Allied Farmers ditching retail division

Allied Farmers plans to either sell or close its rural merchandising retail division.

The decision was made after a review of the business, which took into consideration its poor performance, the NZX-listed company said.

It said the divestment would increase overall profitability and allow the firm to focus on growing its rural livestock business.

A reduction in total group debt of over $50 million had been achieved in the year to June, it said.