Australian Agricultural Company saw business grow despite extreme weather

Company News

by Rachael Jones

Australian Agricultural Company (ASX:AAC) has continued to make progress implementing its premium branded beef strategy despite facing extreme operating conditions, which impacted the business by $107 million this financial year.

Revenue is down 4.1 per cent to $364.1m versus $379.7 million on the prior corresponding period.

Ten days of torrential rain in Queensland earlier this year had a disastorous affect on cattle with the non-wagyu herd experiencing significant losses.

The impact of Gulf flood event and drought related conditions totalled $107 million during FY19.

Meanbwhile there was a 3 per cent increase in Wagyu herd numbers, despite impact of extreme weather.

Shares in Australian Agricultural Company (ASX:AAC) closed 0.5 per cent lower at $1.11 yesterday.