Diversified agribusiness group Scales Corporation Limited reported its results for the six months to 30 June 2025 (1H25), showing growth across its divisions and an increase in full-year profit guidance.
For the period, the company recorded an Underlying NPATAS of US$29.2 million (NZ$48.9m), an increase of 72% compared with US$17 million (NZ$28.5m) in 1H24. Reported NPAT was US$34.5 million (NZ$57.6m), up 51% from US$22.8 million (NZ$38.1m) last year. Underlying EBITDA reached US$52 million (NZ$86.7m), an increase of 43% from US$36.2 million (NZ$60.5m) in 1H24. Based on this performance, the Board has advised a further increase in FY25 Underlying NPATAS guidance to a range of between US$26.9m and US$29.9m (NZ$45.0m–50.0m).
Chair Mike Petersen noted that horticulture performance was supported by long-term investment in apple varieties for Asian and Middle Eastern markets. Global Proteins continued steady growth, while logistics benefitted from higher freight and handling volumes.
Global Proteins reported an Underlying EBITDA of US$17.8m (NZ$29.7m), compared with US$17.7m (NZ$29.6m) in 1H24. Managing Director Andy Borland said, "Global Proteins continues to produce a consistent overall divisional performance, with increases in both petfood ingredients and edible proteins sales volumes." Meateor Australia delivered ahead of forecast, while Fayman recorded strong sales across Asia and the U.S. The company acquired an additional 7.5% investment in Shelby in April 2025 and also commissioned new facilities in the U.S. and the Netherlands.
Horticulture delivered underlying EBITDA of US$31.1m (NZ$53.2m), up 77% from US$17.6m (NZ$30.0m) in 1H24. Own-grown export volumes for Mr Apple are forecast at 3.7 million TCEs, compared with 3.0 million in 2024, a projected increase of 21%. Borland said, "There were significant increases in our DazzleTM and PosyTM volumes as a result of this strategy. These varieties are forecast to account for over 25% of Premium volumes in 2025, with the proportion of Premium apple volumes overall also increasing, to around 75% in 2025 (2024: 72%)."
Logistics recorded Underlying EBITDA of US$3.6m (NZ$6.1m), up 60% from US$2.3m (NZ$3.8m) in 1H24. Growth was supported by increased sea freight demand from horticulture and higher air freight volumes, particularly for dairy. The new Auckland coolstore and warehouse also contributed to this lift.
Looking ahead, the Board raised FY25 profit guidance, with approximately 18% of Mr Apple's export crop still to be sold. It noted continued caution in Global Proteins due to operating and geopolitical conditions, but reaffirmed confidence in the medium-term growth initiatives. Petersen thanked employees for their contribution to the company's strong first-half performance.
For more information:
Andy Borland
Scales Corporation
Tel: +64 (0) 21 975 999
Email: [email protected]
www.scalescorporation.co.nz
