Elders assures drought impacted communities branches won’t be closing

Drought has seen agribusiness Elders record a 4-percent drop in net profit, but the business says it could have been worse.

It’s been offset by diversification, with the acquisitions of Titan pesticides, and Transit insurance.

While tomorrow it will complete the takeover of Australian Independent Rural Retailers.

Chief Executive Mark Allison told Macquarie’s Rural Reporter Eddie Sumerfield, the acquisitions were crucial.

“Has meant that we’ve been able to equal last year’s record net profit after tax, as a pure-play ag-business, in a seasonal challenged year in eastern Australia,” Mr Allison said.

In the current drought conditions the CEO is assuring communities they won’t be put by the wayside, with Elders ensuring the regions no branches will be shut.

“We have branches that haven’t made money for a couple of years, and there’s no way I’d ever consider closer any of them, because it’s so important for the fabric of the local communities,” Mr Allison said.

It’s also branching out to its clients, providing mental health services.

“We’ve given access to our mental health lines to our clients through those areas, and we’re trying to do everything we can as our little bit to regional and rural Australia through tough times.”

 

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