August 10, 2026 • 8 mins
The chief executive of PGG Wrightson on the company’s annual results.
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Speaker 1 (00:00):
That's meat matters week here on the country.
Speaker 2 (00:03):
That as we go on the country with PGG Rights
and Livestock delivering trusted advice and nationwide livestock expertise.
Speaker 1 (00:11):
There you go. The bloke with the good voice got
into it ahead of me. More about meat and attack.
But as I as promised, Stephen Gherrn, chief executive of
PGG Rights and you guys reported this morning, Stephen, pretty
good numbers to be expected.
Speaker 2 (00:24):
I'd guess that's sure. Thanks for having me, Jamie, But
I like you, I'm looking out for something else but
through the north of you. But she's a beautiful day
here in Canterbury. So yeah, a good result underpinning the
performance of the sector. You know, we're really pleased to
crack that billion dollar figure since the sale of the
c's business. So revenue up ten percent one point one
(00:46):
boon and flowed through the bottom line as well. Their
profit after tacks up forty six percent. So that always
keeps the yeholders happy. But a lot of hard work
that goes on in the sector that produced our results.
Speaker 1 (01:00):
Well, you were or you have many sectors within your company.
What has been the most profitable for us?
Speaker 2 (01:08):
You'd have to say it's been the rurals supply stores,
so the supported by that's a store network that supports
the dairy clients, the red meat clients. They are the
ones that sent me drove the result from from a
retail perspective. Then you drop down through to the livestock
(01:29):
business and those strong volumes and from the dairy hoods
perspective and the underlying price movement and sheep and cattle
strong ball seasons to finish out the year. So they
were the two. They were the two big standouts as
far as the business to concerned. The third one would
(01:50):
be horta culture and respect to what the quy fread
sector are with the twoms that our armqure free growers
are meat receiving through the through through that business.
Speaker 1 (02:02):
Is it money for jam if you're a stock agent
or in the stock and station business, when you know
when you look at meat prices they've effectively doubled in
the past couple of years, you're doubling your commission. You
can't miss.
Speaker 2 (02:13):
Stephen Well, our team would say that's that's certainly a
strong factor and that's good for our customers. But equally
we've got to know the number of sheep that are
actually comment on farm now that those numbers of the client,
and certainly was it was hard to get cattle through
(02:33):
that late autumn window. Everyone with station cattle, So the
team have to get out there and work pretty hard.
Color and the team from from the engineer perspective, those
ballsales they take a lot of effort and from us
and from our clients putting all that log of information
together and then running those sales. So yes, yes we've
been the beneficiary of that, as have our customers. But
(02:56):
the team will still work very hard down long days,
are really committed to the clients, and you know that's
what I'm think them for.
Speaker 1 (03:04):
Yeah, it is Meat Matters week here on the country.
We're going to dig in a wee bit deeper for
the rest of the week on meat issues. But of
course it's brought to you by PGG Rights and Livestock,
so that's obviously being driven a lot by what's happening
on the ground. You've been in this game, Stephen Gerin,
for Jesus about as long as I've been in the
(03:25):
broadcasting game, it has never been better for red meat.
Can we say that safely?
Speaker 2 (03:31):
I think I could say that safely Jane. But equally
I said that the positive positive sides into the future
as well, both in terms of price and the genetics
that are coming through that investment of the genetics. For
the ball sales, we saw more cars being reared last
year and we're seeing that again this year with the
(03:52):
demand that we've we because we're a full sort of
full service business, the likes of the cartney replace the products,
you know, the strong demand of that place. So people
are seeing a good, positive feature of red meat and
that's good for customers, that is good for the country.
Speaker 1 (04:07):
And it would appair to me that the prospects for
beef just seems to be really good into the medium term.
There are one or two clouds hanging over the lamb
and obviously you know this lamb investigation, whatever they're calling
it in the US, it's a bit trumped up, if
you don't mind me saying so that could have a
negative effect because the US, as we discussed yesterday Stephen Garrett,
(04:29):
is that biggest export market now for red meat. It
has overtaken China.
Speaker 2 (04:34):
That's right, and it's good phrase trumped up. Use the
word nebulist, but I think I like that phrase a
bit better, and I know that our trade teams are
trying to battle that one back. It looks a bit
of a tough story, even by the underlying reasons I'll
give me given, aren't that good form of example perspective?
(04:54):
Aren't that down from the dial perspective? I should say?
And that US market is really really important for us.
The good thing I think is that we've continue to
see some strong demand there so but if that price
point becomes becomes such such that we do see resistance,
that that's a challenge for us. As you say, those
headwinds are should do there.
Speaker 1 (05:16):
Just a couple to finish on. We hare Kate's Acklan
kicking off Meat Matters Week yesterday and she was showing
beef and land. New Zealand are concerned with it. We're
still losing good pastoral land. It's a forestry, particularly carbon farming.
What are you seeing because you've obviously got your real
estate division as well.
Speaker 2 (05:35):
That's right, Jamie, and I saw Kate's comments in that regard,
and I'd endorse your comments there. From a property sales
transaction perspective, we the sales are going on right at
the moment, They're not from our perspective that there's not
huge numbs going into the friest. What we're seeing is
those forest transactions that have taken place, and then you're
(05:57):
starting to see the countries are up here. I drive
through the king Country regularly and for personal reasons, and
you know it's a huge change in that space. You know,
we've seen dairy sales and properly sales up thirty percent.
We've seen horticultural demand up sixty percent year on here.
So you know there is still good transactions paying place
(06:21):
and things that are going to add add value to the
country from our production perspective. But here we are worried
about those numbers and case numbers where we're concerning to
see that if that trend continues, because there's no long
term economic benefit to our rural communities and that's really
important for us as a country.
Speaker 1 (06:38):
Hey, yeah, we're talking about stock agents commissions. I just
want to give your agents on the ground a bit
of a pat on the back for everything they do
without commissions as far as I'm aware, totally without commissions,
and that is for the IHC CARF and Rural scheme.
You guys have been behind it for forty or more
years and your agents do a great job because there's
(06:59):
a lot of work to raise that money.
Speaker 2 (07:02):
That's right. Forty four years technically, I think is the
is what I've been told and the discussions we've had
with the IHC team and forty four million, I mean,
those numbers are fantastic. And we had a session with
the IOC team just about six weeks ago, and you know,
the teams up and down the country. We've seen growth
(07:24):
of numbers. We've seen the intergenerational family support the scheme,
we've seen the corporate support the scheme, and we just
love being part of it. And the volunteers is from
IOC's perspective, our own team. You know, they are out
there doing a great job and they're really proud to
be part of that. We've tried to we've also had
anditiontive aggressive years to bring that through the real store
(07:46):
networks as well. So that's that's to board. The fundrais
that we do for the IOC A great course, yeah,
it is.
Speaker 1 (07:52):
A excuse me, a fantastic course. Steven Gerrant, thank you
for supporting the i C CARF and Rural scheme for
all of us that are involved with it as well.
And also congratulations on a really good result for your
company reporting out this morning.
Speaker 2 (08:07):
Thanks very much, Joby
That's meat matters week here on the country.
Speaker 2 (00:03):
That as we go on the country with PGG Rights
and Livestock delivering trusted advice and nationwide livestock expertise.
Speaker 1 (00:11):
There you go. The bloke with the good voice got
into it ahead of me. More about meat and attack.
But as I as promised, Stephen Gherrn, chief executive of
PGG Rights and you guys reported this morning, Stephen, pretty
good numbers to be expected.
Speaker 2 (00:24):
I'd guess that's sure. Thanks for having me, Jamie, But
I like you, I'm looking out for something else but
through the north of you. But she's a beautiful day
here in Canterbury. So yeah, a good result underpinning the
performance of the sector. You know, we're really pleased to
crack that billion dollar figure since the sale of the
c's business. So revenue up ten percent one point one
(00:46):
boon and flowed through the bottom line as well. Their
profit after tacks up forty six percent. So that always
keeps the yeholders happy. But a lot of hard work
that goes on in the sector that produced our results.
Speaker 1 (01:00):
Well, you were or you have many sectors within your company.
What has been the most profitable for us?
Speaker 2 (01:08):
You'd have to say it's been the rurals supply stores,
so the supported by that's a store network that supports
the dairy clients, the red meat clients. They are the
ones that sent me drove the result from from a
retail perspective. Then you drop down through to the livestock
(01:29):
business and those strong volumes and from the dairy hoods
perspective and the underlying price movement and sheep and cattle
strong ball seasons to finish out the year. So they
were the two. They were the two big standouts as
far as the business to concerned. The third one would
(01:50):
be horta culture and respect to what the quy fread
sector are with the twoms that our armqure free growers
are meat receiving through the through through that business.
Speaker 1 (02:02):
Is it money for jam if you're a stock agent
or in the stock and station business, when you know
when you look at meat prices they've effectively doubled in
the past couple of years, you're doubling your commission. You
can't miss.
Speaker 2 (02:13):
Stephen Well, our team would say that's that's certainly a
strong factor and that's good for our customers. But equally
we've got to know the number of sheep that are
actually comment on farm now that those numbers of the client,
and certainly was it was hard to get cattle through
(02:33):
that late autumn window. Everyone with station cattle, So the
team have to get out there and work pretty hard.
Color and the team from from the engineer perspective, those
ballsales they take a lot of effort and from us
and from our clients putting all that log of information
together and then running those sales. So yes, yes we've
been the beneficiary of that, as have our customers. But
(02:56):
the team will still work very hard down long days,
are really committed to the clients, and you know that's
what I'm think them for.
Speaker 1 (03:04):
Yeah, it is Meat Matters week here on the country.
We're going to dig in a wee bit deeper for
the rest of the week on meat issues. But of
course it's brought to you by PGG Rights and Livestock,
so that's obviously being driven a lot by what's happening
on the ground. You've been in this game, Stephen Gerin,
for Jesus about as long as I've been in the
(03:25):
broadcasting game, it has never been better for red meat.
Can we say that safely?
Speaker 2 (03:31):
I think I could say that safely Jane. But equally
I said that the positive positive sides into the future
as well, both in terms of price and the genetics
that are coming through that investment of the genetics. For
the ball sales, we saw more cars being reared last
year and we're seeing that again this year with the
(03:52):
demand that we've we because we're a full sort of
full service business, the likes of the cartney replace the products,
you know, the strong demand of that place. So people
are seeing a good, positive feature of red meat and
that's good for customers, that is good for the country.
Speaker 1 (04:07):
And it would appair to me that the prospects for
beef just seems to be really good into the medium term.
There are one or two clouds hanging over the lamb
and obviously you know this lamb investigation, whatever they're calling
it in the US, it's a bit trumped up, if
you don't mind me saying so that could have a
negative effect because the US, as we discussed yesterday Stephen Garrett,
(04:29):
is that biggest export market now for red meat. It
has overtaken China.
Speaker 2 (04:34):
That's right, and it's good phrase trumped up. Use the
word nebulist, but I think I like that phrase a
bit better, and I know that our trade teams are
trying to battle that one back. It looks a bit
of a tough story, even by the underlying reasons I'll
give me given, aren't that good form of example perspective?
(04:54):
Aren't that down from the dial perspective? I should say?
And that US market is really really important for us.
The good thing I think is that we've continue to
see some strong demand there so but if that price
point becomes becomes such such that we do see resistance,
that that's a challenge for us. As you say, those
headwinds are should do there.
Speaker 1 (05:16):
Just a couple to finish on. We hare Kate's Acklan
kicking off Meat Matters Week yesterday and she was showing
beef and land. New Zealand are concerned with it. We're
still losing good pastoral land. It's a forestry, particularly carbon farming.
What are you seeing because you've obviously got your real
estate division as well.
Speaker 2 (05:35):
That's right, Jamie, and I saw Kate's comments in that regard,
and I'd endorse your comments there. From a property sales
transaction perspective, we the sales are going on right at
the moment, They're not from our perspective that there's not
huge numbs going into the friest. What we're seeing is
those forest transactions that have taken place, and then you're
(05:57):
starting to see the countries are up here. I drive
through the king Country regularly and for personal reasons, and
you know it's a huge change in that space. You know,
we've seen dairy sales and properly sales up thirty percent.
We've seen horticultural demand up sixty percent year on here.
So you know there is still good transactions paying place
(06:21):
and things that are going to add add value to the
country from our production perspective. But here we are worried
about those numbers and case numbers where we're concerning to
see that if that trend continues, because there's no long
term economic benefit to our rural communities and that's really
important for us as a country.
Speaker 1 (06:38):
Hey, yeah, we're talking about stock agents commissions. I just
want to give your agents on the ground a bit
of a pat on the back for everything they do
without commissions as far as I'm aware, totally without commissions,
and that is for the IHC CARF and Rural scheme.
You guys have been behind it for forty or more
years and your agents do a great job because there's
(06:59):
a lot of work to raise that money.
Speaker 2 (07:02):
That's right. Forty four years technically, I think is the
is what I've been told and the discussions we've had
with the IHC team and forty four million, I mean,
those numbers are fantastic. And we had a session with
the IOC team just about six weeks ago, and you know,
the teams up and down the country. We've seen growth
(07:24):
of numbers. We've seen the intergenerational family support the scheme,
we've seen the corporate support the scheme, and we just
love being part of it. And the volunteers is from
IOC's perspective, our own team. You know, they are out
there doing a great job and they're really proud to
be part of that. We've tried to we've also had
anditiontive aggressive years to bring that through the real store
(07:46):
networks as well. So that's that's to board. The fundrais
that we do for the IOC A great course, yeah,
it is.
Speaker 1 (07:52):
A excuse me, a fantastic course. Steven Gerrant, thank you
for supporting the i C CARF and Rural scheme for
all of us that are involved with it as well.
And also congratulations on a really good result for your
company reporting out this morning.
Speaker 2 (08:07):
Thanks very much, Joby
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