Diversified agribusiness group Scales Corporation Limited (NZX:SCL) today reported its FY2021 full year results. Profit for the Year was $36.9 million (FY2020: $26.6 million). Earnings per share for FY2021 were 19.1 cents per share (FY2020: 15.0 cents per share).
- Group FY2021 financial results:
- Revenue of $514.6 million, up 9 per cent (FY2020: $470.7 million)
- Reported NPAT of $36.9 million, up 39 per cent (FY2020: $26.6 million)
- Underlying1 NPAT attributable to shareholders of $29.7m, up 8 per cent (FY2020: $27.5m)
- Underlying NPAT of $39.8 million, up 20 per cent (FY2020: $33.0 million)
- Underlying EBITDA of $73.8 million, up 15 per cent (FY2020: $64.1 million)
- Outstanding performance across all divisions:
- Food Ingredients exceeding the EBITDA target for the division
- Horticulture performing strongly in a challenging environment
- Logistics financial performance returning to previous levels
Scales Corporation Chair Tim Goodacre commented: “Once again, the hard work and dedication of the entire Scales team has excelled in what has been another challenging year, with all divisions performing strongly.”
“Our diversified agribusiness strategy has underpinned record revenue and record Underlying NPAT notwithstanding the effect of COVID-19 on both global and domestic markets. In particular, the Food Ingredients division has recorded another outstanding result, partly aided by the growing demand for pet food together with its geographical and protein diversity.”
“Mr Apple also benefited from diversification in terms of both markets and varieties. Whilst volumes were affected by weather and orchard redevelopment, it was aided by strong in-market pricing. Scales Logistics’ strategic value to its customers, including in house customers Mr Apple and Meateor, once again proved to be invaluable, with supply chain challenges successfully navigated.”
Andy Borland, Managing Director of Scales Corporation, noted: “It has been another demanding year for the Group, and the Board and senior leadership team are indebted to all staff for their unwavering commitment. We are especially proud of their ability to adapt to the changing operations and conditions throughout the year. Their health, safety and wellbeing is our priority, and we continue to introduce and develop initiatives to assist in this area.”
“In addition to a record financial year, we have progressed our strategic plans. Mr Apple has commenced its multi-year packhouse automation project, as well as continuing the redevelopment of its orchards. Food Ingredients has identified a number of growth opportunities and its divisional CEO, John Sainsbury, expects to relocate to the USA this year to progress a number of those.”
Click here to read the full performance report.
For more information:
Andy Borland,
Scales Corporation Limited
Mob: +64 021 975 999,
[email protected]
www.scalescorporation.co.nz
