[28 May/Farmers Weekly]

A hard year in beef procurement and processing caused a decrease in profits for ANZCO Foods. ANZCO Chief Executive, Peter Conley, said competition for stock and uneven livestock flows increased costs while consumer market prices were steady. ANZCO’s profit fell to $1.8 million. Chief Financial Officer, Paul Loke, said the uneven flow of beef livestock to processing plants meant plant costs were incurred for periods without full throughput gains. ANZCO’s sheep meat business performed well due to increased consumer market prices but could not offset the beef impacts. Mr Conley added the balance of the overall business is in the food and solutions division covering food, nutrition and healthcare. Growth was strong and expected to be sustainable. Mr Loke noted the business model in which ANZCO supplies its international offices also meant a slower path of revenue back to New Zealand.