Livestock Improvement Corporation (LIC) AGM 2026 summary

Opening remarks and agenda

• Board Chair welcomed attendees, acknowledged directors, and outlined the agenda including financial review, strategic outlook, Honoraria report, resolutions, and Q&A.

• Special acknowledgments were made for retiring board and SRG members, and apologies from absent committee members were noted.

• Housekeeping covered online participation, voting, and Q&A logistics.

• The meeting notice was issued on July 31, 2026, detailing business including financial review, remuneration approvals, elections, and general business.

• Significant investment in genomic platforms, reducing evaluation costs and processing 640,000 genotypes in the past year.

Financial performance review

• Revenue reached $314.8m, up 6.7% from last year, driven by Genetics and Testing products.

• Net profit after tax was $21.3m, down 30.4% from the previous year due to expensing enterprise system replacements and a smaller bull valuation increase.

• Underlying earnings were $21.8m (7.2% return on capital), with increased R&D spend and reduced capitalised IT development.

• Strong balance sheet with no term debt and total assets of $408.5m, up 4.2%.

• No FY 2027 earnings guidance was provided due to fuel cost and weather uncertainties; guidance expected with half-year results.

Board and executive committee updates

• Duncan Coull stepped down from the board after three years; several SRG members also retired.

• The board reaffirmed its long-term investment approach, focusing on genomics, technology, and operational excellence.

• Honoraria report presented by the Honoraria Committee.