Elders Limited (ELD) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you very much and welcome to all for the Elders half year results presentation for financial year 24. Thank you for joining Paul and myself for the session today. From an Elders viewpoint, this is the first half of our fourth eight point plan. first year of our fourth APON plan. The ELTS philosophy since the first APON plan in 2014 has been to control what we can control and not to dwell on what we can't control. To have a cost and capital structure to allow us to make good returns in bad years and make great returns in good years. The FY24 year, full year guidance is an example of acceptable returns in difficult market and cost conditions and particularly in quarter one and we will go to the detail of that through the presentation. We use our multiple diversifications by product, service, geography, crop segment, commercial model and channel to market and our financial discipline to deliver consistent and high returns for our stakeholders. In summary, we aim to control what we can control. Over the first six months of our fourth eight-point plan, we experienced an exceptionally difficult first quarter with improving market conditions across eastern Australia from the start of this calendar year or our second quarter. Our view in November last year was that the average conditions in FY23 were declining in the first quarter of FY24 across rural products and agency services and are now returning to an average outlook for the remainder of FY24. In this context, the performance of Elders with its clear and consistent strategy, multiple diversifications, high financial discipline, committed team, and enduring customer anchor as the most trusted brand in Australian agriculture is very solid. The result is strong in safety, sustainability, and cash flow, and we reaffi...