A scathing report on Landcorp Farming, one of the Government’s biggest state-owned enterprises. The report by James Morrison Consulting follows a Government request for an independent performance review. The report slates Landcorp now known as Pamu for its failure to meet financial forecasts, its high corporate costs, and its investment in unprofitable off-farm ventures. The former Department of Lands and Survey evolved into Landcorp and is New Zealand’s largest farmer with 114 farms, 85 of which it owns and 29 it manages. Chief executive Steven Carden left this week after almost eight years at the helm and during his time rebranded Landcorp as Pāmu – moved its focus away from selling agricultural commodities, towards higher value niche products including sheep milk joint venture Spring Sheep Dairies, its Pāmu Foods division, and its stake in Waikato milk dryer Melody Dairies, which are yet to produce a return. The report says Landcorp has over-estimated revenue growth and underestimated the risks involved. It noted Pāmu Foods has not met any of its 2017 business case targets, has high overheads at $4.6 million by 2019. Landcorp chair Warren Parker says the review contains useful historical analysis but the recommendations largely complement initiatives already in place to such lifting core farming returns and managing costs.