Elders’ share price soars despite the drought
ELDERS’ share price skyrocketed almost
20 per cent after the company posted strong annual results and an annual return on capital of more than
24 per cent.
Despite drought conditions gripping much of the country, ASX-listed Elders announced underlying earnings before interest and tax of $74.6 million yesterday, an improvement of 5 per cent on the previous year.
“At a local level, it is certainly very tough for many parts of the country,” Elders chief executive Mark Allison said. “From a business viewpoint, the level of diversification that Elders has from a product and geography perspective means the overall impact has been limited.
“We believe Elders remains well placed to achieve our target of 5–10 per cent EBIT growth through the agricultural cycle to 2020.”