Alliance Group Has Announced A “Disappointing” Loss Which Came Hot On The Heels Of A Record $73.6m After Tax Net Profit In 2022

Alliance Group has announced a “disappointing” loss which came hot on the heels of a record $73.6m after tax net profit in 2022. Its total revenue slipped from $2.2 billion to $2b for the same period. But despite posting the after-tax loss of more than $70 million Alliance Group bosses remain confident about the future. The co-op is owned by almost 5000 farmer shareholders and exports lamb, beef, venison and co-products to more than 65 countries. Chair Murray Taggart says in the past 12 months Alliance has faced geo-political tensions, labour constraints, inflationary pressures and weakening global markets. He says prices in key global markets began falling steeply late in 2022 with the global market price for lamb falling almost 25% in just two weeks in October. As a result, the co-operative recorded a significant decline in inventory value between October and December 2022. The co-operative’s Annual Meeting will be held in Alexandra on December 15.