Seeka announces six month interim results

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$30.8m net profit before tax – up 77% on six months to 30 June 2020.

Listed New Zealand produce company Seeka Limited, with operations in New Zealand and Australia, is pleased to report its unaudited interim results for the six months ended 30 June 2021.

“Seeka delivered outstanding customer service and excellent financial results to shareholders in the first six months of 2021,” says Seeka chief executive Michael Franks.

“Strong demand for our services contributed to record Group revenues of $224m in the six-month period; up 26% on June 2020. Importantly, we’ve delivered on our strategy to improve earnings, posting $30.8m net profit before tax for the period, up 77% on the pcp.

“Seeka continues to invest in our kiwifruit business, acquiring Ōpōtiki Packing and Cool Storage Limited (OPAC) in May. OPAC is an eight-million-tray kiwifruit operation that expands our service delivery to the Ōpōtiki, East Cape and Gisborne regions. OPAC is now integrated, synergy savings on target, and the business is set to make a full-year financial contribution in 2022.

“We have also made a significant investment into agritech, taking a cornerstone stake in the digital startup Fruitometry. Seeka’s investment will accelerate the development of smart orchard scanning technology that will help lift orchard production and realise supply chain efficiencies.

“Our New Zealand kiwifruit business is in a strong growth phase, and Seeka is investing $20m in capacity builds for harvest 2022, including a new automated packline and high- efficiency coolstores near Te Puke. These new facilities will improve labour use while providing us with post-harvest capacity through to 2024.

“Sustainability is a major focus and we are implementing strategies to minimise our environmental footprint. Our 2019 carbon footprint has been independently verified, and we’re defining performance baselines so we can set reduction targets and measure efficiency gains. Seeka is working to be an industry leader on reporting the impact of climate change and we are making real progress to reduce our emissions,” says Franks.

Read: Seeka announces an equity investment in Fruitometry

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