The Australian Broadcasting Corp. this week announced that Australian Wool Services (AWS), the parent company of Woolmark, has posted a financial loss for the third year in a row. The company lost $A5 million, on top of an almost $A7 million loss the previous year.
AWS managing director, Peter Wilkinson, said, "Structural problems within the company, namely spending $A20 million on research and development, have fuelled the loss. The Woolmark brand itself continues to be moderately profitable, and overall AWS is on track to make money in this fiscal year.
"Growers will need to make up their minds in the future as to how much money should be invested in R & D and marketing," concluded Wilkinson.