Scales has upgraded its earnings forecasts for 2025. Photo / NZME
Scales has upgraded its earnings forecasts for 2025. Photo / NZME
Agribusiness and logistics firm Scales Corp has upgraded its earnings guidance for 2025, despite what it calls “geopolitical uncertainties”.
The company, New Zealand’s largest fully integrated grower, packer and marketer of apples, said its underlying net profit after tax attributable to shareholders is now expected to be between $54 millionand $59m, up from a previous guidance range of $51m-$56m.
Managing director Andy Borland said the company was seeing a continuing positive performance across the group this financial year, which ends on December 31.
“Whilst some geopolitical uncertainties remain, we are pleased to be able to advise a further increase in earnings guidance for 2025,” he said.
The increased guidance range implies underlying earnings before interest, tax, depreciation and amortisation of between $125m and $132m, and an underlying net profit after tax range of between $69m and $74m.
Last month, Scales said it would pay A$91.05m ($103.6m) to go to full control of two of its Australian joint ventures and to majority ownership of a third, which it said would lift earnings in its current financial year.
Scales said it had agreed to increase its holding in its Australian global proteins’ joint ventures with the acquisition of 50% of Meateor Australia and 50% of Fayman International and 42.5% of ANZ Exports.
As a result, both Meateor Australia and Fayman International would become 100% owned subsidiaries and ANZ Exports would be 85% owned, Scales said.
Shares in Scales last traded at $5.70, having gained 52% over the past 12 months.
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