Wellard reported FY18 results which were a major turnaround from...

Wellard reported FY18 results which were a major turnaround from FY17. EBITDA for the year was positive A$9.9m after a loss of $22.3m in FY17. However, the result was marred by poor execution in the South American chartering market and should have been stronger. Importantly, earnings for the fourth quarter were strong as a result of the resumption of profitable trading of cattle from Northern Australia into South East Asia and the securing of profitable charters on the South America - Europe route. Growth in this route has been a key factor in the return to a tighter market for the company’s livestock vessels, assisted by increasing volumes of cattle exports from Australia due to declining cattle prices. The results were presented by John Klepec, the Chairman, who has taken over daily operations of the company following the removal of Fred Troncone last month. John is quickly coming to grips with the issues and has made it clear to shareholders that repair of the balance sheet is a top priority. We are in active dialogue with him on this.