Financial announcement year 2003/04
PRODUCER CO-OPERATIVE ANNOUNCES PROFIT
WA producer owned meat processing co-operative WAMMCO International has announced an audited profit of $1.77 million for the year ended 30 June 2004 compared to a breakeven result in the previous year.
The co-operative, which was formed when the State Government withdrew from statutory lamb marketing in 1999, has emerged strongly from a tough period in both the meat industry and early setbacks suffered its own formative years.
A shift in processing and marketing focus to heavier, higher quality lamb as part of a restructure is now paying dividends through WAMMCO's increased focus on the high value US market. More than half the co-operative's premium lamb product now goes to the US, although Europe still remains an important customer for the balance.
"I believe the worst is behind us and we can confidently look forward to a period of sustained strong growth" the co-operative's chairman Dawson Bradford said.
Earnings before interest, tax depreciation and amortization (EBITDA) increased by $1.653 million, or 77%, over the previous year to $3.797 million. "We believe this is a better indicator of the financial strength of the co-operative" Mr Bradford said.
The co-operative will spend $3.7 million in capital expenditure during the current year to improve efficiency at its Katanning meat processing plant.
The improved result was achieved despite a significant rise in the $A during the year and a period of tight livestock supply resulting in record prices being paid to producers for lamb.
The co-operative will not pay any rebates or dividends in respect to the 2003/04 year, and no tax will be payable, because of past losses.
Mr Bradford said the results for the beginning of the current year were better than the last and, with the continued support of our members, the co-operative was confident it would see continued improvement this year.
The annual general meeting will be held in Katanning on the 27 October 2004.
INDUSTRY ACCOLADES FOR DAWSON BRADFORD
For a farmer who started farming almost from scratch to build one of WA’s most successful farm enterprises, Dawson Bradford is still contributing to some of the most ...
Read moreASBV SYSTEM LIFTS APPROVAL FOR DUAL PURPOSE MERINOS
Impressive gains in sheepbreeding to enhance the unique dual purpose capacity of the Merino breed, have been applauded by WAMMCO’s Producer of the Month for June 2021, Darrel Hudson ...
Read moreWAMMCO WIN FOLLOWS BAD SEASON TRIFECTA
Irish agricultural exchange student Francis McKee has attributed his success as winner of WAMMCO’s Producer of the Month title for June 2021, to his ongoing information exchange with the ...
Read moreWhites become “Ultra” Lambs
A move to replace slower finishing lamb production with some of the State’s first UltraWhite genetics has enabled Kulin’s Smoker family and some of their neighbours ...
Read moreBORDER CHANGES AT FRANKLAND
The Higgins family of ‘Bangalup’ Frankland River, have had a long association with the Border Leicester sheep breed. But four years ago Brad and his father Robin purchased ...
Read more
