New Zealand kiwifruit operator Zespri announced a “satisfactory” result for 2010-11 in the face of challenging economic circumstances at its AGM on Wednesday, with an increase of some four per cent in grower returns year on year.

However, net profits at the group fell significantly, from NZ$25.9 million (£13.2m) to $7.3m. The fall was primarily due to contributing $12.9 million to fighting the vine disease Psa and increasing the loyalty payment to growers from 15 cents per tray to 25 cents a tray.

Growers were informed of the first forecast returns for the 2011-12 season. All categories were forecast to be down on a per tray basis compared to last year.

Zespri is celebrating after the New Zealand High Court rejected the latest attempt by Turners & Growers to end the single-desk kiwifruit marketing structure in New Zealand.

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