PGG Wrightson increases earnings despite tougher trading conditions
PGG Wrightson Ltd (PGW) announced its third consecutive year of earnings growth, increasing Operating EBITDA to $70.2 million.
For the year ending 30 June 2016, PGW achieved operating earnings before interest, tax, depreciation and amortisation (Operating EBITDA) of $70.2 million, up from $69.6 million for the prior financial year.
PGW Chairman Alan Lai said, “The Board and I are very pleased with the operational performance of the company. This has led to an outstanding financial result given market conditions. The progress PGW has made since 2013 is worthy of praise. In three years PGW has grown Operating EBITDA by around 50%. Our balance sheet remains strong and the investments we’ve made over the year will prove crucial as the company continues to deliver its ‘One PGW‘ strategy. This, combined with a recovery in agricultural markets, will provide a strong platform for further growth in the future.”