Total shareholder return of 43 per cent is excellent.The...

Total shareholder return of 43 per cent is excellent.

The NovaqPro prawn feeds division has not performed well, and tallow prices have decreased.

Bulk stockfeeds did well, but packaged feeds were not as pleasing.

The dividend is up 10 per cent to 4.4 cents per share, so that's CPI (although anyone whose major costs are petrol, a mortgage, private/Catholic school fees, medical appointments, private health insurance, home and contents insurance and food would dispute CPI is at 4.1 per cent).

The acquisition of Oceania Meat Processors should be good.

Pleasing that RIC had a small reduction in corporate costs. Given inflation, this is no mean feat. Well done.

The expected earnings growth statement at the end is pleasing but earlier on, the presentation says rainfall in NSW and Queensland will reduce stock feeding, so to my non-rural mind, the latter is a negative.

Gearing is low, although in common with the vast majority of listed Australian companies, interest costs have markedly risen.

It's good RIC is trying to achieve improved penetration into what it terms the 'peri-urban' poultry market with the launch of a Barastoc 10 kilogram pack for chickens. These hobby farmers must be fairly substantial in numbers, dotted in areas 50-80 kilometres from major mainland Australian capital cities.

Cashflow was down but I do not have an accounting background, so someone with more knowledge of this important area may wish to comment.

We are paying for quality management by CEO Quinton Hildebrand. No objection to that.