Genetics Australia focuses on a World Class future at AGM
Bacchus Marsh, Monday November 23rd 2015:
Genetics Australia [GAC] today announced a group Net Profit after tax of $19,663 for the year ending 30th June 2015. The balance sheet remains strong with a working capital of $1.9m, and a total net assets position of $10.4m, providing GAC a strong platform for future growth.
The profit was achieved after a significant write down of stock that had been identified as unsaleable. This has left the business with a more manageable and relevant inventory base of $1.3m compared to $1.9m in the prior year.
GAC Chairman Ross Gordon, a Cohuna Dairy farmer said that the result was very pleasing given this was the first full year of trading without the GAC retail businesses.
‘As a result of the restructure we undertook a couple of years ago, GAC is now on solid ground and has commenced the process of reinvesting in new sales and marketing initiatives designed to build growth back into its core business of providing World Class Australian proven genetics for Australian farmers.’
‘Together with a continued focus on offering high quality imported genetics as well as breeding related merchandise, the Board are very confident GAC has the breadth and depth of products to meet all our customers” requirements.’
Mr. Gordon said, that the GAC breeding programme continues to set the standard in the supply of top daughter proven bulls, as well as consolidating it”s offering of young genomic bulls.
‘In 2015, post the introduction of the new Australian breeding indices, GAC bulls performed exceptionally well. The Jersey bull RACEWAY topping the rankings for all three indices. In addition, GOLDCREST ranked top of the Health Weighted Index, with GAC genomic sires taking out 23 of the top 25 Holstein genomic bulls for BPI (Balanced Performance Index).
The Chairman also commented that the Co-operative completed the call on shares process, and now has a solid base of over 1,100 members, who are fully paid up and active. This group have been rewarded for their commitment with the re-introduction of a Progeny Test rebate for Shareholders.
On other Co-operative matters, he said that following on from the share call process, the company has now revised its rules, bringing them into line with the Co-operatives National Law 2013 (Victoria). The adoption of these new rules was approved at the AGM.
Mr. Gordon thanked all Directors for their commitment and hard work throughput the year. He particularly welcomed two new Directors, Dairy Farmers Rohan Sprunt and Daniel Cochrane, and thanked Dairy Farmer Wes Brown and specialist Director Jens Karnoe. Mr. Brown and Mr. Karnoe have decided not to re-nominate. They had been on the GAC Board for five and eleven years respectively.
‘I particularly want to thank Wes and Jens for their support and significant contribution to GAC over many years, and wish them and their families well in the future’, he concluded.
For more information:
Ross Gordon
0427 562 169
