T&G Global reports results, citing a volatile environment
Despite what the company called a volatile trading environment, New Zealand-based T&G Global reported near-stable revenue for the six months ending June 30.
Total revenue for the company remained largely constant at $645.5 million, compared to $652.1 million in the prior year, according to a news release.
Operating profit increased 37.6% to $15 million and profit before income tax increased 52.9% to $7.8 million.
T&G’s Apples business reported a decrease in revenue to $401 million, compared to $421 million in 2021, according to the release.
“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,” T&G Chief Executive Gareth Edgecombe said in the release. “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.”
Edgecombe said the company has invested in a $100 million automated packinghouse 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 optimization and improvement plans, including the planting of our premium Envy brand on automation-ready 2D structures,” he said in the release.
