PGG Wrightson Limited

PGG Wrightson (PGW) shares edged lower on its result as it cut its interim dividend slightly from last year down to 12 cents per share, cautioning investors of further volatility and softening macroeconomic outlook and lowering their earnings outlook. PGW revealed a solid result for the first half of the 2023 financial year, where operating earnings (EBITDA) came in at $47.8m, which was a touch higher than the same corresponding period last year. Unfortunately downgraded their full year earnings (EBITDA) guidance down to $57m, from $62m due to cyclone related uncertainty, and weak economic outlook affecting real estate business.