Scales managing director updates shareholders on first-half performance as New Zealand enjoys excellent season
New Zealand’s largest apple exporter expects to make a larger net profit this year than first anticipated.
In a statement, Scales Corporation updated its earnings guidance for 2025 and said it now expected its underlying net profit after tax attributable to shareholders to be between NZ$4mn and NZ$45mn, up from its previous guidance range of NZ$37mn-NZ$42mn.
Commenting on the improvement, managing director Andy Borland noted the group’s performance in tbe first half of the year had been strong.
“Our Horticulture division, in particular, has seen very good growing conditions which have resulted in apple export volumes in excess of expectations,” he said, adding that the group’s Global Proteins and Logistics divisions were also doing well – the latter also benefitting from strong export volumes.
The updated guidance also included underlying net profit after tax between NZ$55.5mn and $61.5mn, and underlying EBITDA between NZ$97mn and NZ$104mn.
“Whilst some geopolitical uncertainties remain, we are pleased to be able to advise an increase in earnings guidance for the year.”
Borland also revealed that its Mr Apple business had sold its Whakatu Coolstore in Hawke’s Bay had been sold and leased back to the business. The sale, for a reported NZ$24mn, will be concluded in August.
Last week, the CEO of Apples and Pears NZ said the country’s latest apple harvest had set up the industry for its best season in a long time.
