WAMMCO AGM confirms $1.8M profit figure
At last weeks WAMMCO Annual General Meeting, Chairman Dawson Bradford confirmed a $1.8 million profit for the Cooperative, and pledged further plant upgrades and increasing market promotion, particularly in the US to ensure stability as WA lamb production increased.
He pointed to average producer returns of $73.96 per head despite a hike in the Australian dollar to nearly 80c/US, stating that this performance had been achieved through increased efficiency and more value adding of product to win more market share in the US.
Another $15 million would be spent at Katanning over the next five years continuing on from the $2.3 million freezer complex currently under construction.
Dawson said the WAMMCO board had a key role to play in working to prevent a return to the boom/bust lamb cycles and the days of the $20 lamb.
He said the minimum price contracts introduced by WAMMCO had been a positive influence in encouraging producers to meet higher production standards and the board hoped to maintain this facility, with future profits possibly also returned to members via a rebate for performance.
The appointments of new director Rod Madden was approved at the meeting, along with the reappointment of directors, Mick Quinlivan and Kim Hutchinson.
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