T&G Global is confident of generating NZ$2bn in revenue by 2022, following the release of its 2016 financial results.
The New Zealand-headquartered company and its subsidiaries posted a net profit of NZ$32.4m for the 12 months to 31 December, a 67 per cent increase on its 2015 result of NZ$19.5m. Overall revenue rose 7 per cent from NZ$813m in 2015 to NZ$872m in 2016.
The performance included a one-off gain of NZ$11.9m from the sale of T&G Global’s crate business, the Fruit Case Company, in June 2016.
T&G Global CEO Alastair Hulbert said the results were achieved through a solid performance from most of T&G Global’s business segments, including continued strong pricing for New Zealand apples and a full year of trading from tomato companies acquired towards the end of 2015.
The company also saw strong growth from its table grapes and asparagus operations in Australia and North America, while it shipped New Zealand kiwifruit to South East Asia for the first time through a new memorandum of understanding with Zespri, signed in February 2016.
“In 2015 we went through a period of acquisitions and integration. The past year was about consolidation and building on our foundation. We did this with the support of our shareholders, growers, customers and people,” Hulbert explained.
“Our business celebrates 120 years in 2017 and we are stable with a clearly charted course. We are on track to achieve our Strategy 2022 target of NZ$2bn in sales revenue and are well positioned for continued growth both in New Zealand and in our international markets.”
T&G Global will pay a fully imputed final dividend for the 2016 financial year of NZ$0.06 per share on 7 April 2017 to its shareholders.
