Steady profits for Merino Co

Is this result a message for the rest of the wool industry? New Zealand Merino Co has reported a steady profit before tax of $1.9 million for the year ended June 30 reports Stuff. 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% return on an average shareholder's funds. Total revenue was $95 million, representing about 85% 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.