Agribusiness Ruralco is expanding its insurance and retail operations as it seeks to turn around a 69 per cent fall in full-year profit.
Ruralco is acquiring a 50 per cent stake in insurer Ausure Consolidated Brokers and will merge it with assets of its Ruralco Insurance business.
Also, wholly owned Ruralco subsidiary Roberts Ltd will acquire the business of Tasmania-based rural products retailer TP Jones.
Ruralco did not disclose the purchase prices but said on Tuesday the acquisitions will enhance its platform to grow in rural markets.
Ruralco reported net profit for the year to September 30 of $4.3 million, down from $14.06 million a year earlier.
The company flagged the result in August, with the bottom line pulled back by divestments and…
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