New Elders managing director Mark Allison says the rural business will go to the market for capital later in the year

ELDERS is looking to go to the financial markets for a capital raising by the end of the year.

Stepping up: New Elders managing director Mark Allison.

ELDERS wants to go to the ­financial markets for a capital raising by the end of the year.

New Elders managing director Mark Allison flagged the capital raising as one of the priorities for the coming year as he stepped into the job this week.

Mr Allison surprised the agribusiness world by taking the top executive job at Elders last week after spending months as chairman and leading the recruitment process to replace former head Malcolm Jackman.

Elders had narrowed a large field of applicants for the top job down to three external nominees and internal cand­idate David Goodfellow.

But after two rounds of interviews, Mr Allison said he was approached by fellow board members to consider the managing director’s position.

Mr Allison said he was confident the company’s performance was turning around and its half-yearly report to be released on May 19 would show a “solid performance compared with the same period last year”.

“Since we have been an agribusiness pure play, we are seeing signs the company is turning around,” he said.

“We have paid down debt and plan to be raising money by the end of the year.

“The momentum is moving in the right direction.”

Mr Allison’s new job at Elders has left Grain Growers Limited without an executive head. GGL chairman John Eastburn said Mr Allison was initially appointed for six months but ended up staying another four years.

“He’s a bloke that thrives on challenges,’’ Mr Eastburn said.

“If anyone can turn it (Elders) around, he can.”