Ms Brendish, who has just completed her first year in the role, initiated a review of the company with a strong focus on managing costs and increasing efficiency. At the same time, the board concentrated on reviewing its own performance.
As a result, Westland's year had ended with a sense of confidence, Mr Morrison said.
"In partnership with our management team, we have taken this co-operative from one that was offering unsustainably low returns, to a position where our prediction for the 2017-18 season is industry competitive, setting Westland and its shareholders up for a more secure future.''
However, its final 2016-17 net average cash payout of $5.18 was not the result shareholders needed, though it would not have come as a surprise.
Shareholders would be watching its performance carefully to ensure it could deliver on its 2017-18 predictions and then maintain that competitive position in future seasons.
Boosted by a payout prediction for 2017-18 in the $6.40 to $6.80 range, shareholders were now exhibiting more confidence in their company, he said.
Ms Brendish said the period of "enormous change'' had set company up to perform far more efficiently and with a more sustainable culture.
The cost savings achieved could not be a one-off and the efficiencies and savings had to be embedded "as part of the way we work'', she said.
