5 Dec 2018

Apple producer's underlying profit looks to be at top end

1:07 pm on 5 December 2018

Apple producer Scales has had a bumper year with a record export crop lifting profits to the top end of guidance.

Apples on trees in an orchard

Photo: 123RF

The company's underlying profit was likely to be at the top end, or slightly exceed, the current guidance range of $58 million to $65m, in the year ending December.

Managing director Andy Borland said it was an excellent performance for the group, with all business units performing well over the year.

"All businesses and divisions have traded very positively during 2018, and provide a high level of confidence as the group looks to execute our refreshed growth strategy," he said, adding there had been further increases in sales from the food ingredients operations.

The company completed the sale of its bulk liquid storage facility Liqueo over the year, with a conditional sale of the Polarcold facility, which was awaiting Overseas Investment Office approval.

Directors said profit guidance for the coming year was not available, pending the sale of Polarcold, with an update to the market expected to be made in February, if not sooner.

The company also planned to pay shareholders a interim dividend of 9.5 cents per share, which compared with last year's cash dividend of 9 cents.

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