New Zealand-listed company Seeka will receive approximately NZ$3.6m plus GST after reaching an agreement with insurers for losses associated with a fire at its Oakside facility in 2015.
The settlement, less a small amount of costs and tax, will form an extraordinary gain in the 2016 financial year. The financial cost of the event was recorded in Seeka’s accounts in 2015 financial year.
The settlement was not included in the current year guidance provided to stakeholders and the market on 21 October 2016.
Following the insurance settlement, Seeka has accordingly adjusted its net profit after tax guidance for 2016, increasing from between NZ$7m and NZ$8m to between NZ$9.5m and NZ$10.6m.
Seeka chief executive, Michael Franks, said the company was satisfied with the settlement.