Wrightson slide

A skinnier PGG Wrightson reported a 29 per cent slide in annual earnings from its remaining businesses as the Mycoplasma bovis outbreak curbed spending by farmers. Operating earnings before interest, tax, depreciation and amortisation were $24.4 million in the 12 months ended June 30, down from $34.5m a year earlier and short of the $25-30m guidance range provided in May. Revenue from Wrightson’s continuing operations edged up 0.1 per cent to $809.3m. “Farmer confidence in parts of the agriculture sector remains subdued, constraining farm spending and therefore our revenue growth over the year. This has also been evident in recent months with a discernible tightening in the credit environment,” chair Rodger Finlay said.