Livestock Improvement Corporation (LIC) AGM 2025 summary

Opening remarks and agenda

• Board Chair welcomed attendees, acknowledged apologies, and outlined an agenda covering financial results, value creation on farm, cooperative updates, strategy refocus, honoraria, meeting resolutions, and general business.

• Retiring board and committee members were recognized for their service and contributions.

Financial performance review

• Total revenue reached $295.1 million, up 10.4%, with semen sales up 26% and animal health up 30%, mainly from Johne’s disease testing.

• Net profit after tax rose to $30.6 million, a significant increase from $7.7 million last year, aided by a positive bull team valuation reversal.

• Underlying earnings grew 56.9% to $21.7 million, with R&D investment at 8% of revenue.

• Total assets increased by 9.3% to $392 million.

• Underlying earnings for the next year are forecast at $18–$22 million, with continued focus on cost control, capital investment, and customer system improvements.

Dividend announcements

• A final dividend of $0.1222 per share was declared, totaling $17.4 million, fully imputed, representing 80% of underlying earnings.

• Dividend payout policy remains at 60–80% of underlying earnings, balancing reinvestment needs.