Wednesday, July 6, 2022

Strong year for LIC

Dairy farmer co-operative LIC turned in another strong performance during the 2012/13 year with increased farmer uptake of a range of products and services.

The uptake was driven by a growing focus on cow health and herd reproductive performance.

The co-operative’s total revenue and other income for the year was $199 million, 12% ahead of the $177m achieved in 2011/2012.

“Last year’s drought provided farmers with a unique set of problems to overcome with many needing to shorten the dairy season and dry herds off early. This resulted in a decrease in the number of herd tests carried out by LIC during autumn 2013,” chairman Murray King said.

“However, against the backdrop of the drought we still experienced strong farmer demand for our services, especially artificial breeding. LIC maintained the price freeze that we first applied to our Premier Sires genetics in the 2009/2010 season.

“Our GeneMark DNA parentage testing and animal health testing services also delivered record activity levels.”
Murray King
LIC chairman

“Our GeneMark DNA parentage testing and animal health testing services also delivered record activity levels.”

Farmers responded positively to LIC initiatives to help them improve their herd’s reproductive performance.

“Farmers are recognising the potential to improve their farm’s profitability through a better in-calf rate. A significant number signed up for the six-week challenge with the goal of getting closer to the national and industry target and improving the farm’s prosperity.

“This focus on improving the reproductive performance of the herd saw increased demand for software programmes like MINDA Weights and MINDA Land and Feed which help farmers monitor many of the factors which contribute to herd fertility, like body condition score.”

LIC said it will pay a record dividend of $16.75m, representing 80% of underlying earnings, to its co-operative and investment shareholders. That is up nearly $5m on last year’s dividend of $11.99 million.

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