T&G Global has released its interim results for the period that ended June 30, 2024. These results are a good indicator of the progress made in executing its plans while the Company is still recovering from the effects on Cyclone Gabrielle.
The total revenue of the Group has increased by 7%, reaching $820.1 million. It was $765.3 million during the previous year. Operating losses were $2.6 million. This compares to an operating deficit that was $11.6 million by 2023 in addition, there was the loss before tax of $8.2 million, compared to an income decrease of $21.4 million the preceding year. The net loss before tax in the year totaled $18.6 million, which included an expense for tax in the amount of $10.4 million. Tax expense at the end of June 2024 consists of a one-time cash adjustment to the deferred tax for buildings, which is $12.7 million. It is related to New Zealand Changes in legislation by the government.
Chief Executive Director Gareth Edgecombe said: “This season’s apples are of high-quality they are very tasty and durability, but the effect of Cyclone Gabrielle caused a decrease in this season’s Hawke’s Bay apple volumes. This is consistent to the general experience of the industry but it’s impacted the financials of our company. Also, we’ve experienced weakness in price for fruit and vegetables on the domestic market because of the abundance of supply coupled with a subdued mood among consumers.”
However, T&G’s Apples business grew by 14%, to $589 million. That’s compared to $518 million by 2023.
“Our Apples strategy is focused on the development of great brands as well as succeeding in the key markets of the world and we’ve put a lot of money in the fundamentals of our expansion. Over the past six months, it’s been wonderful to observe the development in our Apples strategy.” states Mr. Edgecombe.
“It’s the first season in full of our newly automated Whakatu Packhouse, and it’s working at its level of efficiency that we have planned – and is continuing to increase. As the years progress we anticipate it will become a major contributor to the profitability of the business as volumes of apples rise. In the same way, our selection of Kotahi to acquire sea freight has allowed us to save money and gain efficiency in logistics.
“To satisfy the increasing global need for premium apple We employ an international, dual-hemisphere expanding strategy. Our 2023/24 North American ENVY(tm) apple harvest was of high-quality. The company is performing very well in the tough United States domestic market.”
The business of T&G’s Australasia, T&G Fresh, decreased to $218 million. This compares to $232 million by 2023. The reason for this was it being a challenging trade period for Aotearoa New Zealand due to weak demand and low prices and whitefly that impacted tomato production.
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Building 1, Level 1, Central Park
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Ellerslie Auckland 1051
Aotearoa New Zealand
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