factor for the next 12 months...biggest issue in the Hort scene is labour, to expensive. We are trialling some radical stuff for the coming harvest to mitigate this as much as possible. Sorry to be a bobby downer, but that's what's happening at the coal face. Also domestic market is way to small to soak up supply, Nz not big enough to make a difference.
Quote from: Ricky Bobby on Apr 20, 2024, 01:55 PMI think cashflow is going to be the most important factor for the next 12 months...biggest issue in the Hort scene is labour, to expensive. We are trialling some radical stuff for the coming harvest to mitigate this as much as possible. Sorry to be a bobby downer, but that's what's happening at the coal face.
No need to apologise for being a downer - you are saying what you are seeing. Talking of preserving cashflows, farmers are already doing this. A local business who supplies equipment to farmers has revenues down >80% (yes you read that right) versus last year for a number of consecutive months. That sort of loss would destroy most businesses.
I'm curious about the 'radical stuff'....is this robotic pickers which kills about 3 birds with 1 stone?
Ha I wish! We are already pretty mechanised in the wine industry compared to others. Looking at the way we prune our vines. Moving from cane to spur prune, which will save us at least 50% on pruning and also trialing moving away from wire lifting to a permanent trellis...
Quote from: Ricky Bobby on Apr 22, 2024, 08:20 PMHa I wish! We are already pretty mechanised in the wine industry compared to others. Looking at the way we prune our vines. Moving from cane to spur prune, which will save us at least 50% on pruning and also trialing moving away from wire lifting to a permanent trellis...
Zhere I vas, hoping ze vruit pickers and ze vineries vere going to pull ze rural sector up by eets bootstraps. Only to vind 'good product' but 'poor prices' in ze export markets. Ze mandarin varmers vrom Northland ae ze latest to trot out another chapter in zees 'same theme story'.
Ztill, eet is great to zee our rural people zo innovative. Even I, held up as I am in my hay barn, am considering 'upgrading my vings' vrom a triplane to a biplane. Zhat rodent in a dogsuit who must not be mentioned, zeems to handle hees Sopwith vithout crashing as often as I have. And eef a rat can do that, zhen maybe even a crusty old member of ze german aristocracy, vith zome rural innovation, can adapt to zees new biplane technology?
RB
Wow what a sustained fall. Was a holder some years back. Has anyone done any work on this stock. EPS projections, thoughts ?
Quote from: Shareguy on May 15, 2024, 03:32 PMWow what a sustained fall. Was a holder some years back. Has anyone done any work on this stock. EPS projections, thoughts ?
Looks crazy, quite a few stocks close to capitulation currently, great time to buy if you are able to.
Quote from: Shareguy on May 15, 2024, 03:32 PMWow what a sustained fall. Was a holder some years back. Has anyone done any work on this stock. EPS projections, thoughts ?
Snoopy has done a ton of work on the other site.
I bought in around $1.90 only the other week!
Quote from: entrep on May 15, 2024, 05:03 PMSnoopy has done a ton of work on the other site.
I bought in around $1.90 only the other week!
Ok thanks will have a look
Quote from: Shareguy on May 15, 2024, 03:32 PMWow what a sustained fall. Was a holder some years back. Has anyone done any work on this stock. EPS projections, thoughts ?
Looks fundamentally like a solid company in an essential industry - and yes, oversold compared to fundamental value.
However - if you look at the ownership ... including the recent board spilling games - there clearly are risks. The largest (44.3%) shareholder (Agria) well might have a different agenda then the other retail shareholders and they have as well a long history of screwing their own share holders. Check Agrarinvestors posts in the other forum - a quite sad tale.
I think the current SP of PGW just reflects this in my view incalculable risk.
NZSA comments on Agria's latest attempt to take control:
https://www.nzshareholders.co.nz/scrip-article/is-this-a-managed-pr-retreat-for-agria-in-pgg-wrightson/
It went ok this time, but will it stand as well the next attack? ... and - how sure can we be that the Agria directors are focussing on PGW's benefits instead of on Agrias agenda?
Caveat emptor - Buyer beware!
Quote from: BlackPeter on May 16, 2024, 09:10 AMLooks fundamentally like a solid company in an essential industry - and yes, oversold compared to fundamental value.
However - if you look at the ownership ... including the recent board spilling games - there clearly are risks. The largest (44.3%) shareholder (Agria) well might have a different agenda then the other retail shareholders and they have as well a long history of screwing their own share holders. Check Agrarinvestors posts in the other forum - a quite sad tale.
I think the current SP of PGW just reflects this in my view incalculable risk.
NZSA comments on Agria's latest attempt to take control:
https://www.nzshareholders.co.nz/scrip-article/is-this-a-managed-pr-retreat-for-agria-in-pgg-wrightson/
It went ok this time, but will it stand as well the next attack? ... and - how sure can we be that the Agria directors are focussing on PGW's benefits instead of on Agrias agenda?
Caveat emptor - Buyer beware!
Thanks BP. I have just been speaking to my broker who said the very same thing. He also said the downturn in farming and also better internet connectivity is resulting in more farmers shopping on line. Competition is tight. He said better opportunities with less risk elsewhere.
Quote from: Shareguy on May 16, 2024, 03:50 PMHe said the downturn in farming and also better internet connectivity is resulting in more farmers shopping on line. Competition is tight. He said better opportunities with less risk elsewhere.
Vhat a pity your broker deed not know about PGW's extenseeve on line Ztore.
https://store.pggwrightson.co.nz/shop
Nor ze virtual zaleyard zhat PGW eez championing
https://www.pggwrightson.co.nz/our-services/livestock/buy-sell-livestock/bidr
Ah vell, I guess zome brokers know more zhan others, eh. :P
RB
Latest results..... a challenging year..... agriculture struggling.....no final dividend
https://www.nzx.com/announcements/436013
PGG Wrightson Limited1 (PGW) today announced its results for the financial year ended 30 June 2024.
Key results for the year to 30 June 2024 include:
- Operating EBITDA2 of $44.2 million (down $17.0 million on prior financial year)
- Net profit after tax (NPAT) of $3.1 million (down $14.5 million on prior financial year)
- Revenue of $915.9 million (down $59.7 million on prior financial year)
- No FY24 final dividend declared
"We often say that PGW prospers when our farmer and grower customers do well. Our customers have faced difficult conditions over the past year and consequently this has impacted our results."
Quote from: Left Field on Aug 13, 2024, 08:35 AMLatest results..... a challenging year..... agriculture struggling.....no final dividend
https://www.nzx.com/announcements/436013
PGG Wrightson Limited1 (PGW) today announced its results for the financial year ended 30 June 2024.
Key results for the year to 30 June 2024 include:
- Operating EBITDA2 of $44.2 million (down $17.0 million on prior financial year)
- Net profit after tax (NPAT) of $3.1 million (down $14.5 million on prior financial year)
- Revenue of $915.9 million (down $59.7 million on prior financial year)
- No FY24 final dividend declared
"We often say that PGW prospers when our farmer and grower customers do well. Our customers have faced difficult conditions over the past year and consequently this has impacted our results."
Actually - market does not appear that surprised, and EPS (4 cts/share) is even a bit better than what analysts still some weeks ago expected (1 ct/share), but yes - 1.9% RoE is still not flash.
Just a boring agricultural cyclical these days, but before I consider buying back in I would like to see something giving confidence that they manage to get their top shareholder (yes, the one with the less than clean vest) somehow under control.
Not much detail on how this is funded..... but looks to be a smart move which should improve margins.
https://www.nzx.com/announcements/454660
I asked AI if this announcement was a bit over the top ...seem to be full of buzzwords
AI told me —
Yes, the announcement can be perceived as somewhat over the top due to its enthusiastic language and emphasis on the positive impact of the acquisition. Phrases like "strong and respected name," "commitment to innovation," and "champion local agribusiness" contribute to a highly optimistic tone.
If it breaks $2.34 it could run up to $4.00 mid AWVAP's, as it would crack the rising channel and post covid peak trend line -- we willl see whether the company can make good on the current uptick in Agri prices.
PGW_2025-07-07_16-04-05~2.png
Quote from: winner (n) on Jul 07, 2025, 03:42 PMI asked AI if this announcement was a bit over the top ...seem to be full of buzzwords
AI told me —
Yes, the announcement can be perceived as somewhat over the top due to its enthusiastic language and emphasis on the positive impact of the acquisition. Phrases like "strong and respected name," "commitment to innovation," and "champion local agribusiness" contribute to a highly optimistic tone.
The key term "EPS accretive" was missing. That's good because whenever that's said, it almost invariably doesn't work out that way.
Nice to see an upgrade today.....should help Cod's above chart prediction........ rising channel it seems is good news.
https://www.nzx.com/announcements/454890
PGG Wrightson Limited1 (PGW) has today updated Operating EBITDA2 guidance for the financial year ending 30 June 2025 to around $54 million (from $51 million). The revised guidance remains subject to audit with PGW scheduled to issue its full year results on 12 August.
( ps started collecting after post #34 above......now a cautious 2% of my portfolio and SP ahead by over 7%. Plan to slowly add over time for a dividend yield stock as long as Cod's "rising channel" continues.)
From Snoopy on the other channel..... I like his thinking on PGW
"There has been quite a lot of positive posting on PGW lately. I have been a shareholder for a long time. Nevertheless with the slump in the share price over the last 18 months or so, I have been quietly accumulating more shares. I now have 45% shares more than I had at the start of my 'accumulation period', which is quite a lot more. Average price paid for my 'accumulated incremental shares' was $2.15. I am sure there are others with a better accumulation price than that. With hindsight I got in too early, as my first accumulation parcel was bought at $3. But with the shares up another 4.6% today, closing at $2.46, albeit on tiny volume, I can't complain.
$2.46 is the highest share price seen since the 'board spat' in March 2024. My gut feeling is that the share price has run too far too fast of late. I think we might be in for a 'consolidation day' tomorrow, once the FY2025 results are announced. Shareholders who follow the company will not be expecting a great headline number result for FY2025 at 8:30am tomorrow. With the VetMed acquisition further stretching the capitalisation base, I expect no more than a token 1cps dividend will be announced. That may disappoint some. But PGW still need to keep on the good side of their bankers you see!
Thankfully I expect a much more upbeat outlook, with the big internaI IT spend winding down, and most commodity prices for farmers remaining firm. Chair Gary Moore advised shareholders at last years AGM, not to expect dividends to be as high across the farm commodity price cycle as in previous years. I also believe there will be some 'rebuilding of the balance sheet' to do.
Nevertheless I believe in the short to medium term, we will see the PGW share price above $3 again. The question is, will it be PGW or Spark that will return to that $3 level first? Place your bet ladies and gentlemen! I already have, and I am betting on both"
Well done PGW....... encouraging turnaround...... onwards and upwards.
https://www.nzx.com/announcements/456581
Key results for the year to 30 June 2025 include:
• Operating Revenue of $975.3 million (up $59.4 million or 6 % on prior financial year)
• Operating EBITDA2 of $56.1 million (up $12.0 million or 27 % on prior financial year)
• Net profit after tax of $10.7 million (up $7.6 million or 248 % on prior financial year)
• Fully imputed final dividend of 4 cents per share, (6.5 cents per share for full year)
PGW Chair, Garry Moore said "We are pleased to report improved results on the prior year, as the agri-sector continued to recover. Operating Revenue was up $59.4 million and Operating EBITDA up $12.0 million on the prior year. We have seen a shift in key markets and have been able to respond positively to that turnaround.
Still heaps of activity ..like nearly $1 billion revenues ...but very little (if any) cash generation ...and they pay divies
CASH IS KING they sayIMG_6213.png
Helpful chart thanks Winner.
If your chart doesn't improve with the next update I might get concerned.
My SP today showing a 20% return within 1 month. Divvies to come. Off to a good start.
Crikey......who would have thought.
https://www.farmersweekly.co.nz/markets/pgw-eyes-billion-dollar-year-ahead/#google_vignette
Quote from: Left Field on Aug 13, 2025, 08:59 AMCrikey......who would have thought.
https://www.farmersweekly.co.nz/markets/pgw-eyes-billion-dollar-year-ahead/#google_vignette
Back to the future it seems ...they did $1.2 billion in 2018
And didn't make much dosh then
In case you missed it.......Snoopy's recent reaction to Winner's post #41 above ....
"It was you who taught me to look at the cashflow more critically Winner. I get the idea that directors don't like to cut dividends. And often, although earnings drop, the cashflow might still be there to support the dividend. So directors can 'look through' the down periods, keep the dividend steady, and 'wait for things to come right'. Unless of course things don't come right! And you have the case of 'borrowing to pay a dividend' ending the company in 'deep doodah'.
If you look at the 'financing cashflow' for PGW over FY2025, then you will see that around $7m of borrowings have been repaid and $25m in new borrowings have been taken out. This net $18m accounts for the lions share of the cashflow deficit for the year, Furthermore over FY2025, we have the company retaining (14.0cps- 2.5cps=)11.5cps of earnings (a total of $8.7m), which explains how the 'cash deficit' has been paid for. So if the cash deficit has not been used to fund dividends in this year, where has the cash gone?
I don't think you need look any further than the 'GoStock Animal Assets' on the balance sheet going from $53m to $81m. And of course, that money 'borrowed from the banks' has been lent out to farmers at even higher rates in the form of highly profitable 'animal lending transactions'. I submit that the cashflow deficit that you have highlighted has been 'strategically deployed' in this case, not 'frittered away'. So it is actually a 'good thing'. If you look back at your graph between 2HY2023 and 1HY2025 and you see the it was cashflow positive, this was at a time when farmers were pulling back on their spending (shelves did not have to be restocked as much) and the GoStock balance was reducing. This was a dark time for PGW.
In summary, I think your assessment of the cashflow position at PGW, and implying it should be more positive is looking at the benefit to the business upside down. It is the negative cashflow balance that is a sign that PGW is doing really well. As a shareholder, I am really hoping negative cashflow continues."
SNOOPY
Interesting move by PGG Wrightson.....
https://www.thepost.co.nz/business/360792196/pgg-wrightson-scoops-rd-facility-ditched-global-agrichemicals-giant-bayer
Quote from: Left Field on Jul 11, 2025, 09:15 AMNice to see an upgrade today.....
( ps started collecting after post #34 above......now a cautious 2% of my portfolio and SP ahead by over 7%. Plan to slowly add over time for a dividend yield stock as long as Cod's "rising channel" continues.)
Healthy bounce back after going ex-div..... market factoring in a good year.
1 year TA looking good.....however reliability of PGW over the long term (say 5 yrs) is still questionable.
Happy to be up over 20% already.
PGW afternoon upgrade should help the trend mentioned in Post #47 above to continue..... nice one PGW...... should help SP climb, especially if another upgrade follows.
https://www.nzx.com/announcements/460555
14/10/2025 13:28
HALT
PRICE SENSITIVE AND THIRD PARTY
REL: 1328 HRS PGG Wrightson Limited
HALT: PGW: PGG Wrightson Limited ("PGW") Trading Halt of Securities
Memorandum To: Market Participants From: NZX Product Operations Date:
Tuesday, 14 October 2025 Subject: PGG Wrightson Limited ("PGW") Trading Halt
of Securities Message: NZ RegCo has approved a trading halt application
from PGG Wrightson Limited ("PGW"). Trading in PGW's securities and were
halted at 1:11pm on 14 October 2025. PGW's trading halt application will
be released shortly. Please contact NZX Product Operations on 64 4 496
2853 or productoperations@nzx.com with any queries ENDS
End CA:00460624 For:PGW Type:HALT Time:2025-10-14 13:28:39
Request for trading halt: PGG Wrightson Limited (NZX Code: PGW)
We request a trading halt be applied to our quoted ordinary shares (PGW) under NZX Listing Rule
9.9.1(a) and set out below details of the request as per the rules of NZX.
We would like the trading halt to commence immediately.
Reasons for trading halt, including impact of event on fair orderly or transparent markets: At
today's annual meeting of shareholders, shareholders voted against the re-election of
independent chair, Garry Moore, and independent deputy chair, Sarah Brown. A third director,
Meng Foon did not stand for re-election. Accordingly, the board now comprises only three
directors and does not currently meet the NZX Listing Rule requirements to have at least two
directors ordinarily resident in New Zealand, nor does it have the minimum four directors required
under PGW's constitution. The company is considering the implications of this and seeking
specialist legal advice and arrangements to appoint additional directors. Pending working
through these matters the company wishes to maintain an orderly market, as two of its largest
shareholders voted against the re-elections without outlining reasons for doing so.
How long we want the trading halt to last and why: The earlier of two business days, or when a
further market announcement is made regarding the appointment of additional directors to
rectify these governance compliance requirements.
The event we expect to happen that will end the trading halt: When additional director
appointments have been made with relevant announcement to the market.
Other information necessary to inform the market about the trading halt or that NZ RegCo
has requested: Not applicable.
We confirm that we are not aware of any reason why the trading halt should not be granted.
Yours sincerely
Julian Daly
Company Secretary
Wowza ....... watch this space.
Quite funny communication of the two largest shareholders. For sure - anybody with this holding would have communicated any issue re the NZ directors well prior to the ASM, identifying as well a potential solution, instead of just throwing the company under the bus?
But I guess this probably is just next phase of Agrias attempts to control the company. Always a problem if you are dependent on people who have problems with the good character test?
Will be interesting to see whether they find another solution looking as well at the retail shareholders ... but to be fair - I excluded PGW from my shortlist after the first Alan Lai attempt to come back.
So PGW have appointed another director but it seems that will require a shareholder vote at some point. Is it likely same for the same outcome when another vote is cast.
Below from Google search, Hope it's correct.
"The general process for director appointments
Shareholder vote:
Shareholders typically have the right to vote on appointing directors at a company meeting. This is often done by a resolution with one vote per share, according to the Companies Register.
Constitutional or shareholder agreement rules: The company's constitution or a separate shareholder agreement will outline the specific rules for director appointments.
Board appointments: While shareholders usually have the final say, the board can sometimes appoint a new director first, subject to shareholder approval."
Quote from: Tim nice but dim on Oct 15, 2025, 05:22 PMSo PGW have appointed another director but it seems that will require a shareholder vote at some point. Is it likely same for the same outcome when another vote is cast.
FWIW I've now sold all my PGW. (Thankfully at a small profit.)
Will now watch from the sidelines as the Board factions fight it out.
Nice upgrade
https://www.nzx.com/announcements/464501
Mr Nichol said "PGW is pleased to advise that, based on current trading performance and prevailing market conditions, we are revising our market guidance for the financial year ending 30 June 2026. PGW now expects to deliver an Operating EBITDA of approximately $64 million, up from our previous guidance of above $60 million. This compares to Operating EBITDA of $56.1 million for FY25.
latest result.... doesn't get much attention on this thread.
https://www.nzx.com/announcements/468034
I'm happy to be out of PGW and watching from the sidelines. These results seemingly OK but free cash flow is a concern..... clearly seen as a cash cow by key stakeholder Agria, but a possible dividend trap for us mere mortals.
" PGW recorded an operating cash outflow of $49.9 million for the first six months of the financial year. This represented an $18.9 million higher outflow versus the prior comparative period of $31.0 million.
Interest-bearing debt was up $64.0 million from 31 December 2024 to be $170.7 million."
Quote from: Left Field on Feb 24, 2026, 11:53 AMlatest result.... doesn't get much attention on this thread.
https://www.nzx.com/announcements/468034
I'm happy to be out of PGW and watching from the sidelines. These results seemingly OK but free cash flow is a concern..... clearly seen as a cash cow by key stakeholder Agria, but a possible dividend trap for us mere mortals.
" PGW recorded an operating cash outflow of $49.9 million for the first six months of the financial year. This represented an $18.9 million higher outflow versus the prior comparative period of $31.0 million.
Interest-bearing debt was up $64.0 million from 31 December 2024 to be $170.7 million."
You really need to add anther $12m of lease payments to give a real
operating flwo - yes an outflow of $61m
Great result..... holders will be happy.
https://api.nzx.com/public/announcement/477618/attachment/474223/477618-474223.pdf
Financial performance
Key results for the year to 30 June 2026 include:
• Operating Revenue of $1.1 billion (up $99.0 million or 10% on prior financial year)
• Operating EBITDA2 of $64.3 million (up $8.2 million or 15% on prior financial year)
• Net Profit After Tax of $15.6 million (up $4.9 million or 46% on prior financial year)
• Cashflow from Operating Activities $52.6 million (up $40.2 million on prior financial year)
• Earnings Per Share of 20.6 cents per share (cps) (up 6.5 cps on prior financial year)
• Fully imputed Final Dividend of 5.5 cps (10 cps for full year)
PGW Chair, John Nichol, said "PGW delivered a stronger financial performance in FY26
compared to the prior financial year, supported by improved conditions across several key
agricultural sectors and the continued execution of its growth strategy.
"Operating Revenue of $1.1 billion was up $99.0 million and Operating EBITDA of $64.3 million
was up $8.2 million on the prior year. Net Profit After Tax (NPAT) of $15.6 million was up $4.9
million or 46%. This financial year marks the first time PGW has exceeded $1 billion in revenue
since the divestment of PGG Wrightson Seeds in 2019, which is a positive indicator of the
continued growth in our business.
Help needed .
What % is the NPAT on revenue.
Is it 14.18% or 1.418%.
One seems high the other very low.
Quote from: lorraina on Aug 11, 2026, 11:21 AMHelp needed .
What % is the NPAT on revenue.
Is it 14.18% or 1.418%.
One seems high the other very low.
lorraina, just a cursory look into this but I have it at 1.418%, but bear in mind if I'm correct the gross operating revenue will be inclusive of any RE transactions gross selling price, yes Stock & Station Agencies have a habit of reflecting their clients capital transactions of property sales as part of their trading, not merely the commissions.
Best to look too the Gross Margin rather than gross operating revenue, potentially is fleshed out in the notes.
Quote from: Otago K on Aug 11, 2026, 12:19 PMlorraina, just a cursory look into this but I have it at 1.418%, but bear in mind if I'm correct the gross operating revenue will be inclusive of any RE transactions gross selling price, yes Stock & Station Agencies have a habit of reflecting their clients capital transactions of property sales as part of their trading, not merely the commissions.
Best to look too the Gross Margin rather than gross operating revenue, potentially is fleshed out in the notes.
PGW profit margin has always been razor thin ...... 1.4% is not bad for them
Mr OK - commissions are a seperate line in the Income Statement .....if I'm correct I don't think they record the gross amounts of sales made on behalf of customers ...just the commission.
Thank's I am used to figures in millions and really got confused.
Quote from: lorraina on Aug 11, 2026, 02:59 PMThank's I am used to figures in millions and really got confused.
And long may you keep thinking in $ Millions Percy.... ;)