NZAX-listed animal and farm improvement company LIC will pay a record dividend in a result chairman Stuart Bay says reflects the vibrancy of the farming industry.
Revenue at the dairy farmer co-operative for the year to May was up 21.4 per cent on the previous year at $165.6 million, with record underlying net earnings of $17.1 million, up 87.9 per cent.
The result would give farmer shareholders a record net dividend of $13.6 million, the company said.
"Farmers don't welcome hard times, but fluctuating international pricing for our milk products is a factor we have to live with," Bay said.
"The 2009-2010 year was a challenging one on most New Zealand dairy farms," he said.
