New Zealand Wool Services International says a remarkable recovery in wool prices is behind a record half-year result.
The country's biggest wool exporter and scourer has made a net profit of more than $3 million for the six months to the end of January, compared with a loss of $680,000 for the same period the previous year.
Managing director Michael Dwyer says the strong wool prices, which are being driven by a short global supply and increased demand, are helping the industry regain some of its former market aura.
Mr Dwyer says he believes wool prices will strengthen even further after the Chinese New Year in a fortnight.
The company expects prices to stay strong for the second half of the year.
"Very low stock is being held held internationally, the pipeline is empty and people are buying 'just in time' delivery," said Mr Dwyer.