Genetics Australia Co-operative (GAC) chairman John Pekin has reflected on a successful period of transformation at the 2024 annual general meeting.
John told the GAC AGM in Warrnambool on November 18 that the formation in 2023 of Genetics Australia Holdings (GAH) as a joint venture between GAC and URUS and operating as Genetics Australia, was an enormous task but the move was reaping rewards.
“It was a busy first six months, but by the end of the financial year the company had settled into a strong operational position,” John said.
After such a busy period, the GAC board remains committed to the future.
“As a joint venture partner in Genetics Australia, we are fully invested, both strategically and financially, in making Genetics Australia the global leader of grazing genetics that we know it can be,” John said.
“We will continue to protect the large asset base we have, as well as look to invest in strategic initiatives that will not only enhance Genetics Australia, but enable it to bring the latest technology and elite genetic material to our beef and dairy clients.”
At the 66th AGM, Lucinda Corrigan and Tim Humphris were re-elected to the board.
The annual report shows significant changes compared to previous years, with GAC income from sales at $747,025 compared to more than $20 million last year. This is due to Genetics Australia Holdings being created as a separate private company.
The Co-operative remains in a strong position and the final result was in line with the board’s expectations. GAC’s total assets are strong at more than $26 million.
As previously agreed, no dividends were paid during the first year of the Joint Venture.
After the AGM, GAH CEO Anthony Shelly provided an update on the business operations.
“The joint venture has provided an invaluable opportunity for the business to integrate into the URUS group environment, adopting best practices from the global leader in cattle genetics,” Anthony said.
Some of the standout achievements during the year include integrating IT services, adoption of PEAK semen processing standards, and implementation of a performance management system.
