Scales declares strong first half performance
Scales Corporation has today reported its results for the first half of the 2025 financial year, revealing what it says are outstanding results from its horticulture and logistics divisions.
Scales Corporation managing director Andy Borland says the company has delivered an outstanding result.
Today, the diversified agribusiness announced its full year results for 2024, reporting a 39% increase in its underlying net profit after tax (NPAT), up to $53.6 million.
The company also reported earnings before interest, tax, depreciation and amortization of $91.7 million, up 36% on 2023.
Borland says the company’s 2024 purchase of orchards from Bostock Group and the sale of its Blyth and Te Papa orchards to Craigmore Sustainables will help achieve its strategy to focus on the sale of premium apple varieties to Asia and the Middle East.
“We experienced excellent growth in the volumes of DazzleTM during the 2024 season and the Bostock orchards will substantially accelerate our strategy of increasing DazzleTM volumes,” he says.
Borland says Scales is also welcoming Profruit into its group as a wholly-owned subsidiary by acquiring the 50% owned by Bostock Group.
He says the company’s horticulture division’s performance is returning to normal, with improved apple volumes and average prices.
“The division also benefitted from the increased ownership of Profruit, which produced an exceptional FY2024 result,” he adds.
Borland says the company’s Mr Apple brand’s export volume grew by 11% on the 2023 figures, with continued growth in Asia and the Middle East.
“Premium volumes accounted for approximately 72% of total export sale volumes, with increases across all premium varieties including significant growth in DazzleTM, PosyTM and NZ Queen.
“We now estimate that Premium apple varieties will account for around 75% of export volumes by 2027.”
“Scales continues to have a strong financial position, with net cash of $12.5 million as at 31 December 2024,” Borland says.
Phoebe Scherer, a technical manager from the Bay of Plenty, has won the 2025 Young Grower of the Year national title.
The Fencing Contractors Association of New Zealand (FCANZ) celebrated the best of the best at the 2025 Fencing Industry Awards, providing the opportunity to honour both rising talent and industry stalwarts.
Award-winning boutique cheese company, Cranky Goat Ltd has gone into voluntary liquidation.
As an independent review of the National Pest Management Plan for TB finds the goal of complete eradication by 2055 is still valide, feedback is being sought on how to finish the job.
Beef + Lamb New Zealand has launched an AI-powered digital assistant to help farmers using the B+LNZ Knowledge Hub to create tailored answers and resources for their farming businesses.
A tiny organism from the arid mountains of mainland Greece is facilitating a new way of growing healthier animals on farms across New Zealand.
OPINION: For years, the ironically named Dr Mike Joy has used his position at Victoria University to wage an activist-style…
OPINION: A mate of yours truly has had an absolute gutsful of the activist group SAFE.