ITC Limited (ITC) MIS sales for the year to 30 June indicated it had trebled its share of the MIS market. ITC’s final MIS sales of $24 million (exclusive of GST) for the year represent approximately 10% of the total market estimated in FY2009.
Vince Erasmus, Chief Executive Officer of ITC, described the sales result and three-fold increase in market share as “especially pleasing, given the much tougher market conditions in 2009 due to the collapse of Timbercorp and Great Southern and ongoing uncertainty in financial markets”.
“The MIS market contracted by some 75% in 2009 and investors examined more closely the credentials of all Forestry MIS companies looking for greater specialist expertise in managing a diverse range of Forestry projects, demonstrable leadership in sustainability across the sector and resilient business models not solely reliant on MIS sales for growth. ITC has a long standing excellence across these critical points of difference in the sector and is pleased to be recognised in our improved market share position,” Erasmus said.
ITC will continue to use MIS sales to fund some growth in its plantation estate and will establish approximately 3700 hectares of plantations in 2010 as a result of the 2009 sales. This will include the expansion of existing Teak and Red Mahogany, Indian and Australian Sandalwood and Tasmanian Blue Gum.
Linda Pickering, general manager ITC Funds Management, was delighted with the results achieved in significantly adverse conditions and thanked those advisers, accountants and investors who had acknowledged ITC this year.