New Zealand horticulture company Turners & Growers (T&G) is expecting to increase its profits this year, the group announced at its 89th annual meeting in Auckland last week, following on from a result last financial year that was knocked back by the financial crisis.
“From operations we are expecting a better year and are currently forecasting to make budget,” T&G chairman Tony Gibbs told the meeting. “However, I do not believe the world economies are stable, and because of this we look ahead with caution.”
Profit after tax in 2009/10 financial year fell to NZ$9.5m (US$6.79m), down from the previous year’s NZ$14.1m (US$10.07m), a drop attributed to the financial crisis, reported the NZPA.
Mr Gibbs reaffirmed that deregulation of the kiwifruit industry was one of the board’s central goals.
Mark Tregidga was also re-elected as director at the meeting, and PricewaterhouseCoopers will continue as T&G’s auditors.
A motion by shareholder Howard Zingel requesting an independent review to recommend a strategy to maximise dividends and capital value was defeated in a poll, with a vote 97.82 per cent against.
