National kiwifruit volumes last season were down 6.7m trays at 25.67m and the carry-through impact reduced activity at Seeka’s post-harvest business, the biggest part of its operations and one of the biggest nationally. Post-harvest makes up about half of Seeka’s total revenues.
They slipped to $186.8m in the latest year from $191.3m.
The post-harvest share fell to $96.7m from $110.8m and operating earnings (Ebitda) were $22m, down from $26.78m.
The group had expanded and upgraded plant and equipment anticipating higher crop volumes, especially for the Gold variety, and the smaller crop meant the company was able to optimise plant and staff operation, chief executive Michael Franks said.
That meant growers benefited through lower fruit loss while operational efficiencies reduced costs.
The group’s orchard revenues were marginally higher at $48.5m and Ebitda in that division increased to $6.37m from $5.63m.
Seeka’s retail business is growing, with revenues at $24.29m, up from $16.8m, and Ebitda up about $1m to $2.92m.
The Australian business, based on kiwifruit and nashi orchards, is also growing, with Ebitda also about $1m higher at $2.25m. Another 60ha of kiwifruit area is being added to the orchard.
Seeka also sells avocado on behalf of growers, increasing volumes to a record 487,095 export trays from 225,656 a year earlier.
The financial statements include sales made as an agent on behalf of growers and suppliers and they took total turnover to $217.9m, down from $229.4m previously.
The directors say turnover is a useful measure of the group’s operating activity.
Operating cashflow for the year was $14m, down from $21.2m.
Total assets at balance date were $222m.
A 12c a share dividend will be paid on March 23, making a total of 22c for the year.
