The organisation welcomes the diverse task it has: marketing the advantages of the natural fibre to consumers and designers, developing new products and markets while assisting woolgrowers increase profitability through a wide range of on farm initiatives.

AWI Chairman Wal Merriman reported to the AGM and via webcast how his Board continues to set the strategic direction of the company.

"Despite significant global uncertainty over the last financial year, the wool price has remained relatively stable. We would always like to see a higher price, particularly for superfine wools however we are very positive for the future."

Marketing highlights for the 2012-13 year include the strong momentum behind the Campaign for Wool. With HRH The Prince of Wales as patron the global initiative has now attracted over 445 retail partners across a dozen key markets.

The International Woolmark Prize, the Merino. No Finer Feeling campaign and the Chinese-focused Woolmark Gold program all work with designers, retailers and manufacturers to sell wool as an aspirational fibre.

On farm highlights include the training of over 2500 shearers and shedhands, Lifetime Ewe Management reaching over 15 per cent of the national flock, the formation of 24 new wild dog control groups and proof of concept for a liquid nitrogen treatment to prevent flystrike.

AWI CEO Stuart McCullough outlined how the company was in a solid financial position. Operating expenditure across the company for 2012-13 was $28.12 million, a 42 per cent reduction from four years ago. Project costs were $47.07 million and expenditure ratios across marketing and R&D was well within stated parameters.

"We are finding many new and emerging manufacturing and retail markets for wool. We are proud of the opportunity to work for Australian woolgrowers and very optimistic for the future," he added.

Australian Wool Innovation