T&G Global revises 2023 loss estimate amid insurance “complexities”

T&G Global has revised its projected 2023 pre-tax loss downwards to between NZ$60m and NZ$67m, almost double its previous estimate of NZ$28m-NZ$34m.

The company said the main reason for the change was the complexity of the insurance claim following February 2023’s Cyclone Gabrielle, which caused delays in finalising the value of the insurance claim receivable at balance date.

T&G expects to announce its 2023 full-year results to the market on 29 February 2024.

Speaking to Fruitnet at last week’s Fruit Logistica, CEO Gareth Edgecombe said he was positive about the outlook for the new apple season, with a good expected in terms of dry matter, sizing and quality and volumes almost back to normal.

“A lot of work had been put into recovering orchards that were lost or damaged by the cyclone. We also have a lot of new orchards that we’ve been planting over the last few years which are still very young, so for this year we expect to be back to about 92 per cent of our full capacity,” he said.