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The Merino Company turns to an annual loss after closing mill

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The Merino Company turned to a loss last financial year after undergoing a major restructuring that saw it exit textile manufacturing in New Zealand to focus on growing its innovative wool spinning and colour technology businesses.

The company, which counts Australian William Lempriere as a director, posted a loss of $6.6 million in the year ended June 30, from a profit of $1.6 million a year earlier, according to its 2017 annual financial report filed with the Companies Office. It had an underlying trading loss of $2.9 million excluding restructuring costs, as it repositioned sales activity away from its traditional customers.

The Merino Company has undergone huge change during the year, closing historic Levana fabric manufacturing plant in Levin and consolidating that part of the business at its existing outsourced operation in Vietnam, where a........

© The National Business Review