Agribusiness buzz in brief

Although the result was down $1.6m on a year earlier, Ridley exceeded market expectations with a 25.4pc revenue lift to $638m.

The company's share price topped at $2.32 cents after the announcement - up about 53pc on the same time last year - then drifted to about $2.20 this week.

Ridley's packaged feeds and ingredients segment's $33m earnings before interest, tax depreciation and amortisation (up 22pc) reflected higher selling prices for protein meals and tallows, which offset higher ingredient and manufacturing costs.

However, wet harvest conditions impacted bulk stockfeed segment sales to poultry and ruminant markets, although dairy orders grew to help soften the 4pc EBITDA dip to $18m.

Ridley tipped more earnings improvement in the second half despite inflationary pressures.

Country routes are still dragging on the Regional Express group's performance, but a solid jump in passenger numbers on its capital city services helped the airline slash losses by 55 per cent for the first half of 2022-23.

Costs and expenses grew 84pc to $270m as the airline's post-COVID recovery continued, with fuel expenses up 370pc to $75m.

For the six months to December 31 Rex posted an after tax statutory loss of $16.5m, down from $37m a year ago, but total revenue (excluding government grants) leapt up 282pc, to $340m.

Although not profitable in the first half, regional operations posted positive earnings before interest, tax, depreciation and amortisation in the four months to December 31 and were on track to profitability by April.

Rex also boasted a first placed (73pc) on time departure rate against its rivals Qantaslink, Qantas and Virgin Australia, in the six months to January, and the lowest flight cancellation rate.

New partnership agreements with major travel agencies, its expanded jet services and more cadet numbers at its Wagga Wagga and Ballarat pilot training schools were expected to help the company to post positive profits at the end of 2022-23.

Big box hardware and home goods retailer, Bunnings, is following the lead of the Woolworths supermarket business and moving into the pet care market.

Wesfarmers-owned Bunnings is set to add about 1000 pet-related products to its warehouse store shelves - everything from dog kennels to dog food - cashing in on the fact almost two thirds of Australians own pets.

Late last year Woolworths Group bought a 55 per cent stake in the regional Victorian-based pet services and supplies business, Petspiration Group, which owns the PETstock store network offering services ranging from veterinary clinics, pet grooming and daycare to equine feeds and saddlery supplies.

The Bunnings strategy will begin by expanding its cat, dog and bird product ranges, potentially moving into catering for horses and other paddock livestock needs.

Queensland-based Heritage Bank and South Australia's People's Choice Credit Union officially merged this week creating a big new national mutual banking business in competition with the "big four".

The merged new entity becomes Australia's leading customer-owned financial institution, with 720,000 members, 1900 employees, more than $23 billion in assets and 95 branches in South Australia, Victoria, NSW, Queensland and the Northern Territory.

Chairman, Michael Cameron, said the new organisation would build its success on the shared purpose that Heritage and People's Choice brought with them.

It will continue trading under the existing Heritage and People's Choice brand names for about 12 months before a fresh brand is adopted.

Isuzu Ute Australia will provide financial support and a fleet of D-MAX and MU-X vehicles as part of a national partnership with the Royal Flying Doctor Service to help Australians living beyond the reach of mainstream medical services.

The Isuzu D-MAX and MU-X vehicles will be enlisted to tow the Flying Doctor's state-of-the-art training simulators around the country for its schools education and national events programs.

Isuzu UTE Australia's Australia's deputy managing director, Koichiro Yoshida, said the company understood the importance of having dependable transportation in isolated and challenging environments.

"Our D-MAX and MU-X vehicles are a perfect match for this sometimes-remote work and the long-distance towing demands of the RFDS," he said.

The RFDS' charitable health programs deliver primary healthcare and 24-hour emergency services in rural and remote Australia via a network of 23 bases, 79 aircraft and 183 road transport vehicles and mobile clinics, with support from more than 2300 staff members.

The new partnership complements Isuzu's ongoing support of Surf Life Saving Australia in coastal communities.

US farm machinery giant, Agco Corporation, has donated almost $1 million ($US650,000) to the United Nations Children's Fund to help provide critical supplies and services to families affected by the recent earthquakes in Turkiye.

"Our thoughts go out to our colleagues and their loved ones in Trkiye continuing to face many challenges following the devastating earthquakes," said chairman and chief executive officer, Eric Hansotia, AGCO.

"We greatly appreciate the efforts of everyone involved in ensuring the safety of our Massey Ferguson dealers, and our farmers who are working to help secure the food supply."

UNICEF has estimated 5.4m children alone live in the provinces impacted by the February earthquakes and while the total number affected remained unclear, about 2.5m children need immediate support.

The Australian Financial Complaints Authority has received more than 2000 complaints from flood-affected insurance consumers since the devastating 2022 southern Queensland and NSW North Coast storms, primarily related to claim handling delays.

The number of complaints escalated to AFCA was more than four times that received in relation to the next most significant wet weather-related event in NSW in February 2020.

"We are concerned by the volume of complaints that have been reaching us about delays by insurers," said chief ombudsman and chief executive, David Locke (pictured).

"We would prefer to see insurers resolving many more complaints within their own dispute resolution process, rather than consumers having to come to AFCA, prolonging the time they spend in limbo."

He also reported a 65pc rise in complaints about general non-flood insurance.

The AFCA is a one-stop-shop for consumers and small businesses in dispute with a financial firm over banking and credit issues, insurance, advice, investments or superannuation.

Churchill Fellowships for 2023 are offering farm sector candidates opportunities to travel overseas for up to eight weeks to explore a topic or issue they are passionate about, returning to share knowledge about international best practice and innovation.

Churchill Fellowships, established in 1965 after the death of British Prime Minister, Sir Winston Churchill, are open to everyday Australians aged 18 or older, from any field including the arts, science, health and agriculture

No educational qualifications are needed to apply and topics options are limitless.

Applicants design their own projects and demonstrate a benefit to their community in applying their learnings.

For more details, before applications close on May 1, visit www.churchillfellowships.com.au

The Digital Agrifood Summit will return to Wagga Wagga on October 11 and 12, bringing together experts in everything digital, data and agrifood.

The theme, Paddock to Profit, will examine how Australia's agrifood industry can apply data-driven solutions to increase value and drive sustainability across supply chains.

The Digital Agrifood Summit is a partnership between Food Agility Co-operative Research Corporation, Charles Sturt University and Charles Sturt's AgriPark.

It will include leading Australian and international speakers, presentations on latest research and innovation projects, an exhibition hall of commercial technology, a tour of the Global Digital Farm, and a gala dinner.

Food Agility chief executive officer, Richard Norton, said the inaugural 2022 event had a great atmosphere as delegates learnt and got their boots dirty.

The National Fruit Fly Council has welcomed recently retired national Foodbank chief executive officer, John Webster, as its new independent chairperson.

Mr Webster, a graduate of the Australian Institute of Company Directors, has headed several industry and research development and extension groups, including as Horticulture Australia (now Hort Innovation).

He is also chairman of the Fight Food Waste Co-operative Research Centre and Meat and Livestock Australia's livestock producer consultation Red Meat Panel, and a member of the International Meat Research 3G Foundation Council and the Australian Research Council Strategic Advisory Committee for the Biosolids Training Centre.

The fruit fly council provides leadership and advice on strategic policy and research issues about fruit fly to a range of stakeholders including the National Biosecurity Committee, Plant Health Australia and Hort Innovation.

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