Farmlands doubles profit

Farmlands Co-operative has more than doubled its profit over the past 12 months.

The co-operative has announced its annual result to shareholders, delivering a profit of $12.2 million.

That's more than double the $5.4 million it posted in the previous financial year.

Revenues reached $2.39 billion, 10.71% higher than the 2017 result. 

Farmlands Chief Executive Peter Reidie said it was a very positive result.

"Our staff have worked hard this year to deliver $91million of rebates throughout our store network, the Farmlands Card and our Fuel Card. This is also on the back of a Bonus Rebate of $6.1m, which will be distributed to our shareholders on a 50% cash and 50% bonus share basis," he said.

Mr Reidie said Farmlands has won a number of awards over the past 12 months, which showed the co-operative is heading in the right direction. 

"Winning the KPMG Customer Excellence Experience Award, in particular, was a great boost for our staff as this was our shareholders telling us we were doing a great job servicing them," he said.

"To come out as the number one brand in New Zealand for the global KPMG Award, against the likes of Air New Zealand, Kiwibank, New World and ASB is tangible proof that the co-operative is moving from good to great, in line with our strategy," said Mr Reidie.

Farmlands farewells three of its long-standing Directors at this year's AGM, which will be held in Hokitika on Friday, 23rd November. Joe Ferraby from Seddon, David Jensen from Tauranga and Independent

Director Peter Wilson all stand down this year. 

Rob Hewett is seeking re-election as his three-year term comes to an end by rotation. 

The Board are in the process of selecting another replacement Independent Director, which will be announced in the coming weeks. 

The 2018 Farmlands Annual Report is available to download by visiting