29 Jan 2010

No Affco dividend this year

7:05 am on 29 January 2010

Meat processor and exporter Affco will not be paying a dividend this year.

Outgoing chief executive Stuart Weston says the past season has been turbulent and fraught with risk, but things are looking up.

He says international demand is so strong the company doesn't have enough products to meet it.

Mr Weston says the company needs a strong balance sheet and paying a dividend could weaken it and compromise its long term viability.

Affco's board has appointed executive director Hamish Simson as the company's new chief executive, and Rowan Ogg as general manager, efffective from 12 February.

Affco's shares closed up 1c on Thursday to 36 cents.