The report for the 2024 financial year (ending June 30) marks another year of challenge. While beef prices were supported by greater demand from US markets, lamb sales were impacted by the Chinese market where demand has been slower to pick up with an increased supply from Australia. Honey prices were also depressed due to historic production exceeding demand across New Zealand, resulting in a significant buildup in national honey inventory.

Audited results for FY24 are as follows:

• Revenue of $20.9M (vs 2023 $21.9M)

• Earning Before Interest & Tax (EBIT)  of (-$1.3M) (vs 2023 (-$1.9M))

• Net Profit After Tax (NPAT) of (-$5.5M) (vs 2023 (-$6.7M)

• Net Assets of $329.7M (vs 2023 $344.3M)

The Āti Hau Group has invested exceptional effort into producing more, with several productivity records achieved, while driving stringent cost savings. Returns from the Group’s diversified investments have been channelled into paying off higher interest costs and operationally, delivering value.

CEO Andrew Beijeman said that trading conditions in key markets remained challenging, resulting in this disappointing result.  “Our kaimahi have worked hard to improve production and cut costs, but pricing has eroded these efforts.  Given ongoing economic challenges ahead of us, we are focused on remaining viable as a farming organisation, and to returning the Āti Hau Group to the profitable position that we delivered between FY20 and FY22.”

Chairman Dr. Brendon Te Tiwha Puketapu said: “The board is reviewing its options for how best to cautiously navigate these market challenges, improve efficiency, and to return the Incorporation to profitable growth as soon as possible. Ahead, lie some important decisions on longer-growth forestry, and how our partnership with Te Hou Farms and the apiary can contribute into the future. We need to ensure the land is not at risk and attend to the fundamentals of good stewardship of our assets and resources.”