Rural services firm PGG Wrightson is keen to reduce debt – and is expecting flat earnings this financial year.

Last year, the company swung back into the black with a profit of $23 million, after losing $66 million the previous year.

PGG Wrightson told shareholders at its annual meeting that business conditions remain muted while the high New Zealand dollar continues to be of concern.

As a result, it will not pay a dividend this year.