T & G Global, the fresh produce company, has performed well so far this year, releasing its Interim Results for the first six months of this year.
Total revenue for the company was $645.5 million, operating profit was $15.0 million (37.6 percent higher than last year) and profit before income tax was $7.8 million.
"We're operating in an increasingly volatile environment, with ongoing supply chain disruptions, growing inflationary pressure, rising costs, macroeconomic geopolitical events and COVID-19 continuing to affect some of our key markets," said Gareth Edgecombe, T&G Chief Executive.
"This is against a backdrop of more frequent adverse weather events, as we saw with the heavy rain at the start of the Hawke's Bay harvest which extended the harvesting window beyond the optimal period. This, together with disruptions in shipping schedules, led to some quality issues and the late arrival of fruit into several markets. This made it a challenging start to the year."
"Over the last four years, we've repurposed $300 million through property and orchard sales to reinvest in our growth, including our $100 million state-of-the-art automated packhouse in Hawke's Bay, with the first phase due to be operational for the 2023 apple season. We've continued to make progress on our future-proofed orchard optimisation and improvement plans, including the planting of our premium Envy™ brand on automation-ready 2D structures."
"Over the last six months the team has put in a tremendous amount of effort to tackle the curveballs as they've arisen while at the same time keeping each other safe and putting in place the foundations to deliver our long-term strategy. Our strategy, together with our strong financial discipline, provides a clear pathway to deliver significant future growth and improved financial performance, and this will create a strong and sustainable business for the next generation," said Benedikt Mangold, T&G Chair.
