Seeka beats 2015 profit forecast

For fresh produce marketing in Australia and New Zealand
Carl Collen


Seeka beats 2015 profit forecast

Profits after tax soar nearly 35 per cent year-on-year as the group's packed volumes rise

Seeka beats 2015 profit forecast

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Seeka Kiwifruit industries has reported a yearly post-tax profit of NZ$4.27m for the full year of 2015, growth of 34.8 per cent when compared with the previous 12 months.

In an announcement on the New Zealand Exchange (NZX) the group said that net profit growth was ahead of its forecast of NZ$2.96m and NZ$3.53m.

Seeka recorded NZ$142.11m in total revenue for the year, up 22.9 per cent on the previous corresponding period, while EBITDA jumped 23.4 per cent to NZ$13.93m.

The growth was "consistent with strategy", Seeka noted, boosted by another year of strong orchard recovery from the impact of Psa-V, particularly the Zespri SunGold variety.

Seeka’s packed volumes increased to 27.8m trays, compared with 21.4m trays in 2014.

The performance was all the more impressive given the fire at Oakside, the company's largest packhouse facility, which caused "significant operational disruption" two weeks before the kiwifruit picking season commenced.

“We’re very pleased to be able to report our third consecutive year of improving results, especially after our challenging year following the fire,” said Seeka chief executive Michael Franks.

"Seeka has a clear strategy and is focused on delivering superior returns to its growers and continuing to grow the company, both in terms of profitability and size," he added, "and we are very appreciative of the hard work and support of our employees and others associated with the company throughout the year.”

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