Fresh produce company T&G Global has revised its FY23 loss before tax forecast to between $60 million and $67m, nearly double the assessment post Cyclone Gabrielle's damage last year. The company stated that the new forecast is due to complexities in the insurance claim from the cyclone damage in February 2023, causing delays in finalizing the insurance claim receivable value at balance date.
In May last year, T&G reported that Cyclone Gabrielle had severely impacted its Hawke's Bay plantings. CEO Gareth Edgecombe stated that about a third of the group's planted hectares were damaged by the cyclone, with 13% severely damaged and another 22% expected to be less productive in the next two to three years.
Despite the cyclone, most of T&G's orchards were not affected. Yet, Edgecombe warned that the cyclone would significantly impact the group's FY23 financial performance. The company has since implemented a cost-reduction program in response to the cyclone.
Source: nzherald.co.nz