Scales Corporation has released its 2014 financial results, posting a net profit of NZ$18.4m, 15.4 per cent higher than the IPO forecast released last year.
New Zealand’s largest apple exporter said its horticulture division performed strongly in 2014 as a result of a 7.1 per cent higher-than-forecast apple volume, with its apples also selling for 2.2 per cent higher than forecast.
“It’s a very good result highlighting the strength of Scales’ diversified agribuiness portfolio. The Horticulture and Food Ingredients divisions materially exceeded their prospectus forecasts, with stronger than anticipated volumes and market prices” said chairman Jon Mayson in a company statement.
Scales’ Mr Apple brand has continued to gain recognition, with investments in orchard development expected to see its premium apple volume increase by 450,000 cartons by 2018.
“The Mr Apple brand is becoming increasingly recognised for its high quality fruit. Our premium apples were sold for an average price that was 7.5 per cent higher than our IPO forecasts and once again up on the previous year. This result reflects the hard work of the Mr Apple team and the strength of the Mr Apple brand,” said Andy Borland, Division Scales Corporations managing director.
Scales posted a net profit of NZ$20.4m in the 2013 calendar year, up from NZ$13.6m in 2012.
