Producer owned co-operative WAMMCO International has announced a pool bonus distribution of 5% of the gross value of lambs supplied by qualifying members in the 2005/06 financial year. It is the second year in a row that the co-operative has paid the bonus.
In what was described as a more challenging year, WAMMCO announced a pre tax net profit for the year of $2.5 million (subject to audit) after distribution of the pool bonus. Whilst down on the previous year’s $5.4 million it was still the second highest in the co-operative’s history.
The average payment to members is estimated at $3.39 per head with a range between $5.30 and $0.98, depending on the value of the lambs supplied. The distribution will be in the form of 40% cash and 60% shares.
In a joint announcement WAMMCO’s Chairman, Dawson Bradford, and Chief Executive, Des Griffiths, listed other highlights of the year as:
One of the disappointing statistics they highlighted was that 331 of the co-operatives members receiving a pool bonus did not hold sufficient shares to receive their full entitlement.
“Members can increase their shareholding by purchasing additional subscription shares on the basis of one $1.00 share per lamb, with the remaining 7 shares being acquired out of future pool bonuses” they said.
Of immediate concern to WAMMCO are the difficult seasonal conditions currently facing Western Australian producers. “It is too early to predict what exact effect this may have, both in the short and longer terms, but it would appear turnoff during the current year is going to be later and weights lighter. This makes it challenging to identify possible alternative markets, whilst at the same time complying with the needs and specifications of our existing customers to ensure we maintain them for the future” Mr Griffiths said.
Looking beyond the immediate concerns Mr Bradford believes the basic fundamentals for prime lamb in the longer term remains positive with production of sheepmeats world wide declining and demand expected to remain firm.
Media Release 28/07/2022 Western Australia’s largest sheep and lamb processing cooperative will return a record $8.4 million in pool bonuses to its producer members at the end of August 2022. The 2021/22 ...Read more
Media Release 14/07/22 Des Griffiths, an early CEO of the WA Meat Marketing Cooperative, credited with helping WA lamb producers to reshape an influential global lamb processing and marketing cooperative, passed ...Read more
Media Release (20-06-2022) Recently appointed Livestock Manager for WAMMCO, Mike Curnick is looking forward to capping his 37-year career in WA’s livestock sector in the lamb and ...Read more
A distinguished career in the meat processing and livestock industry will end with the retirement of the WA Meat Marketing Cooperative’s Livestock Manager Peter Krupa on June 30. Mr ...Read more
A later than normal delivery of prime Merino/SAMM lambs straight off abundant stubbles from the bumper season, helped Tim Alexander and his family of Timaru Beverley to capture WAMMCO&...Read more