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ALLIED FARMERS Allied Farmers Ltd 201 Broadway , Stratford , 4332 PO Box 304 , Stratford 4352 Phone : 06 765 6199 Web : www.alliedfarmers.co.nz Email : headoffice@alliedfarmers.co.nz 26 February 2021 HALF YEAR 2021 REPORT Half Year Result The Directors of Allied Farmers Limited ( NZX : ALF ) report an unaudited after - tax profit of $ 0.531 million for the six months ended 31 December 2020. Pleasingly , this is higher than the previously indicated range of $ 0.2 million to $ 0.4 million . While ahead of budget and forecast , Allied Farmers's pre - tax operating result in this period was lower than the previous corresponding period ( $ 1.18 million ) , with subsidiary New Zealand Farmers Livestock's ( NZFL ) result for the period significantly impacted by Covid - related pricing impacts on veal processing returns . As in previous years , the returns from the veal processing operations continue to be a major contributor to first half year performance . However , investors are reminded that typically Allied Farmers's second half year profit is driven by factors distinct from the veal processing results that drive first half year profit . The second half is strongly influenced by livestock trading and herd sale activity , much of which will occur in the later part of the second half , and therefore it is not possible to forecast full year profits based on first half performance . While 2020 was undoubtedly a challenging year , through the dedication and creativity of our staff , Allied Farmers starts 2021 in a strong position . For this , we thank the whole team . Dividend In November 2020 Allied Farmers declared a lower dividend of 1.2 cents per share fully imputed ( 2 cents per share fully imputed in January 2020 ) . This reflected that the FY20 full year result was lower than the previous year . Capital Raising and NZ Rural Land Management Investment During the period Allied Farmers completed a successful oversubscribed rights issue raising $ 2.976 million ( less costs ) , the purchase of 50 % of New Zealand Rural Land Management ( NZRLM ) - the manager of newly NZX listed New Zealand Rural Land Company Limited ( NZRLC ) - through the issue of new share capital , and an investment of 1.49 % ownership in NZRLC . We were delighted with the support from shareholders for these transactions , and with the successful IPO of NZRLC , which was a necessary precursor to the NZRLM purchase .