Australia's largest beef producer, Australian Agricultural Company, has purchased a new cattle station and handed back barrister Allan Myers' Tipperary Station as it expands operations and declares increased earnings for the half year. 
As the national cattle herd shrinks and the cost of cattle hits record highs, major producers are desperately trying to position themselves so as to secure future supply.
AACo's managing director Jason Strong said the company's "transformation" program, which seeks to change the company from a straight producer into a vertically integrated operator, was working.
"We believe that the transformation is very much now completed and now moving toward the implementation of a branding strategy and capture as much margins as we possibly can out of every animal."
Operating earnings before interest, tax, depreciation and amortisation for the first would be between $8-$12 million, compared to an $8.4 million operating loss in the previous corresponding period. 
With higher cattle prices AACo has increased the value of its herd which will see statutory EBITDA for the half in the $90-$100 million range compared to a loss of $4.5 million in the previous corresponding period. 
"We're not where we want to be but we are well on the path???someone asked me internally am I happy with the numbers I said I'm happy but I'm not satisfied."
Mr Strong said the company's Livingstone Beef abattoir at Darwin would maintain strong numbers of cattle. It broke through the 350-head-per-day throughput needed to break even in   August, and by   September was tracking close to 400 head per day.
The company confirmed it had also contracted to buy the 46,800 hectare Thorner Station in Queensland for $4.1 million. The property borders AAco's existing holdings and management said it would "gain operational and cost synergies" from the acquisition.
The company also did not renew its agistment agreement on Allan Myers' 400,000 hectare Tipperary Station which is  for sale through Melbourne-based Flagstaff Partners.