Buoyant Elders pays out dividend

AGRIBUSINESS Elders has paid shareholders a dividend for the first time since 2008 as the company more than doubled its reported net profit for fiscal 2017.

Elders’ net profit for the year ended September 30 jumped 125 per cent to $116 million as the company boosted its profits across its product range, made strategic acquisitions and benefited from the reversal of a non-cash impairment on the Elders brand name. The company’s underlying profit lifted by $16.5 million or 40 per cent, to $57.7 million.

The company paid a final dividend of 7.5¢ per share plus a special dividend, also at 7.5¢ per share.

Elders shares jumped 41c yesterday to $5.60.

Elders’ chief executive Mark Allison said the profit results and dividends reflected the company’s improvement program which had been running for three years.

Mr Allison said normal summer cropping conditions and expansion, including the acquisition of NSW-based horticultural business Ace Ohlsson, had contributed.

Full-year profit up 125pc to $116m

Revenue from continuing operations up 6pc to $1.6bn

Final dividend of 7.5¢ per share, plus special dividend of 7.5¢

First dividends paid since 2008

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