Steady profits for Merino Co

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New Zealand Merino Co has reported a steady profit before tax of $1.9 million for the year ended June 30.

It was $100,000 lower than the previous year's profit, but reflected a decision to increase spending on marketing and innovation.

The result represents a 28 per cent return on an average shareholder's funds.

Total revenue was $95 million, representing about 85 per cent of the country's merino wool sales.

Chief executive John Brakenridge said the strong result would help NZM - jointly owned by growers and PGG Wrightson – through difficult times.

- © Fairfax NZ News