T&G Global has released its interim results for the six months ending 30 June 2024 which show solid progress delivering its strategy as the Company continues to recover from the impact of Cyclone Gabrielle.
Total revenue for the Group increased 7% to $820.1 million, compared to $765.3 million in the prior year. Operating loss was $2.6 million, compared to a loss of $11.6 million in 2023, and there was a loss before income tax of $8.2 million compared to a loss of $21.4 million in the year prior. Net loss after tax for the period was $18.6 million, including a tax expense of $10.4 million. Tax expense as of 30 June 2024 includes a one-off, non-cash adjustment for deferred tax on buildings of $12.7 million, which relates to New Zealand Government legislation changes.
Chief Executive Officer Gareth Edgecombe said: "This season's apples are high quality, with great flavour and storability, however the lingering impact of Cyclone Gabrielle has reduced this season's Hawke's Bay apple volumes. While this is commensurate with the industry-wide experience, it has impacted our financial results. We have also experienced weak fruit and vegetable pricing in the domestic market due to plentiful supply combined with subdued consumer sentiment."
Notwithstanding this, T&G's Apples business increased its revenue 14% to $589 million, compared to $518 million in 2023.
"Our Apples strategy is focused on growing great brands and winning in key global markets, and we've invested significantly in the building blocks for our growth. In the last six months, it's been great to see the maturing of our Apples strategy," says Mr Edgecombe.
"It's the first full season for our new, highly automated Whakatu packhouse and it's operating at planned efficiency levels – and continuing to improve. In the coming years, we expect it to be a strong contributor to profitability as apple volumes increase. Likewise, our appointment of Kotahi to procure ocean freight has enabled us to realise savings and logistical efficiencies.
"To meet growing global consumer demand for our premium apples, we operate a dual hemisphere, multi-country growing strategy, and our 2023/24 North American ENVY™ apple crop was high quality. The brand is holding up exceptionally well in the challenging United States domestic market."
Revenue in T&G's Australasian business, T&G Fresh, decreased to $218 million, compared to $232 million in 2023. This was largely due to it being a difficult trading period in Aotearoa New Zealand with low demand and soft prices, and whitefly impacting tomato volumes.
Click here to read the full report.
For more information: 
T&G Global
Building 1, Level 1, Central Park
660 Great South Road
Ellerslie Auckland 1051
Aotearoa New Zealand
Tel.: +64 9 573 8700
Email: [email protected]