SCL
27/08/2015 08:30
HALFYR
PRICE SENSITIVE
REL: 0830 HRS Scales Corporation Limited
HALFYR: SCL: 2015 Interim Results Announcement
SCALES CORPORATION LIFTS HALF YEAR AFTER TAX PROFIT 59 PER CENT
Scales Corporation Limited (NZX:SCL) today reported a net profit after tax of
$33.2 million from continuing operations for the half year ended 30 June 2015
(1H15), up 59 per cent on the previous half year ended 30 June 2014 (1H14).
Key highlights include:
o NPAT up 59 per cent and EBITDA up 47 per cent compared to 1H14.
o Apple export volumes up 14.6 per cent compared to FY14, and up 16.1 per
cent compared to FY15 forecast.
o Storage & Logistics division increases EBITDA by $2.7 million from 1H14.
o All divisions currently trading ahead of 1H14.
Managing Director Andy Borland says "the result reflects strong performance
across all divisions and particularly the vertically integrated Mr Apple
business, which exceeded expectations across its operations from orchards,
packhouses, coolstorage and export marketing.
"The Storage & Logistics division has benefitted from improvements in
utilisation. The large Auckland Coldstore project is nearing completion, and
together with a new coldstore lease in Christchurch will see an overall
increase in storage capacity of 17.4 per cent from the fourth quarter of this
year. Scales Logistics and Balance Cargo have contributed improved
profitability and assisted Mr Apple and Meateor in securing improved shipping
rates. Our bulk liquid storage business, Liqueo, is set to benefit from new
contracted business.
"The Food Ingredients division is handling increased year on year volumes in
both the petfood and juice concentrate activities.
"These results reflect a considerable effort from the entire Scales team
which continues to demonstrate that we deliver world-leading products and
services every day. We reiterate guidance that our full year result is
likely to produce an EBITDA that is 25 to 35 per cent above our FY15
prospectus forecast of $41.2 million.
"Looking ahead, Scales is well positioned to benefit from expected increases
in annual apple crops, improving FX rates, increased coldstorage space, and
improving utilisation and efficiency in our bulk liquid storage business."
Scales dividend policy is for interim and final dividends to be split
approximately evenly and paid in January and July. Directors will consider
payment of an interim dividend later in the calendar year.
About Scales Corporation
Scales Corporation is a diversified agribusiness portfolio. It comprises
three operating divisions: Horticulture, Storage & Logistics and Food
Ingredients. The company's diverse spread of activities gives Scales broad
exposure to New Zealand's agribusiness sector. Scales Corporation was founded
in 1897 as a shipping business by George Herbert Scales. Today it employs
more than 400 staff New Zealand wide. Find out more at
www.scalescorporation.co.nz.
Contact
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975
999, email: [email protected]
End CA:00269131 For:SCL Type:HALFYR Time:2015-08-27 08:30:40
