Rising demand and business across the agricultural sector has prompted the rural services company PGG Wrightson to lift its profit guidance for the second time in less then two months.
PGG Wrightson Photo: Facebook / PGG Wrightson
The company expects underlying profit to be about $57 million in the year ending June, which compared with its previous guidance of about $52m.
Excluding one-off accounting charges, the earnings would be about $35m, reflecting a 50 percent gain on $23.4m from the year before.
Chief executive, Stephen Guerin, said the company was pleased with how it's tracking and optimistic about the outlook.
"We have seen strong demand in our Rural Supplies and Fruitfed Supplies retail businesses over the crucial spring period," he said.
"Livestock trading volumes have been healthy with good sale yard throughput. There has also been renewed activity in the rural and lifestyle real estate sectors with robust buyer interest."
Guerin said a decision on whether to pay an interim dividend would be made when the first half results were announced in February, although it was expecting to pay an interim dividend of not less than 10 cents a share.