1 00:00:00,120 --> 00:00:03,279 Speaker 1: Now huge turnaround for Land Corp, reporting a net profit 2 00:00:03,320 --> 00:00:05,240 Speaker 1: after tax of one hundred and twenty million dollars for 3 00:00:05,280 --> 00:00:07,320 Speaker 1: the year. That is up from a twenty six million 4 00:00:07,400 --> 00:00:10,040 Speaker 1: dollar net loss last year. This means the business is 5 00:00:10,039 --> 00:00:12,840 Speaker 1: going to pay the government a dividend of fifteen million dollars. 6 00:00:13,080 --> 00:00:15,960 Speaker 1: Mark Lesley's the chief executive and with us Hi, Mark. 7 00:00:16,880 --> 00:00:18,360 Speaker 2: Good evening here to be with you. 8 00:00:18,520 --> 00:00:21,480 Speaker 1: Now you sound as thrilled as I think that you are. 9 00:00:23,160 --> 00:00:26,279 Speaker 2: I am, and it's great to post the result. But 10 00:00:26,400 --> 00:00:28,800 Speaker 2: equally I'm thrilled for all of our people as well, 11 00:00:28,840 --> 00:00:31,040 Speaker 2: because there's a a lot of people right through the 12 00:00:31,120 --> 00:00:33,640 Speaker 2: organization who work hard every day and many who do 13 00:00:33,680 --> 00:00:35,760 Speaker 2: the mahiad on the farms every day. It's nice to 14 00:00:35,800 --> 00:00:38,760 Speaker 2: be able to acknowledge their hard work turning up and 15 00:00:38,840 --> 00:00:40,400 Speaker 2: producing some fantastic results. 16 00:00:40,560 --> 00:00:42,640 Speaker 1: What's the secret to the turnaround? How'd you do this? 17 00:00:44,360 --> 00:00:48,360 Speaker 2: I think it's something that we as a team have 18 00:00:48,440 --> 00:00:50,839 Speaker 2: been working on over the last few years. It's a 19 00:00:50,960 --> 00:00:54,240 Speaker 2: very new look leadership group with some few white heads 20 00:00:54,240 --> 00:00:56,400 Speaker 2: in there as well, and just really going back to 21 00:00:56,440 --> 00:01:00,280 Speaker 2: some real good basics of farming and farm management, whether 22 00:01:00,320 --> 00:01:02,600 Speaker 2: it's our livestock farms, and just start focusing on the 23 00:01:02,640 --> 00:01:05,200 Speaker 2: core of landing percentages and things like that, or our 24 00:01:05,280 --> 00:01:08,720 Speaker 2: dairy units and focusing on cows and condition and the likes. 25 00:01:08,760 --> 00:01:10,840 Speaker 2: We've just really gone back to those basics to get 26 00:01:10,880 --> 00:01:14,120 Speaker 2: the core fundamentals right. And the nice part of it 27 00:01:14,160 --> 00:01:15,960 Speaker 2: that's gone with it is actually getting some really good 28 00:01:15,959 --> 00:01:18,720 Speaker 2: commodity prices, so that's helped as part of that as well. 29 00:01:19,160 --> 00:01:21,000 Speaker 2: And I think you're saying where I suppose a we're 30 00:01:21,000 --> 00:01:22,880 Speaker 2: a good signal of where the agriculture sector is at 31 00:01:22,880 --> 00:01:24,720 Speaker 2: at the moment in a pretty good heart. 32 00:01:25,040 --> 00:01:25,880 Speaker 1: What have you ditched? 33 00:01:27,840 --> 00:01:30,760 Speaker 2: We've had We've had to make some few tough calls. 34 00:01:30,800 --> 00:01:34,479 Speaker 2: So with Palmer Foods, which was our venture into selling 35 00:01:34,560 --> 00:01:37,479 Speaker 2: products beyond the farm gate, we had a tough call 36 00:01:37,480 --> 00:01:39,720 Speaker 2: on that about eighteen months and closed some of that down. 37 00:01:40,080 --> 00:01:43,600 Speaker 2: We've consolidated some leadership roles and taken them some overheads out. 38 00:01:43,800 --> 00:01:46,280 Speaker 2: There was a number of when I started, there was 39 00:01:46,280 --> 00:01:48,720 Speaker 2: probably one hundred plus little trials right across the farm, 40 00:01:48,960 --> 00:01:51,080 Speaker 2: across all of our farms, and they were each in 41 00:01:51,120 --> 00:01:53,840 Speaker 2: their own right, We're interesting, but they were probably an 42 00:01:53,840 --> 00:01:56,600 Speaker 2: element of distraction as well. So we've simplified and stripped 43 00:01:56,640 --> 00:01:58,200 Speaker 2: some of those things back to then allow us just 44 00:01:58,240 --> 00:02:01,200 Speaker 2: to focus on those core things that farmers need to 45 00:02:01,240 --> 00:02:01,760 Speaker 2: do every day. 46 00:02:01,840 --> 00:02:03,919 Speaker 1: What kind of stuff was Palmu food selling? 47 00:02:05,520 --> 00:02:09,639 Speaker 2: So Palmu Foods was selling milk powder, bulk milk powder 48 00:02:10,360 --> 00:02:14,040 Speaker 2: out into the international market. So yeah, that was at 49 00:02:14,040 --> 00:02:17,200 Speaker 2: a time I suppose in the past where the business 50 00:02:17,280 --> 00:02:20,640 Speaker 2: was looking to diversify its incomes trains. And so that 51 00:02:20,720 --> 00:02:23,480 Speaker 2: was established and hey, you end up competing with some 52 00:02:23,520 --> 00:02:25,600 Speaker 2: of the very large processes out of New Zealand. And 53 00:02:25,720 --> 00:02:27,680 Speaker 2: the call was we made the call that that was 54 00:02:27,919 --> 00:02:29,560 Speaker 2: our core business and go back to where we can 55 00:02:29,600 --> 00:02:30,919 Speaker 2: fundamentally make it different. 56 00:02:30,919 --> 00:02:33,160 Speaker 1: And what about these trials? What was the most ambitious 57 00:02:33,200 --> 00:02:33,840 Speaker 1: of the trials? 58 00:02:35,680 --> 00:02:37,440 Speaker 2: There was a number of them. There was there was 59 00:02:37,480 --> 00:02:42,560 Speaker 2: technology trials looking at condition, scoring cows and the likes 60 00:02:42,560 --> 00:02:44,600 Speaker 2: and and many of them will have their day and 61 00:02:44,600 --> 00:02:47,240 Speaker 2: they will come to fruition. So but we've gone back 62 00:02:47,280 --> 00:02:49,680 Speaker 2: and said, hey, let's look at those. We don't need 63 00:02:49,720 --> 00:02:51,639 Speaker 2: to be at the bleeding edge of some of those technologies. 64 00:02:51,680 --> 00:02:54,240 Speaker 2: We've continued some of the areas with jenetics and dairy 65 00:02:54,280 --> 00:02:57,480 Speaker 2: beef and where we believe we've got some real skills. 66 00:02:57,520 --> 00:02:59,600 Speaker 2: So we're focused back on those because they will drive 67 00:02:59,639 --> 00:03:00,440 Speaker 2: our core performance. 68 00:03:00,720 --> 00:03:02,720 Speaker 1: Yeah. Are you still doing the deer milking? 69 00:03:03,919 --> 00:03:06,680 Speaker 2: Yep, we are still looking at it. Well. We are 70 00:03:06,720 --> 00:03:08,919 Speaker 2: still doubt selling deer products as we speak, and we've 71 00:03:09,160 --> 00:03:12,639 Speaker 2: we've got really strong consumer demand coming out of Southeast Asia. 72 00:03:12,760 --> 00:03:15,040 Speaker 2: It's a very very small part of our business, so 73 00:03:15,400 --> 00:03:17,440 Speaker 2: my focus is on the bigger part, but we've kept 74 00:03:17,480 --> 00:03:21,040 Speaker 2: that going. It's a nice compliment to our large dear business. 75 00:03:21,080 --> 00:03:22,799 Speaker 2: We have a very large dear business across the rest 76 00:03:22,800 --> 00:03:23,320 Speaker 2: of the network. 77 00:03:23,680 --> 00:03:26,080 Speaker 1: So do you reckon you've put the brakes by but 78 00:03:26,200 --> 00:03:28,520 Speaker 1: delivering a result like this and then also talking about, 79 00:03:28,520 --> 00:03:30,600 Speaker 1: you know, maybe even increasing it through to twenty thirty 80 00:03:30,639 --> 00:03:32,040 Speaker 1: in the next five years. Do you reckon you've put 81 00:03:32,040 --> 00:03:33,760 Speaker 1: the brakes on the government selling off bits of you. 82 00:03:35,440 --> 00:03:37,640 Speaker 2: I I've always been pretty clear on that that's a 83 00:03:37,680 --> 00:03:40,000 Speaker 2: decision for the government of the day, but also that 84 00:03:40,080 --> 00:03:42,200 Speaker 2: I've also seen it does have some complexities with it 85 00:03:42,240 --> 00:03:44,320 Speaker 2: as well. There is a number of those farms that 86 00:03:44,360 --> 00:03:46,760 Speaker 2: are still subject to treaty sentiments settlements, is a number 87 00:03:46,800 --> 00:03:48,760 Speaker 2: that are leased. There's a number of it they've got 88 00:03:48,760 --> 00:03:52,880 Speaker 2: first right of refusal, so that that has some complexity 89 00:03:52,920 --> 00:03:54,800 Speaker 2: that's a decision for the government of today. But that 90 00:03:54,920 --> 00:03:56,840 Speaker 2: I can keep doing is what we've just been talking about, 91 00:03:56,920 --> 00:04:00,040 Speaker 2: is delivering some fantastic results and playing a dividend back. 92 00:03:59,920 --> 00:04:01,960 Speaker 1: To your good stuff. Mark, keep it up. Thank you, 93 00:04:01,960 --> 00:04:04,000 Speaker 1: Mark Leslie, chief executive of Land Corp. 94 00:04:04,560 --> 00:04:07,760 Speaker 2: For more from Hither Duplessy Allen Drive, listen live to 95 00:04:07,840 --> 00:04:10,880 Speaker 2: news talks it'd be from four pm weekdays, or follow 96 00:04:10,920 --> 00:04:12,680 Speaker 2: the podcast on iHeartRadio.