Full Year 2025 Scales Corporation Ltd Earnings Call Transcript
Key Points
- Scales Corp Ltd (FRA:S05) reported a record group performance with an underlying EBITDA of $91.7 million and an underlying NPAT of $53.6 million for 2024.
- The company achieved a significant increase in reported NPAT attributable to shareholders, up almost 500% compared to last year, reaching $30.7 million.
- Global Proteins division delivered a strong underlying EBITDA of $55.4 million, with Meateor Australia and Esro Petfood progressing well in their start-up phases.
- Horticulture division saw improved apple volumes, quality, and average prices, with a focus on premium varieties leading to increased margins.
- Logistics division achieved a record underlying EBITDA of $6.9 million, supported by higher volumes of ocean and airfreight.
- Revenue from Global Proteins saw an 11% drop, partly due to the winding down of Meateor International.
- The transition of Esro Petfood to profitability has been delayed, impacting expected earnings growth.
- Corporate costs saw a significant increase in the second half due to STI bonuses, which may not be sustainable.
- The logistics division's performance included a one-off impact from airfreight volumes, which is not expected to recur in 2025.
- The acquisition of Bostock orchards is expected to have a phased impact, with full benefits not realized immediately in 2025.
Thank you for standing by, and welcome to the Scales Corporation full year results call. (Operator Instructions) I would now like to hand the conference over to Mr. Andy Borland, Managing Director. Please go ahead.
Good morning, everyone. I'd like to welcome you to the Scales full year results announcement for the year ended December 31, 2024. With me is Steve Kennelly, Scales CFO; and Geoff Smith, our Chief Operations Officer. Earlier this morning, we lodged our results with NZX, including a slide pack that we'll base our comments on during this call. We'll run through the slides and then take questions.
If you've got further questions after the call, we'll be available for the rest of the day. In respect of an agenda, we'll go through the results and performance for 2024, then provide you with our current outlook for 2025.
Moving on to Slide 5, a summary of 2024's result. I'm delighted to report a record group performance with underlying EBITDA of $91.7 million,
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