The NZ division of the global pizza franchise manages to skirt the rising costs and falling demand seen across the group.
The company is forecasting profit of up to $35m in 2024 – double that of this year’s guidance – as it leaves the impacts of Cyclone Gabrielle behind and leverages the global pet food boom.
Fonterra’s first quarter profit after tax is up 85% on the same time last year as the dairy exporter banks better margins across its portfolio.
Revenue and gross profit were up and so were payments to Australian owner Woolworths Group.
It’s a mixed bag from the investor’s food interests, with Rangatira saying in its interims that it’s committing more to kiwifruit, lobster’s “strong”, but it’s been tough for red meat.
The company expects an improved performance after a restructure of its Australian business and debt pile.
Craft beer importer and distributor Beertique NZ has gone into liquidation to become the latest casualty in the sector, which is suffering from rising costs and falling demand.
The Countdown owner’s bottom line comes under increasing pressure, with nearly $50m added to its finance bill alone.
Australia’s major supermarket groups are to come under scrutiny in a senate probe of their pricing and profits.
Cooks Coffee has been pushed into the red in the half year after taking a $4.8m impairment against the investment made into its shuttered Triple Two brand.
Synlait Milk has increased its forecast base milk price forecast for the 2023 / 2024 season to $7.25/kgMS from $7.00/kgMS.
Supply chain software business, TradeWindow, is opting to reduce its headcount by 40% to 48 people as the early-stage growth company looking for sustainable financial footing.
The baking behemoth that owns bread brand Tip Top and Big Ben created a top three category competitor when it acquired rival Dad’s Pies.
Savor has reported a net loss after tax of $421,000 for the six months to September 2023, up 80.3% on the loss it reported for the same period last year.
Mānuka honey specialist Comvita saw its share price dive more than 13% following an earnings downgrade.
The mānuka honey specialist says it will struggle to deliver its promised double-digit earnings growth in its 2024 financial year as demand in its core China and US markets softens.
Diversified wine business AFC Group says a 27% drop in revenue to $489,000 in its interim results was mainly due to a decline in overseas wine sales.
The latest results make for sober reading, with the meal kit company eating cost increases to grow customer numbers.
Its latest results show a bumper year for the global foodservice distributor in New Zealand, complete with a big uplift in its bottom-line performance.
Poultry group Inghams had an improved year in New Zealand contributing to its Australasian turnaround, with both plumper revenue and profit in 2023.
Speirs Group’s food division is moving on prices and products to help improve profitability, says executive chairman Lee Simpson.
Ebos has been granted a trading halt extension until market open on Tuesday, 21 November 2023.
Foley Wines chief executive Mark Turnbull says the company has come off the back of a record year to face uncertain trading conditions.
Meat company Alliance Group plunged to an after-tax loss of $70m loss in its results to 30 September 2023 as demand and prices softened.
Dual-listed Ebos Group is in NZX and ASX trading halts following it being linked to the purchase of TPG Capital-backed pet and vet group Greencross.
A2 Milk is expecting its earnings to stay on track for 2024 and would still reach its sales target of $2bn by 2026, despite deterioration in the Chinese market, according to managing director David Bortolussi.
Wine company Delegate Group is now expecting slower sales than last year, forecasting case sales of 3,614,000 cases for the 2024 year, down 1.7% on last year and 5.5% on previous guidance.
Food and beverage deals help lift overall activity to be “better than expected” for the period.
Burger Fuel Group will hold a special meeting of shareholders on Thursday 14 December 2023 to vote on its proposed return of capital.
The seafood company delivers lower profit on its best revenue in five years, and bats away questions over the abrupt departure of two directors.
ComCom says the deal, which turns Sealord into NZ’s largest seafood company, is unlikely to substantially lessen competition.
Grocery sales at The Warehouse were up 8.2% for the 13 weeks ending 29 October 2023, compared to its first quarter last year, bucking a trend of falling sales at the red sheds retailer.
Scott Technology’s ownership structure is staying as is – for the time being.
Sanford’s board has advises that Fiona Mackenzie will not seek re-election as an independent non-executive director at the seafood company’s upcoming annual meeting.
Indicative bids are in for Synlait’s consumer dairy business, however, they are reportedly short of the expected price-tag of around $130m.
Supply chain software business, TradeWindow, said its lender ASB Bank has extended the interim waiver on a lending covenant breached because of the nChain deal being delayed.
The 52-year-old business in Australia owes about A$50m – A$55m.
The transport and logistics company saw net profit for the period to 30 September drop 42.6% to $124.55m, reflecting a downturn in all its markets and across all its operations.
The two Foodstuffs co-ops are looking to merge, creating a $13bn grocery behemoth led by current FSNI boss Chris Quin.
Ngāi Tahu’s seafood business delivered an improved FY23 result despite the turbulent economic backdrop which contributed in-part to the poor year at its shrinking honey operations.
Good Spirits Hospitality is set to make its $600,000 shareholder payout on 5 December 2023.
Listed food industry supplier MHM Automation has received a $151.4m takeover offer from US-based Bettcher Industries priced at a more than 80% premium to its shareprice.
Cooks Coffee is to liquidate its Triple Two coffee franchise business, according to a note on UK’s Companies House which confirmed a voluntary liquidator had been appointed.
Fonterra has completed the sale of its Nestlé’s Dairy Partners Americas Brazil joint venture to French dairy company Lactalis.
TradeWindow says it is restructuring following the delay of its $11.1m deal with nChain to settle.
The dairy co-op says Neil Beaumont is leaving this Friday having only just starting in February.
Westland Milk Products says it is on track to match the $1bn of revenue and $39m profit it posted in 2022, despite a sluggish global economy and volatile trading conditions.
Good Spirits Hospitality is going ahead with a payout of $600k to its shareholders related to its asset sale, despite it being technically voted down via a conditional resolution last week.
Sanford has confirmed the $125m-plus sale of its inshore fishing business to Moana New Zealand has gone unconditional, and will likely settle today.
Burger Fuel has secured initial terms from the High Court for its proposed return of approximately $4.1m to shareholders.
Burger Fuel shareholders are in line for a $4m payout related to a proposed tie-up with Subway that never came to pass.
Refrigeration technology business AoFrio has downgraded its full year guidance on the back of global economic uncertainty impacting customers, including the residual effects from global supply chain issues.
TradeWindow is still looking for a payment from British technology company nChain after it unexpectedly failed to materialise earlier this month.
Woolworths Group CEO Brad Banducci says a difficult economic environment and a competitive landscape in NZ will dent its first half results.
Restaurant Brands has reported increasing sales in a third-quarter trading update, but there is no word on how its bottom line is faring following a first half when profit plummeted on rising costs.
Cooks Coffee has appointed RSM UK Restructuring Advisory as administrators to its Triple Two coffee franchise business.
The honey and VMS company is in talks with its lenders after warning that it is likely to undershoot its sales forecasts – with a capital raise and asset sales still on the table.
The NZ-owned firm has gone into voluntary administration in Australia, with a sale or restructuring the preferred options for the 53-year-old business.
New Zealand Coastal Seafoods has completed a restructure of its Christchurch seafood processing facility, to make it solely focused on toll processing for third parties.
Dunedin’s Scott Technology has posted a 21% jump in group revenue to $268m, in its full year results for the year ended 31 August 2023.
HelloFresh is performing better than Kiwi meal kit company My Food Bag in New Zealand, according to the German giant’s latest financial results.
Moana’s $125m-plus deal with Sanford was brokered in a very different economic environment, so how will the iwi-owned business navigate the current volatility?
Shareholders in troubled craft brewer Brothers Beer have agreed to support a restructuring of the group, which will see them make a $1m equity injection.
Good Spirits Hospitality’s lender has approved the distribution of a $600k dividend to shareholders following the sale of the company’s assets.
The salad company’s profit plummets as costs rise and there are supply shortages due to extreme weather.
A bumper harvest did not translate into a bumper profit for grape grower, which nonetheless delivered a solid performance in a year disrupted by Cyclone Gabrielle.
Fonterra has revised its forecast for the farmgate milk price range, with the midpoint going up 50 cents.
Southland processing company Blue Sky Meats has seen its profit normalise after a record 2022, and is banking this year’s substantially lower surplus in order to undertake capital investment.
The iwi is shutting down its honey operations in the North Island and will tap into The Mānuka Collective to support its South Island business.
Tatua Co-operative Dairy achieved record group income of $537m and earnings available for payout of $225m in the 12 months to July 2023.
Port Nelson has delivered a net profit after tax result of $7.7m for the year to June 2023, helped by record apple and wine exports.
The Overseas Investment Office has signed off Australasian poultry group Inghams’ purchase of New Zealand’s Bromley Park Hatcheries.
Good Spirits Hospitality will be no more after it completes the $20.7m sale of its eight operating venues to Brew on Quay.
TradeWindow’s debt pile is in the spotlight after an expected payment from British technology company nChain failed to materialise.
The Kellogg Company’s official split into two separate New York stock exchange-listed businesses, Kellanova and WK Kellogg Co, comes into effect today.
How much did Intersnack pay to take full control of the Nelson-based snack company?
The retailer’s CEO says measures to improve wholesale access in NZ’s $22bn duopoly-dominated grocery sector have not yet helped the red sheds.
A line in Synlait Milk’s account reveal the amount the dairy firm received after launching an $8.8m lawsuit over its Talbot Forest Cheese Co acquisition.
After a post-Covid bounce, the UK coffee chain franchise lost momentum, says Cooks Coffee, which is pushing on with its other brand Esquires.
The dairy company has listed a litany of factors that have contributed to its “poor” financial performance.
CEO Miles Hurrell says a sale of the NZ consumer business is not on the cards, despite a dire year, so what else did he and his CFO have to say about the embattled division?
Profit rockets 170% to $1.6bn but no thanks to its consumer division, which plunged to a $164m loss on the back of brand write-downs.
Salmon farmer made the most of improved operations and strong demand for salmon in the first half, with a profit of $10.6m – quite the turnaround from last year’s $24.5m interim loss.
Global drinks company Pernod Ricard is revisiting a potential sale of its Australian and New Zealand wine brands – a divestment it explored in 2019.
Sealord’s proposed purchase of Independent Fisheries is the largest seafood deal in NZ in 30 years – how did it come about and what does it mean for the Nelson-headquartered business?
Synlait Milk shares are hovering around $1.19 in trading today, after falling more than 9% to $1.16 at market close yeseterday.
Synlait Milk is disputing that its major customer, A2 Milk, has the right to cancel its exclusive arrangement after said notice was given on Friday.
An acquisition of the Christchurch-based fishing business would make Sealord the country’s biggest seafood business.
Majority owners Navis Capital is reviewing its ownership of the egg producer, which could result in a $400m-plus sale.
The QSR group is looking at options to continue expanding its footprint in NZ after new franchisee demand dwindles in the tough economic climate.
Fonterra plans to slim down its board from 11 to 9 seats.
Distribution business Freightways says it is on track to be admitted to the ASX on Tuesday 12 September 2023.
A new list of the world’s richest food and beverage billionaires has been published, with China’s Zhong Shanshan topping it.
The global dairy giant’s new GM of NZ and Aus, Kathy Cavill, fills the gap left by former boss Rodrigo Lima.
There has been a reshuffle at the top of Rabobank’s annual ranking of global dairy firms as currency fluctuations, inflation and pricing come to the fore.
Fonterra plans to cut $1bn off its operating costs by 2030, according to chief executive Miles Hurrell who said the plan had been in development since late last year.
The state-owned farming company is preparing “to head into a challenging cycle”, scrapping its full-year dividend and downgrading its net operating profit forecast.
New Zealand Coastal Seafoods’s 100%-owned subsidiary Nine Ocean Fisheries has secured a debt facility with the National Australia Bank for the aggregate sum of A$1.9m.
The embattled honey and VMS company is looking at the sale of assets or raising new capital after another punishing year keeps its balance sheet under pressure.
Move Logistics has fallen to a $7.2m net loss after tax after a significant slowing in its freight division.
MHM Automation, which services the global dairy, meat, horticulture and food processing sectors, delivered a 107% increase in operating EBITDA to $9.87m in the year to 30 June 2023.
Marlborough Wine Estates has followed its peers in growing its export sales, as well as seeing its bottom line shrink at the hands of rising costs.
Good Spirits Hospitality is on track to complete its $20.7m conditional sale to Brew on Quay in the fourth quarter, having received sign off from its lender and 24.99% owner Pacific Dawn.
Grant Thornton is to succeed PricewaterhouseCoopers as Seeka Limited external auditor after 16 years.
The QSR operator says it is pulling out all the operational stops to improve profitability, as the economic environment hampers cost recovery through price rises.
The winemaker reports strong growth in revenue and eyes further opportunities in the US, particularly for Oyster Bay.
Milford Asset Management has sold down its ‘substantial holding’ in meal kit company My Food Bag.
Bill Foley’s wine company says paying a dividend on top of $10m capex would expose the business to debt “at a time of extremely high costs of borrowing”.
Lower catch volumes thwarted Sanford in Q3 as strong pricing persisted, while its inshore fisheries continued to drag its wildcatch division and productivity problems plagued its new bioactives plant.
Woolworths Group CEO Brad Banducci says “the short-term outlook remains challenging” in New Zealand, after earnings fall by a fifth.
The diversified agribusiness’ growing protein division propped up its interim results as horticulture and logistics performances fall due to extreme weather events.
Seeka remains on track for a full-year loss of between $20m – $25m this year after a punishing period for its foundation kiwifruit business.
Healthcare and pet products company Ebos added 23% to its underlying net profit after tax to deliver a record result of $281.8m.
Zespri’s net profit after tax is expected to be between $155m and $175m, including licence release income, for FY24.
The honey company says all of its market segments have reported double-digit revenue growth, with Greater China breaking the $100m mark for the first time.
The dairy company delivers a 27% jump in net profit but warns that challenging conditions in its largest market will continue into 2024.
New capacity in Freightways’ temperature-controlled network will be a “game-changer” after a year marred by Cyclone Gabrielle and Cook Strait ferry disruption, according to the company’s bosses.
Livestock Improvement Corporation has downgraded its expected underlying earnings for 2023-24 as a result of the reduced farmgate milk price range and uncertainty in relation to farmer spending.
The meal kit company is consolidating into one Auckland DC as part of a focus on costs, but says demand has stabilised in recent months.
Wellington-founded foodservice firm Wishbone is the latest food business to succumb to an environment of rising costs and squeezed profit.
Treasury Wine Estates has entered into a contract to purchase vineyard assets in Australia and New Zealand for approximately A$50m ($54m), according to its annual report.
Christchurch biotechnology company PharmaZen reported a disappointing result for the six months to 30 June 2023, following significant staffing issues in the first quarter.
There are concerns that Labour’s proposed GST removal on fruit and veges could divert resources from the newly-established grocery watchdog’s main mission.
An extra $20m in sales was not enough to offset a frothy increase in expenses at the Heineken subsidiary.
Fonterra’s $50m share buyback programme will commence on 18 August 2023 and is expected to continue until 13 August 2024 as part of the co-op’s ongoing capital management programme.
Fonterra expects to end the year at the top end of its forecast earnings range of 65-80 cents per share.
Fonterra has confirmed the key dates for its capital return after receiving final orders from the High Court sanctioning its farmer-approved scheme of arrangement.
Auckland craft brewing and hospitality company Brothers Beer has been placed in voluntary administration after being unable to shake off the impacts of Covid-19.
Rising input costs, particularly for ingredients and wages in NZ, are hitting Restaurant Brands’ bottom line.
But the company says the long-term outlook for fresh produce remains positive.
Suntory Oceania brings together spirits and alcoholic RTD business Beam Suntory with Frucor Suntory by 2025 in Australia and 2026 in NZ.
Good Spirits Hospitality is asking its lender to permit a payout to shareholders from the proceeds of its sale, even though its disposal price is less than its debt pile.
Good Spirits Hospitality’s Geoff Tuttle and Nourish Group founder Richard Sigley are part of the group buying the nine-strong portfolio.
Board member Craig Ellison shifts into the role of interim CEO as the hunt for a replacement begins.
New Zealand Coastal Seafoods is turning its focus to ramping up its Australian activity after ticking off a number of milestones in the June quarter.
The sale of brands developed in NZ and Australia results in a big windfall for the Kiwi division of the Coca-Cola bottler.
Fonterra is allocating $50m to start an on-market share buyback programme next month.
Farmers have voted in favour of Fonterra’s capital return scheme.
Supply chain technology company TradeWindow says it has concluded a strategic agreement that will see UK-headquartered technology company nChain take a 19.99% stake for $11.1m.
Blis Technologies delivered revenue growth of 18% and a break-even EBITDA result for the first quarter ending 30 June 2023.
The NZ division of global confectionary giant Mondelēz delivers a second year of sales growth but joins other FMCG players in suffering rising costs, including restructuring.
A 34-year Fonterra veteran is taking up the top job as chief executive officer of Ballance Agri-Nutrients.
Mainfreight says it is adopting a more prudent approach to cost management and will remain sales-focused in the face of an incoming slowdown.
The honey and VMS company is slashing hive numbers to below 2,000 in a further scaling back of the 18,000 hives it acquired with King Honey.
Fonterra has pushed back it’s upcoming special meeting to approve its proposed capital return.
Foodstuffs North Island’s wholesale foodservice distributor, Gilmours, also saw a strong FY23.
Breakfast giant Kellogg counted the cost of offshore manufacturing in its 2022 financial results.
Administrators have been appointed to fledgling Waikato dairy processing business Happy Valley Nutrition.
A drive to value and the tourist trade support sales at Pak’nSave and Foodstuffs’ foodservice distributor Trents.
Good Spirits Hospitality has received final bids as part of the sales process for its nine-strong portfolio of venues.
Comvita makes good on its pledge to consolidate ownership of the mānuka honey sector, buying Singapore’s HoneyWorld.
Mrs Higgins produces a range of premium oven-fresh bakery products from its retail outlets as well as packaged cookies for the grocery channel.
It joins a number of other food stakeholders opting for green finance, including Yealands, Pāmu, and T&G Global.
The acquisitive foodservice company continues to expand, this time picking up a Tegel subsidiary in Wellington.
Marlborough Wine Estates Group has completed the 2023 vintage with volumes up 1.7% on the 2022 vintage and in-line with pre-vintage expectations for the 2023 vintage.
Cooks Coffee is expecting strong store growth in the 2024 financial year, after a year marred by supply chain disruption which also saw its financial performance dip.
Rangatira Investments has reported a net profit of $20.4m for the year to 31 March 2023, up 122% on the previous 12 months.
The NZ drinks business falls to a $38m loss after racking up costs associated with its exit from the chilled juice category.
My Food Bag’s application to de-list from the Australian Stock Exchange has been accepted.
The kiwifruit exporter is undertaking a review and restructuring all of its business units after forecasting a deep full-year loss.
Lower licence income and lower supply volumes are forecast to depress Zespri’s profit even further in the year to 31 March 2024.
Good Spirits Hospitality is expecting final bids shortly as part of the sales process for its nine-strong portfolio.
Scott Technology will conduct a strategic review of its ownership structure following discussions with its major shareholder JBS Australia.
Foodstuffs no-frills supermarket banner Pak’nSave moved from fifth to third in this year’s Kantar Corporate Reputation Index.
The company tells the Ticker that it has been going through a period of restructuring.
The company has sold the US and Canadian operations connected to Michael Erceg’s Independent Liquor.
Fonterra has outlined plans for its proposed $800m shareholder capital return, following interim orders by the High Court.
The West Coast dairy company buys out its partner’s 60% stake in the loss-making infant formula joint venture.
Global ice cream company Froneri’s recent headway made at the operating level in New Zealand has melted away, after a tough 2022 saw it streamline its product range to combat supply chain disruption.
McDonald’s Restaurants’ New Zealand business saw revenue jump to $304.99m in the year to December 2022, up 21.3% from the previous year.
Scales Corporation has global ambitions for its pet food division, managing director Andy Borland told shareholders at the agribusiness’ annual shareholders meeting, including expanding into Europe.
Its latest results come in the same month that the company completes its exit from New Zealand’s pie category.
The decision to divest the consumer cheese businesses comes four years after investing around $150m to acquire them.
Scott Technology secured new food company contracts in the third quarter, supporting its continued momentum following strong first-half results, according to the company.
Synlait Milk has reduced its forecast base milk price for the 2022/2023 season by 10 cents to $8.20/kgMS.
Zespri International delivered a 34.1% drop in annual profit after what was one of its “toughest-ever seasons”, says chief executive Dan Mathieson.
Burger Fuel Group has reported a preliminary net profit after tax of $900,418 for the 12 months to 31 March 2023, up 56.3% on the previous year.
Auckland-based international coffee cafe chain Cooks Coffee has reported a preliminary net loss before tax of $3.2m for the year to 31 March 2023, down from last year’s $0.34m profit.
Revenue jumped around 40% as sales skyrocket across all three of its channels in NZ.
The dairy co-op posts an almost threefold increase in third-quarter profit, although its consumer division is still in the doldrums.
Mainfreight posted an 8.8% increase in revenue to $5.68bn in its annual result, with a pre and post-tax profit both up 20% to $587.4m and $426.5m respectively.
Auckland hospitality group Savor’s revenue rose 70% to $52.4m for the year to March 2023, with EBITDA also jumping 70% compared to the previous 12 months to $5.2m.
Zespri says it is now unlikely it will procced with a listing on the New Zealand Stock Exchange this year.
Probiotics manufacturer Blis Technologies has delivered revenue of $10.2m, 14% growth on the prior year, with an EBITDA loss of $0.6m and a net deficit of $1.4m.
The CRI is receiving a capital injection of up to $28m from the govt – its first recapitalisation “in living memory,” according to departing CEO David Hughes.
A poor mānuka honey harvest more than doubles Me Today’s expected write-down.
The proposed long-term arrangement turns the profit-dragging operations into a lower-risk revenue stream, says Sanford CEO Peter Reidie.
The meal kit company’s profit falls 60%, leading it to cut headcount and delist from the ASX as it scrambles to reduce costs.
A write-down required following an assessment of Cyclone Gabrielle damage will push the apple exporter to its second annual loss running.
The under pressure Auckland hospitality group reports “good interest” from potential buyers as the sales process for its nine-strong portfolio grinds on.
The Australia-based poultry group says the deal would help avoid potential disruption of chicken meat in NZ, where it is the most popular animal protein available to consumers.
The Christchurch biotechnology company delivers a strong post-Covid turnaround in 2022 despite battling supply chain snarl-ups and labour shortages.
Food franchisee Restaurant Brands said it has a single, consistent Enterprise Resource Planning system for the first time, after implementing new software solutions from German company SAP.
Good Spirits Hospitality has pushed back its debt interest payment date by another week.
CPG giant’s New Zealand operations face down economic headwind to keep up the growth momentum that started in 2020.
M&A activity in NZ remained steady in the first quarter despite economic headwinds, according to PwC, with some high-profile food players spicing up activity.
The Australian plant-based manufacturer of Flora appoints a new sales and distribution partner in NZ as it embarks on the “next phase of its journey” in Aotearoa.
The global food ingredients giant sees good growth in NZ turnover but increased expenses eat into its bottom line.
Inflation drives growth although the extreme weather over summer hurt online sales at Woolworths’ NZ Food business.
Lenders to Good Spirits Hospitality have once again deferred a March quarter interest payment, as it pursues a sale of the business.
The mānuka honey exporter credits its break-even harvest model for seeing it through the challenging season, which has seen volumes fall sharply.
DB Breweries has completed a deal which creates what it says is the largest hospitality group in the country, Star Hospitality.
The company’s share price fell 27% on the NZX on Wednesday after an earnings guidance downgrade.
After a two-day trading halt, the dairy company says at worst it could end up $5m in the red after further reduced demand from “one of its customers”.
A2 Milk says it is “surprised at the extent of the reduction in Synlait’s guidance range,” and gives its own update on its full year outlook.
New Zealand Q1 sales jump 9.2%, with Australia delivering the best regional numbers for the QSR group.
Synlait requested the halt “to provide it with additional time to properly consider new information it has received which may require it to revise its previously issued guidance to the market.”
The produce exporter warns that a poor harvest could tip into an operating loss.
Board nominations are open for the New Zealand Food & Grocery Council.
Zespri intends to halt trading of its ZGL shares on share trading platform Unlisted Securities Exchange (USX) from 5pm Friday 28 April 2023.
Ryder joined the NZKS board in 2009. He will depart at the company’s AGM on 14 June.
Terra Vitae has reported a harvest of 5,219 tonnes for its 2023 vintage from its Hawke’s Bay and Marlborough vineyards.
Automation equipment maker Scott Technology delivered a 65% increase in first half profit following higher sales and margins.
It included $5.6m in goodwill for the premium cracker brand, with a significant revenue and profit bump following.
Scales is expecting an underlying net profit of between $14 – $19m in 2023, according to reinstated guidance.
The Japanese drinks giant has appointed Asahi Beverages New Zealand the on- and off-premise distribution contract previously held by rival brewer Lion New Zealand.
The loss-making Hawke’s Bay business is shutting with the impacts of Cyclone Gabrielle the final nail in the coffin.
TradeWindow says its signalled staff cust will come in at the lower end of the 25-35 range provided in March.
The company’s owner says its liquidation has no impact on the government-backed Sustainable Foods business that he leads.
Dunedin probiotics company Blis Technologies has upgraded its revenue and earnings guidance for the financial year ended 31 March 2023.
The company is the latest food and drink manufacturer to close due to input inflation and shrinking margins.
The ready-to-eat meal manufacturer is being liquidated, with no white knight having emerged following its administration in January.
US billionaire Bill Foley is handing over the reins at his wine company to make more time for the UK football club he recently bought for £120m.
Good Spirits Hospitality has been given extra time from its lender to make an interest payment as it continues with an asset sell-down.
Silver Fern Farms grew its annual profit 82% last year, triggering a $250m investment programme which will likely see an expansion of its carbon-zero products.
Fonterra has completed the sale of its Chilean Soprole business to Gloria Foods – JORB S.A.
Supply chain technology company TradeWindow has agreed to sell a 19.99% stake to strategic investor nChain for $11.1m.
Scales says it is expanding its pet food and ingredients capacity in the US following strong growth in the global proteins market.
The company returns a slim profit and improved cashflow after revamping its fish farming operations to combat mortality.
Globally, around a third of the food giant’s sales comprise products falling at the lower end of the Health Star Rating scale.
Fonterra’s flexible shareholding capital structure comes into effect today, after two years of development.
“Implementing SAP was the right decision, however, our readiness was not where we needed it to be,” says CEO Grant Watson.
Grocery sales for 1H23 jumped 34% at the red sheds, driven by consumers seeking value.
“The biggest contributor to increasing revenue has been our high-value product strategy and to some extent high global commodity prices” – CEO Richard Wyeth.
Market Gardeners has bought Warkworth-based capsicum hothouse operation, Southern Paprika Limited.
State-owned enterprise Pāmu, also known as Landcorp Farming, has downgraded its net operating profit full-year forecast from $55m to now come in between $34m – 44m.
The Heineken-owned brewer is increasing its interests in the hospitality sector in a deal that will create a new 55-venue hospitality group.
Synlait Milk has released a FY23 net profit after tax guidance range of $15m to $25m.
The co-op says a strong performance from ingredients and a recovery in foodservice more than offset ongoing challenges in its consumer business.
Fonterra wrote down the value of its New Zealand and Asian consumer brands by a total of $162m in the first half of FY23 as it battled higher input costs and ongoing pressure on margins.
My Food Bag’s largest shareholder, Waterman Fund 3 LP, is transferring its 15.7% shareholding in the meal kit company to a new limited partnership to be known as Long Term Food Group.
TradeWindow is looking to reduce its headcount by up to a third, as part of proposed cost reductions to reduce cash usage to a more sustainable level.
Synlait Milk has reduced its forecast base milk price for the 2022 / 2023 season to $8.50/kgMS from $9.00/kgMS.
The mānuka honey company’s Caravan Honey venture has US$2.5m with the failed Silicon Valley Bank, which it cannot access.
Former Beef + Lamb New Zealand and special agricultural trade envoy, Mike Petersen, is to become chair of Scales Corporation.
Ingredient manufacturer SeaDragon has delisted from the USX.
On International Women’s Day, the Ticker takes a look at some of NZ’s largest food companies to see how female board and executive representation stacks up.
The latest results of the NZ division of the global pizza chain franchise are a story of impinging food price inflation, but that isn’t deterring a big recruitment drive.
Global food ingredients innovator Azelis has snapped up a Kiwi speciality distributor with a network of more than 200 strategic principals across Australia, New Zealand and the Pacific Islands.
Kiwifruit specialist Zespri is reshaping its leadership team, elevating its global territory executive officers to presidents in addition to recruiting for a chief operating officer.
New Zealand Coastal Seafoods has completed the acquisition of Australian seafood fishing and wholesale export business, Nine Ocean, via a share purchase deal.
For the Gisborne business, the big issue is the impact on infrastructure and how long it will be out, and the cash burn in the interim.
The honey and VMS company’s H1 results attracted more red ink as it worked through the restructure of its honey operation and continued investing to build its sales pipeline.
The company suffered from ongoing pandemic disruption and a poor year for its powerhouse apples division.
Sales were up, but profit was down with Covid-19 costs giving way to inflation squeezing earnings.
The new financial year started ahead of expectations for the hospitality group, with improved sales helping it trim its half-year loss.
Marlborough Wine Estates has reported a net loss after tax of $247,276 for the six months to 31 December 2022, up 27% on the $339,965 loss made for the previous corresponding period.
Hospitality group Savor says it has successfully completed its fully underwritten capital raise to shareholders.
Zespri has reduced its net profit after tax forecast for the year to 31 March 2023 to $217m – $227m.
TradeWindow says it has raised $5.4m in its discounted non-underwritten capital raising, well short of the $20m it was seeking.
The refrigeration technology business said that during FY22 it launched via a channel partner its first foodservice offering and in December it received its first order from a global ice cream company.
Both companies increased global case sales in a strong first half, although they grew demand in different parts of the globe.
New Zealand’s largest seafood company has offered a glimpse of post-Covid trading, which shows strong seafood pricing but also lower volumes.
A tough trading environment featuring higher costs and lower sales was evident in Woolworths’ interim results, with earnings from its NZ business dropping sharply.
A record performance from its global proteins division has more than offset challenging horticulture sector conditions, pushing through a solid full year result at Scales Corporation.
Produce handler and exporter Seeka was hit by a smorgasbord of disruption in 2022 borne out in a 56% drop in net profit in its full year results.
Mānuka honey company Comvita has delivered a barnstorming set of interims results setting records for a 61% increase in operating profit to $11.6m in the six months to 31 December.
The latest estimate from Zespri indicates that around 70% of the kiwifruit producing area in the Hawke’s Bay and 25% in Gisborne suffered moderate-to-significant damage from Cyclone Gabrielle.
Australasia’s Ebos benefits from a strong pet food market, while Just Life grapples with wage, cost and interest inflation.
Comvita will likely write off its Hawke’s Bay honey facility, while Delegat and Terra Vitae gain access to their sites.
Costco Wholesale New Zealand Limited reported a $12.5m loss for the year to 28 August 2022 but it opened its doors to Kiwi shoppers a month after the end of that period.
The dairy processor navigates a “very challenging market” to deliver double-digit interim earnings and revenue growth.
“Of our group operations, the material impact at this time is to Mr Apple’s orchards,” the company says, withdrawing its 2023 profit guidance.
Big Chill revenue rose 5%, contributing to a 28% jump in revenue in Freightways’ express package division.
Pāmu’s first half net operating profit was $15m for the half-year to 31 December, compared with a loss of $1m the same time last year.
“Trading in FY23 has remained challenging, with inflationary pressure on households and low consumer confidence resulting in more subdued demand,” says boss Mark Winter.
Dunedin probiotics company Blis Technologies delivered revenue growth of 24% and a positive EBITDA result for the third quarter ending 31 Dec 2022.
Synlait is moving to one of the last steps in its Chinese infant formula re-registration.
Treasury Wine Estates posted a 17% increase in reported EBITS to $307.5m in the half year to 31 December 2022.
The Connecticut-headquartered company has enlisted investment bank JP Morgan to explore a sales process for the company, which could fetch an estimated US$10bn.
Trade Window is extending its offer of new shares until 5pm Friday 24 February.
The salmon exporter is forecasting an improved FY23 after stronger than expected harvest, good sales and tight cost control – although it will remain in the red.
Zespri is bringing forward its June loyalty payment to next week.
Logistic company Mainfreight is on track for a “satisfactory” improvement in its full year results to 31 March 2023, but warned of softening revenue and profit before tax levels for both the USA and Asia.
Pāmu has signed a signed a second sustainability-linked loan, this time for a $20m facility with ANZ.
The Auckland-based distributor adds the Australian food manufacturer’s spreads, including Vegemite and Bega Peanut Butter, to its portfolio.
Zespri says it is reducing its corporate costs following the lack of progress payments to growers in February.
New Zealand Coastal Seafoods says sales for the three months to December 2022 rose to $1.24m, up 58% on the same period a year earlier.
Auckland hospitality group Savor said it made a minor miscalculation when determining the share price for its upcoming $3.25m rights issue.
Voluntary administrators have been appointed to Wellington food manufacturer Rosa Foods – a company linked to the chief executive of alternative protein player Sustainable Foods, Justin Lemmens.
“The group is now well positioned to accelerate its growth through existing and new venues, as well as exploring M&A opportunities as they arise,” says Savor.
Fonterra has signed a five-year contract to install Eroad fleet management hardware across its fleet of 500+ milk tankers.
“The business environment at present is tough,” says Speirs Foods executive chair Lee Simpson, warning of continuing difficult trading conditions ahead.
New Zealand delivered the best annual sales growth across the quick service restaurant heavyweight’s four geographies.
MD Cara Liebrock is promoted to the US, with a new boss from Goodman Fielder appointed to lead the global snack giant’s New Zealand business.
The hospitality group is on the way to its $70m revenue milestone next year, after a record December at its key restaurants, including the newly-opened Bivacco.
Dunedin-headquartered manufacturing technology company Scott has landed a number of new key contracts, including one with global retail giant Costco Wholesale.
CEO Mark O’Donnell on why he’s aiming for such an ambitious harvest and how he sees costs and prices evolving in the year ahead.
The New Zealand operations of AB World Foods – part of global food manufacturer Associated British Foods – reported an A$33m increase in revenue last year.
There has been a sharp deterioration in business sentiment and activity, according to the latest NZIER Quarterly Survey of Business Opinion.
Dual-listed Cooks Coffee Company has reported strong sales across its UK coffee chain for the year to 31 December 2022.
TradeWindow is planning to raise up to $20m via a non-underwritten capital raising to drive growth, scale and profitability.
New Zealand Coastal Seafoods has reported current first half-year sales between July and November 2022 of $2.08m.
Multinational alcoholic beverage company Diageo will take a small but much improved contribution from its New Zealand operations in 2022, after a 57% rise in pretax profit.
The company is preparing a 2023 capital raise to drive expansion and help lift annual brewing capacity to five million litres.
Fonterra and Nestlé are selling their Dairy Partners Americas (DPA) Brazil joint venture to French dairy company Lactalis for BRL 700m, which is approximately NZ$210m, subject to transaction adjustments.
The consortium of investors buying out SeaDragon’s minority shareholders has confirmed it now has control of “90% or more” of the voting rights in the fish oil refining company.
The Australian-based pasta maker has reported significant increases in its New Zealand profits during the pandemic.
Pāmu has established an independent sustainability panel.
The fruit snacking business has largely operated at a loss since Kono bought it out of voluntary receivership in 2014.
Diversified agribusiness group Scales has confirmed its 2022 underlying net profit attributable to shareholders range of $23.5m to $28.5m “remains achievable.”
Cookie maker Mrs Higgins endures a “challenging” six months that saw its margins come under pressure, prompting a price rise.
Fonterra posted an 84% jump in normalised profit after tax in the first quarter, off the back of a strong margins in protein portfolio – particularly for casein and caseinate products used in medical nutrition.
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The company’s latest results tell a familiar food sector story of rising costs eating into profit, with revenue relatively flat in this case.
Delegat is on track to achieve full year sales growth to 3,672,000 cases in FY23 delivering a net profit in the $60m to $64m range, shareholders were told at its annual meeting yesterday.
Growing its foodservice business is one of Synlait seven key priorities for 2023 as it looks to increase its revenue to more than $2.5bn in the next five years.
Countdown owner Woolworths New Zealand saw its pretax profit slump even as revenue rose more than 6%, with increasing costs putting the squeeze on the retailer.
Cooks Coffee Company has seen profit from continuing operations climb 14% to $146k in the half year to 30 September.
One New Zealand BurgerFuel store lost 52 lost trading days in the six month period due to staff shortages.
Fonterra has confirmed that its new flexible shareholding capital structure is set to be implemented in late March 2023.
Hospitality group Savor has posted a half year loss of $2.1m in the six months to the end of September, going further into the red that the $753k of the same time last year.
Zespri’s forecast range of corporate net profit after tax for the year ending 31 March 2023 is $225m to $235m, including licence release income.
Dunedin technology company Scott has a record $190m in forward work in its sales pipeline, according to chief executive John Kippenberger.
The beverage company manages to rebuild its profit in 2021 even as a second year of Covid-19 disruption saw sales decline year-on-year.
Good Spirits Hospitality has launched a review of its strategic options after reaching a post-pandemic “crossroad”, according to chair Matt Adams.
A representative for SeaDragon shareholders has acknowledged the receipt of intention to make unsolicited offer from the major shareholders’ newly formed Sheldon vehicle.
Major investors team up to make an unsolicited offer to take control of the loss-making ingredient manufacturer.
The meal kit company is mulling a multi-million dollar move to improve efficiencies in its North Island operations, as part of plans to shore up its waning performance.
A2 Milk presented a slightly improved outlook to shareholders for its 2023 annual results, albeit currency volatility could still come into play.
Just Life Group has downgraded its first half net profit forecast due to stock outs in the supply of health supplements, as well as a slowdown in new build homes hitting its healthy homes division.
The meal kit company’s interim net profit falls 38% as costs rise and sales drop.
The co-op says it “remains committed to targeting a significant capital return” following the deal.
Red meat co-operative Alliance Group has announced a record pretax profit of $117m for the year ending 30 September 2022, up 186% year-on-year.
Marlborough Wine Estates said its growth focus in 2023 revolves around the further premiumisation of its branded wines, which include the Otu Estate and Music Bay labels.
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Since launching in 2014, the platform has raised tens of millions of dollars for food and beverage manufacturers and grocery retailers.
A rapid deterioration in the quality of its Envy apples and poor Northern Hemisphere trading could see the listed grower fall $5m into the red.
Sanford has posted an improved set of annual results, boosted by the $50m sale of its crayfish quota, as it moves closer to its pre-Covid performance.
Kiwifruit specialist EastPack intends to raise $30m via an issue of five-year subordinated notes to New Zealand investors.
Move Logistics Group has said that following an unexpected contract loss of circa $14m revenue, full year results for its freight division will be below expectations.
Demand is shifting from premium categories to essentials like groceries as cost of living pressures grow, leading to spike in sales.
Dunedin probiotics company Blis Technology has delivered a 10% increase in revenue to $4.3m in the six months to 30 September, but remained in the red.
“We continue to be confident of trading conditions for the remainder of the financial year, albeit cognisant of economic headwinds and declining seafreight rates and volumes leading into the new year,” the company said.
A2 Milk has appointed the former chief executive officer of dairy company Yashili, Chopin Zhang, to the new executive leadership team role of chief supply chain officer.
Horticulture technology research organisation PlantTech Research is being put into liquidation by its shareholders, according to chair Mark Gilbert.
A2 Milk has started its on-market share buyback across the New Zealand and Australian stock exchanges targeting 5% of its stock.
Its struggling honey firm Oha books $22m in write downs and impairments after a tough year.
Lower sales and higher wages could see Countdown’s half year earnings slashed by 50%, according to parent Woolworths.
Cooks Coffee Company has completed its dual listing on the Access Segment of the Aquis Stock Exchange Growth Market in the UK with trading to start there on Wednesday 2 November 2022.
New Zealand Coastal Seafoods generated cash receipts of just over $1m during the third quarter to the end of September 2022, up from around $240,000 in the June 2022 period, and an increase of 7.6% on the previous corresponding period.
A new majority owner for Waiheke Island’s Stonyridge Vineyard has plans for export growth.
New Zealand King Salmon’s chief executive of 13 years has resigned just weeks out from a crucial decision on its application to develop the country’s first open-water salmon farm.
Silver Fern Farms Co-operative is paying out an $11.2m interim dividend to shareholders – reflecting 10.1 cents a share.
Scales Corporation has completed its A$27m investment into two deals in Australia to scale up its newly named global proteins division.
The pet food company’s first accounts since its $1.5bn takeover reveal just how much revenue it generates, and which costs have jumped by close to 50%.
The Japanese-owned group’s exit of the chilled category affects the Simply Squeezed, Supreme and Bay Harvest brands, which are only sold in New Zealand.
Good Spirits Hospitality has appointed Tonnant Partners as its transaction advisor.
The sustainability linked loan of up to $96m from ASB is to “support growth plans” at the Blenheim-based winemaker.
The arrival of the brands, which includes TGI Fridays, follows a deal with London-based World Franchise Associates.
New store openings, foreign exchange wins and lower levels of Covid-19 disruption have helped Restaurant Brands to solid third quarter sales of $322.2m, albeit with a mixed bag across markets.
A deal for Yealands will follow two other separate industry transactions underway for New Zealand wine businesses.
Mainfreight first half performance is on track to come in ahead of expectations, with its revenue forecasts jumping 32.5% to just over $3bn.
A2 Milk says it is reviewing the company’s remuneration practices to align its Australia and New Zealand executive packages and shareholders’ interests and expectations.
Transport group Move Logistics says it is expecting to come in ahead of last year’s underlying EBITDA from continuing operations of $54.3m.
Automation and robotics company Scott Technology saw strong revenue growth from its meat processing business during the year to August 2022.
Palliser Estate has managed to stay in the black despite what it says was one of its “most challenging years ever” but has signalled a new business model in the pipeline.
The dairy company raids Fonterra’s senior ranks to appoint a director of advanced nutrition and a director of strategy, innovation and corporate.
Fonterra has released a Sustainable Finance Framework.
The drinks company is preparing to exit the category and is in consultation with staff at its Napier factory where Simply Squeezed is manufactured.
Biotech company Greenfern has opened its rights issue.
Pāmu’s burgeoning consumer food division saw its income jump, with new deer milk products launched and in the pipeline.
While many kiwifruit growers are still counting the cost of recent frost on their crops, NZX-listed exporter Seeka made an early assessment of the damage to its fruit.
Christchurch-based NZCS says it is a “unique opportunity” to establish an Australian base.
The meal kit company brings Mark Powell aboard and preps for CFO Mark Winter to become acting CEO when Kevin Bowler departs on Friday.
The salad supplier posts a hard-won improvement but changing consumer preferences and increasing costs take a toll.
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Canary Foods says the deal will give it “even greater access to international markets”.
After raising and borrowing more than $7m over the past two years, SeaDragon says it is seeing signs of promise in its value-add plan.
Good Spirits Hospitality has negotiated new terms in relations to its $27.5m debt pile from lender and shareholder Nomura, but has been given a deadline for M&A or an equity deal too.
Manuka honey specialist Comvita has laid out a bullish forecast at its annual shareholder meeting, in contrast with Me Today, whose troubled acquisition of King Honey continues to drag the business.
Multinational giant Nestlé pays hundreds of millions to acquire the owner of the Egmont Honey and GO Healthy brands.
Terra Vitae Vineyards has reported a record total harvest value of $12.7m on the back of its largest ever harvest of 5,633 tonnes and a record uplift in prices in the year to 30 June 2022.
The Warehouse says it will continue to expand its grocery range after seeing 40% growth, while Costco finally invites shoppers in.
New Zealand King Salmon continues to count the cost of January’s marine heatwave and subsequent salmon deaths, reporting a net loss after tax of $24.5m in its interim results.
Uncertainty over re-opening its troublesome Temuka asset lands Synlait with a $12.2m impairment in an otherwise strong set of annual results, which see it return to profit.
New Zealand Coast Seafoods has reported a loss after tax of A$4.55m for the year to June 2022, an increase of 27.5% from the A$3.56m loss it reported last year.
Delegat Group says it plans to invest $51.9m in 2023 to provide earnings growth in the years ahead.
SeaDragon and its major shareholder Pescado Holdings have agreed a debt for equity swap.
New Zealand seafood company Sanford has adopted the ESG World Platform.
Foodservice earnings fell 63% but ingredients jumped to more than $900m.
“We’ve looked at a number of options for our Australian business and have decided that it’s in the co-op’s best interests to maintain full ownership,” says CEO Miles Hurrell.
Move Logistics Group has walked away from its proposed $15.2m acquisition of domestic bulk liquids and dry powder transport provider Fluidex.
“We are excited about this unique opportunity to take some of Australia and NZ’s best-loved brands to the next level,” says the Hong Kong-based investor, one of Asia’s largest PE firms.
“We have invested in the brand, people and our ability to execute on growth,” says chief executive Tony Burt after a tough H1, with some margin growth expected in H2.
Winemaker Constellation NZ Holdings has reported net profit after tax of $23.15m for the year to 28 February 2022, up from $30.17m for the previous period.
Dairy giant Fonterra has increased its forecast for next year’s earnings lifting its forecast earnings guidance to 45c to 60c per share, up from 30c to 45c per share.
Biotech company Greenfern Industries has opened a $1.2m offer to wholesale investors.
Mrs Higgins owner Rangatira Investments has completed its capital raise to eligible existing and new wholesale investors.
SeaDragon has signed a new secured loan agreement of $1m with its majority shareholder, Pescado Holdings.
The private equity-owned pet food company is adding the largest freeze-drying operation in the
Southern Hemisphere to its operations.
Henry’s stores are joining the Liquorland franchise, with plans to transition all of them to the latter’s operating model and brand by March 2023.
“These remain uncertain times and we will have to see how things develop over the next 6-12 months,” says CEO Josef Roberts.
The group reports another loss and appoints an investment bank to review the business.
The Auckland restaurant group has unveiled ambitious growth plans, which will see it hit a $70m milestone in 2024, then $100m by building out its Amano and OJI brands.
Marlborough Wine Estates Group signed new distribution agreements with partners in the US, UK and Ireland, according to its annual results for the year to June 2022.
Trading in Zespri shares on the USX has been halted while the co-op finalises the results of its global supply producer vote.
The King Honey owner says the new products will be out next month, and it also reveals how much revenue its acquired honey business has generated.
“We are pleased with the progress that has been made in stabilising the business, refreshing our strategy and improving our execution,” says MD David Bortolussi.
Operations in all of the company’s markets – NZ, Australia, Hawaii and California – have been stifled by staff availability and supply chain issues.
Delegat Group has reported net profit of $63m for the 12 months to June 2022, up 2% from the previous year.
Landcorp Farming, trading as Pāmu, has reported an earnings before interest, tax, depreciation, amortisation and revaluations of $75m for the year ended 30 June 2022.
Cost pressures have pushed the Countdown owner’s earnings down but it is still delivering ahead of its pre-pandemic numbers.
“The result shared today gives more evidence we can deliver revenue, margin and earnings growth while investing in long term brand and business building activity,” says chair Brett Hewlett.
Foley Wines said its premiumisation strategy helped it make the best of lower wine volumes following a small 2021 harvest and a much higher cost of goods.
Ongoing global demand for petfood saw global protein division earnings jump 88%, offsetting a drop in horticulture earnings.
In its August update from chair Bruce Cameron, the co-op said fruit quality remains the primary challenge, particularly for its SunGold kiwifruit.
Unilever Australia and New Zealand has become a B Corporation committed to meeting high standards of social and environmental performance, transparency, and accountability.
Ebos has turned in full year revenue of $10.7bn – the first time it has breached the $10bn mark – representing a 16.6% rise on 2021 with petfood helping the cause.
Fresh and frozen logistics business Big Chill helped its parent Freightways maintain momentum in 2022.
My Food Bag co-founder Cecilia Robinson has returned to the listed meal kit company’s board.
SeaDragon has signed a new secured loan agreement of $500,000 with its majority shareholder, Pescado Holdings.
The beverage business says it has seen unprecedented cost increases in the past 12 months.
Christchurch biotechnology company PharmaZen, which trades as Waitaki Biosciences, saw revenue jump 36% to $12.8m in the first half to 30 June 2022.
After a sustained turnaround, the company’s boss says growth is being hampered by a lack of workers.
Commercial director Frank Spiewack is no longer part of the company’s senior leadership team and will report to Walker, who takes the newly created role of chief revenue officer.
Tony Falkenstein’s Just Life Group is adding Natural Solutions NZ to its ‘Healthy Living’ division, following its purchase of About Health and Intenza New Zealand.
Cooks Coffee Company plans to dual list on the UK’s Aquis Stock Exchange Growth Market.
A slow start and further inflationary headwinds means a worse financial performance, says the company.
Marlborough Lines is looking to sell down its investment in Yealands Wine Group and reinvest the money in its electricity lines business.
Fonterra has released an upbeat forecast for its full-year profit.
The global ice cream company starts to make ground in NZ following its 2019 entry via the $380m Tip Top deal with Fonterra, and then the pandemic hitting.
Lion is selling its UK operations to Odyssey Inns.
“Conventional fruit returns are likely to be at the bottom and possibly even below the ranges published in June,” chief executive Dan Mathieson said.
The dairy company’s share price drops 10% after the FDA defers applications to import infant milk formula into the US.
The global fresh produce company’s main apples business had a challenging H1, while its emerging blueberry category prepped for a push over grapes.
Good Spirits Hospitality Limited has completed the acquisition of the Velvet Bar following receipt of the required regulatory approvals and consent from GSH’s financier.
“The costs are clear, and they will ultimately be borne by consumers,” Tegel said in a submission ahead of ComCom green-lighting collective supplier bargaining.
The food manufacturer is distancing itself from the red ink in its recent past, hitting a revenue milestone and improving its operating profit despite 2021’s challenging market conditions.
Trading resumes in A2 Milk shares after the company says it is still awaiting a decision from the FDA clearing the way for its infant milk powder to go the US.
The company cuts four executive roles and adds five as part of a strategy refresh built around nutrition, ingredients, consumer and foodservice opportunities.
Mainfreight’s share price closed up 6.3% at $75.50 yesterday after an upbeat update at its annual meeting on Thursday.
Zespri has warned that quality issues will lead to greater fruit loss and higher quality costs this season in its latest update.
NZX-listed global coffee franchise business Cook Coffee has confirmed it plans to go ahead with a dual listing in the United Kingdom – its largest market.
The quick service restaurant group’s sales are holding up but cost inflation and staff absenteeism put H1 profit forecasts at half of last year.
“When the Good Spirits Hospitality deal did not proceed, it was felt that there was a significant amount of synergy with other Foley investments in New Zealand,” says Foley CEO Mark Turnbull.
“In 2022, our business is currently tracking slightly ahead of plan,” Baldie said.
The beverage business has gone through a period of significant consolidation in a move back to basics.
The Omega fish oils refiner’s record of red ink prompts a warning from its auditor, while management hopes future sales, margins and prices will see it through.
Thousands of fish were lost after a Sealord marine farm at Tasmania suffered a spike in water temperature.
Strong demand for the variety overseas puts it on track to be a billion-dollar brand by 2027, says T&G.
A 2021 tie-up with Probi provides a blueprint for the Dunedin probiotics company, prompting it to move away from direct-to-consumer sales.
Pak’nSave was FSNI’s fastest-growing retail banner in FY22 with 5.6% same store revenue growth.
Growth slows at Foodstuffs South Island during a period when the grocery sector was put under the microscope by the Commerce Commission.
The sustainable seafood distribution business has been bought by its former national sales manager, chef Martin Bosley.
The government, through the Energy Efficiency Conservation Authority, has commenced a pilot scheme lining up a number of banks to provide green loans to co-funding big decarbonisation projects.
The grower owned co-operative which previously traded as MG Marketing will be known as MG going forward.
Synlait has increased its forecast base milk price forecast for the 2022 / 2023 season to $9.50/kgMS from $9.00/kgMS.
Southland meat processor Blue Sky Foods has delisted from the Unlisted Stock Exchange as of 6 July 2022.
Confectionery giant Mars New Zealand saw its sales slip marginally in 2021, as the company took a number of measures to reshape its New Zealand presence and portfolio.
King Honey owner Me Today says it has placed $750,000 of the shortfall arising from its rights issue, bringing the total capital raised to approximately $7.5m.
NZX-listed Cooks Coffee Company is considering a dual listing in the UK which it said would be a route to increasing shareholder value as the company expands its operations in that market.
The salmon business says it has not been approached, nor is in discussions with any parties following a report it is gauging interest.
The deal builds the food giant’s footprint in the regional honey and VMS market, and unlocks growth with the addition of an Auckland factory.
The two biggest drinks companies operating in Aotearoa – Frucor Suntory New Zealand and CCEP – have both increased revenue by almost a quarter over the last five years.
NZ could see a wave of F&B acquisitions as rising costs pile pressure on smaller manufacturers.
The finance will see the grower decarbonise its transport and glasshouses, as well as energy, to meet the loan’s sustainability targets.
The Australian and New Zealand division of Kellogg will not comment on the potential implications, if any, of the breakup of the group.
Health, wellness and honey company Me Today has raised approximately $6.74m from a rights issue which closed on Thursday 23 June – enough to cover cashflow but short of the $10m target.
The co-op is adding two new management roles and merging two business units, prompting the departure of 34-year veteran Kelvin Wickham.
Zespri’s forecast range of corporate net profit after tax for 2022/23 is between $227m and $247m, including licence release income.
Seeka has forecast a full-year net profit before tax range of $9m to $11m, as a result of lower SunGold and Hayward kiwifruit volumes in New Zealand.
New Zealands largest seafood company has set out a post-Covid recovery strategy which would see it return to pre-pandemic profits.
Climbing rental income bolsters the QSR franchises’ performance to surpass pre-pandemic levels.
The owner of biscuit brand Mrs Higgins says it will report net profit after tax of $9.1m for the year to March 2022, down 8% from the previous year.
The world-famous doughnut brand shows signs of recovery in NZ after being pummelled by the pandemic.
The global FMCG giant’s NZ division received a bottom line boost from the disposal of the premium tea business.
King Honey owner Me Today has opened its $10m rights issue offering eligible shareholders the opportunity to participate at $0.01 per share.
Synlait has announced the resignation of its legal director, Deborah Marris, who oversaw a number of significant transactions, including the acquisitions of Talbot Forest Cheese and Dairyworks.
Comvita is forecasting that its full-year reported EBITDA is expected to be in a range of $28.5m – $30m, for the year ending June 2022.
Silver Fern Farms has entered into a $320m sustainability-linked working capital financing facility.
The Japanese brewing giant’s NZ business recovers from a tough 2020 with revenue up and costs kept under control.
Dairy co-op Fonterra is buying back $50m in its own shares because it believes the price is too low.
Waterman Capital co-founder Chris Marshall will retire from the My Food Bag board in August at the meal kit company’s annual shareholders meeting.
Blue Sky Meats intends to delist from the USX after the close of market trading on 5 July 2022.
Probiotics company Blis Technologies has slipped into the red posting an EBITDA loss of $2.1m – slightly ahead of guidance – on the back of $9m of revenue in the year to March 2022.
Dunedin-headquartered automation and robotics company Scott Technology has signed a US$35m ($53m) deal with a Canadian beef giant.
The 2021 financial year was one of “running in quicksand,” says Craig McIntosh, managing director of PharmaZen, which trades as Waitaki Biosciences.
Comvita has scotched reports that it is in talks over a proposed take-private by shareholder CR Capital Management, the investment arm of Chine Resources Holdings Co.
Cooks Coffee Company’s net profit before tax from both continuing and discontinued operations was $0.34m in the 12 months to March 2022, compared with a loss of $2.62m in the prior period.
Hospitality group Savor has posted an improved EBITDA of $3m for the year to 31 March, compared with $2m in the prior year.
The healthcare and wellness group is downsizing its honey operations and raising cash to invest in its brands and international distribution.
Fonterra has moved to boost liquidity in its share trading platform, Fonterra Shareholders Market, in response to its sinking share price, which has wiped more than $1bn of its value since April.
Restaurant Brands chief executive Russel Creedy says the company cannot yet commit to a profit outcome for the current financial year because of the uncertain environment.
The dairy giant’s earnings are down 15% year-to-date as margins are squeezed and its overseas markets are disrupted by China lockdowns, the economic crisis in Sri Lanka and the Russia-Ukraine conflict.
Food exporters toast bumper results despite supply chain challenges and labour shortages.
The transport and logistics company delivers an 89% leap in annual net profit with record revenue topping $5bn.
The NZ division of the global confectionary giant managed to increase sales, offsetting rising costs and Covid disruptions.
NZ Grass Fed Products, which sits alongside SP’s Lewis Road Creamery, is targeting growth through the wholesale and foodservice channels.
My Food Bag’s CEO explains why he thinks the company is undervalued, with its share price around half of what it was listed at.
The company’s Kitchen product add-ons help boost average order value as customer numbers are buffeted by Covid during FY22.
Lion is close to completing a reshaping of its NZ operations, allowing it to emerge from Covid concentrated on core.
The seafood supplement specialist has booked a strong start to the year with revenue jumping 242% from the same quarter in 2021.
Australian fuel retailer Ampol’s circa $2bn acquisition of Z Energy last week created the number one trans-Tasman fuel and convenience player, according to the company.
The dairy company taps a former colleague of boss David Bortolussi to become its new finance lead.
The value retailer says it is “seriously considering” making more grocery options available.
Comvita has reported an unaudited EBITDA of $23.9m – around 93% of FY21 full year actuals – in a market update on its performance for the 10 months to the end of April.
A “phenomenal” Q3 performance from its Campbell’s soup brand and the acquisition of 180 Degrees is boosting the company’s FY22 numbers.
SeaDragon has signed a new secured loan agreement of $500,000 with its majority shareholder, Pescado Holdings.
New Zealand King Salmon has closed its $60.1m underwritten 2.85 for 1 pro rata rights offer.
As logistics challenges continue and the US market grows in importance, the NZ-founded beverage maker says it plans to start bottling in that strategic market.
Fonterra has dropped its forecast milk price range for the season from $9.30 – $9.90 per kgMS to $9.10 – $9.50 per kgMS.
The watchdog fears Life Health Foods’ proposed takeover of plant-based rival Chalmers Organics will substantially lessen competition.
Lim says she is “disappointed” by sexist and racist remarks made by DGL chief executive Simon Henry in respect of My Food Bag’s IPO prospectus.
Healthcare and pet food company Ebos Group says a growing pet population and the premiumisation of products will help support its pet food business.
Its New Zealand business could see H2 earnings drop almost 30% due to escalating costs, even as grocery prices rise.
Covid took its toll on operations at Christchurch biotechnology company PharmaZen, which trades as Waitaki Biosciences, recording a net loss before tax of $609,000 for the year to December 2021.
Seafood company Sanford is exiting two crayfish quotas, and considering the sale of a third to reinvest the cash into growing its salmon and mussel business, as well as its wildcatch division.
NZ sales were flat as Omicron disrupted store opening hours and the sales mix, particularly in Auckland.
Scales Corporation has declared a fully imputed final cash dividend for the 2021 financial year of 9.5 cents a share.
The deal to acquire the 10-strong national portfolio falls over after failing to attract an equity backer.
New Zealand King Salmon has opened its $60.1m underwritten pro rata 2.85 for 1 rights offer – the proceeds of which will be used to deleverage its balance sheet and improve liquidity.
The High Court has issued final orders approving the scheme of arrangement governing Australian fuel retailer Ampol’s $2bn purchase of Z Energy.
Listed kiwifruit company Seeka has labelled the 2022 harvest across Australia and New Zealand as “challenging” amid labour, weather and supply chain headwinds.
Blue Sky meats suitor Andrew Lowe is making a top up payment of close to $47,000 for shares he bought prior to launching a formal takeover offer for the Southland meat processor.
Transport and logistics specialists Move Logistics Group has applied for dual listing on the ASX, alongside its NZX listing.
Investment in sales and marketing rose by more than $7m, contributing to flat pretax profit in 2021.
Kiwfruit marketer and exporter Zespri has lifted its annual trading halt.
Southern Lamb Investment’s proposed takeover of Southland meat processor Blue Sky has backing from shareholders holding 59.27%
The salmon farmer expects many roles to go via natural attrition, as it reduces its harvest size from 8,000 to 6,500 tonnes.
Kiwifruit marketer Zespri says its revenue as a result of its SunGold and RubyRed licence release is anticipated to be between $290m and $305m, exclusive of GST.
Alongside the capital raise, the company is making structural changes to its farming model, slashing costs and shedding jobs.
The company says it will make a “material announcement regarding its full year results and a potential cap raise”.
The NZ divisions of the global Bakels group turned in solid performances in 2021.
Grain and edible oils business GrainCorp has lifted its earnings guidance by at least $110m on the back of significant global demand caused in part by Russia’s invasion of Ukraine.
The iwi-controlled entity makes its first foray into aquaculture as part of a jv with private equity.
Southern Lamb Investment’s proposed takeover of Southland meat processor Blue Sky has backing from shareholders holding 56.79%.
Shares rally as the meal-kit company offers an early look at revenue and EBIDTA.
Auckland-headquartered international coffee chain franchise Cooks Coffee Company intends to exercise the power of sale of shares, following a significant repositioning which included a name change, $5.5m capital raise and share consolidation.
New Zealand Coastal Seafoods Limited is raising $1.5m from new and existing shareholders.
Independent directors and advisers say Southern Lamb’s $3 offer price falls short of recognising the full value of the Southland meat processor.
The dairy company’s turnaround is gaining traction with its ingredients business leading growth.
Silver Fern Farms Ltd has lifted its annual net profit to $103.8m in the year to December, up from $65.4m the previous year, off the back of strong demand and high global prices.
Southern Lamb Investments’ takeover offer of Blue Sky Pastures has gone unconditional after receiving more than 50% share acceptances.
Fonterra has reported a fall in milk production of 8.2% in New Zealand in February, when compared with the same month last year, according to its latest global dairy update.
New Zealand King Salmon has been granted permission to delay the release of its full year results due to Omicron taking out members of its finance team and audit provider.
Healthcare and pet food company Ebos Group has been cleared to buy rival company LifeHealthcare.
The completion of Auckland pub group Good Spirits Hospitality’s conditional takeover of restaurant owner Nourish Group has been delayed until Q2.
The diversified agribusiness says it is looking at a number of investments to boost its ingredients business.
Kiwifruit grower Zespri will go into a trading halt on the Unlisted Stock Exchange from tomorrow at 5 o’clock for three weeks.
Mt Cook Alpine Salmon’s quarterly auction has gone live on Catalist .
Good Spirits Hospitality has agreed a waiver with its lender Pacific Dawn in respect of the interest due and payable for the quarter ended 31 March 2022.
Auckland-headquartered international coffee chain Cooks Global Foods plans to consolidate its shares, as well as change its name.
The Warehouse Group’s half-year profit has fallen 8.2% to $50.4m with the company citing Auckland’s extended Covid-19 alert level 4 and level 3 lockdowns for the decline.
Auckland-headquartered international coffee chain Cooks Global Foods has issued 80,989,340 new shares at 3 cents each totalling $2.43m following a shortfall from its rights issue last year.
The healthcare and wellness company has had to turn to its investors for cash after being surprised by inventory levels after its acquisition of King Honey.
A higher milk price heaped pressure on the dairy co-op’s foodservice and consumer margins, leading to a fall in interim profit.
Fonterra will shortly begin recruiting to replace Marc Rivers, who has resigned after four years with the co-op.
The current shareholders will be able to cash out of the company, currently generating nearly $40m in revenue, via the new capital platform.
Seafood producer New Zealand Coastal Seafoods has narrowed its half-yearly loss in the six months to December 2021 to $1.5m, compared with the previous $1.7m loss.
Catalano’s Seafood has listed on the Australian Stock Exchange, raising over A$5m from its initial public offering.
A $30m capex requirement and a desire for long-term sustainability are the motivations for Blue Sky Pastures investors Scott O’Donnell and Andrew Lowe to launch their takeover offer.
Dairy giant Danone has become the largest certified B Corporation food and drink company in Australia and New Zealand.
A flurry of F&B-related takeovers were recorded in the final quarter of 2021, closing out a record year for mergers and acquisitions in New Zealand, according to PwC.
Lamb processing company Blue Sky Meats says it is potentially the target of a takeover.
SeaDragon has secured a new loan agreement of $500,000 from majority shareholder Pescado Holdings, as well as pushing out the repayment date of an existing loan facility.
Me Today Group has called a special meeting for Friday 18 March to seek approval from shareholders for a $6m placement of additional share capital.
The move is understood to affect only a small amount of product, primarily butter.
The produce grower and exporter suffers from a tight labour market, poor weather, and supply chain disruptions.
Rising costs saw some margin erosion, particularly in Australia and New Zealand.
The listed companies brush off Covid-19 chills as they look to grow via distribution deals and acquisitions.
Case sales across Australia, NZ and Asia Pacific jumped 14% but it wasn’t enough to make up for increased costs.
Zespri is forecasting its total fruit and service payment for the 2021-22 season to be $2.38bn, up from $2.25bn last season.
Tony Falkenstein’s Just Life Group has reported a lower net profit of $1.57m in the six months ended December because of Auckland’s extended lockdown.
Lockdowns and higher food prices pushed Countdown’s first half food sales up 8.3% to more than NZ$4bn, according to Australian parent Woolworths.
The company’s food ingredients business saw FY21 earnings jump 52%.
The company says it wants to consolidate ownership of the mānuka honey sector to generate operating leverage and drive “higher category standards”.
Foley Wines half-year profit has risen 37.7% to $3.5m as it pushes further into the premium market.
Its Australian market share grows, but a wobbly US performance continues, and in-roads are made in China.
Pāmu has posted a net profit after tax of $41m for the half-year ended 31 December 2021, up from $8m in 2020 as commodity prices increase across its forestry and farming portfolio.
The company says the results are inline with expectations and that it has made progress on its turnaround initiatives.
The freight carrier, which recently bought Big Chill and ProducePronto, says it is open to complementary acquisition opportunities.
Listed kiwifruit company Seeka has delivered a strong set of annual results on the back of improved sales, a focus on costs, and $7.6m from the Crown’s PSA settlement.
Listed food industry supplier MHM Automation has reported a net profit of $1.41m for the six months to December 2021, up 279% on the previous corresponding period.
Fonterra is selling down its 100% ownership of the Global Dairy Trade platform, bringing in the European Energy Exchange and the New Zealand Stock Exchange.
Strong sales of its premium pet food brands has boosted revenue at Ebos Group’s animal care division.
T&G Global says its group profit for the 2021 financial year is now forecast to be between $12.5m – $14.5m, up from its October guidance of $4m – $10m.
Strategy refresh work continues ahead of a June announcement, as Q1 prices and volumes improve on last year.
But the company says it is seeing benefits from a renewed focus on the domestic market and a sales drive overseas.
Seeka has completed its acquisition of Gisborne-based New Zealand Fruits in a deal that values the latter at $21m.
Its NZ vaccine mandate has kicked in and navigating constraints due to Omicron-enforced absenteeism is cited as its top priority.
New Zealand King Salmon shares have slumped 15% after the company warned of lower earnings.
New Zealand King Salmon says warm water temperatures are leading to “higher than expected sea farm mortality” that will hit earnings by up to $5m.
Seeka says it has entered an amalgamation agreement to acquire Gisborne packing business New Zealand Fruits Limited.
Healthcare and animal care company Ebos Group says it has successfully raised $674m from existing and new investors across New Zealand, Australia and further afield.
Falling sales and rising operational expenses eat into pretax profit, even as it made saving on the products it sells.
Fonterra shareholders have overwhelmingly backed changes to the co-op’s capital structure with 85.16% of farmer votes supporting them.
New Zealand King Salmon and Scales have upgraded their earnings forecasts citing improving conditions and strong ingredients performance respectively.
NZX-listed international coffee chain Cooks Global Foods has set a price of 3 cents a share for a rights issue, which is targeting $8m to restructure its balance sheet.
The dairy co-op’s first quarter EBIT falls 24% drop and it revises earning guidance down as its milk price forecast hits a new high.
Countdown owner Woolworths has made a last-minute takeover offer for pharmacy group Australian Pharmaceutical Industries for A$871m (NZ$907m).
George Weston Food says it is making the investment in current or planned activities across New Zealand and Australia.
Seeka says it expects net profit before tax at the upper end of its $22m and $24m guidance range for FY21 thanks to an expected Crown settlement payout over the arrival of the vine killing disease PSA.
Burger Fuel signals a holding pattern while UK-heavy CGF rides the first wave of the global recovery.
The healthcare and wellness company turns to shareholders to stump up funds because of “cashflow pressure” following its King Honey acquisition.
The salad supplier grapples with increasing costs and conducts a review of margins to ensure acceptable returns.
Zespri has increased its forecast SunGold kiwifruit returns to $11.05 per tray for the 2021-22 season, up from the $10.92 guided in August.
Meat processing co-operative Alliance Group has posted an operating profit of $41.9m before tax and distributions for the year ending September 30, up from $27.3m last year.
The meal kit company moots an M&A-fuelled, vertically-integrated future.
My Food Bag is planning to expand its Kitchen product range into new categories, untether orders from its meal kits, and shorten delivery times pitting it directly against supermarkets.
Hospitality group Savor says it has missed out on around $4m from the Delta outbreak.
Mussels were the hardest hit of Sanford’s three divisions, with rebuilding profitability a priority for 2022.
The hospitality group was hit by Delta blues in first half, but a period of consolidation and cost-cutting puts in better shape for recovery.
Probiotics firm Blis Technologies has reported an interim loss of $1.80m for the six months to September 2021, down 268% on the $1.07m profit it made for the same period last year.
Foley Wines is sticking to forecast earnings before tax of $8m for FY22 but warns of uncertainty.
The company has unveiled its new strategy to return it to the high-growth business it was pre-Covid.
Tony Falkenstein’s Just Life Group will pay a final dividend of 1.4 centre a share for the year ended 30 June 2021.
While 2021 hasn’t all gone to plan, Mondelēz NZ’s MD says it will still be a strong year with growth to follow and a possible global opportunity for a Kiwi confectionery favourite.
The Auckland pub group gobbles up Nourish in a “transformational growth opportunity” creating one of New Zealand’s largest hospitality operators.
The iwi’s seafood business sees operating profit leap 37%, offsetting a poor FY21 for honey and farming.
Supply and demand imbalance as well as a diversified global footprint work in favour of logistics company Mainfreight.
Seeka says all the conditions of its $6.55m deal to acquire Kerikeri-based kiwifruit grower Orangewood Limited have now been met.
Fonterra’s proposed changes to its capital structure will be put to a shareholder vote on 9 December.
Z Energy has seen record interim food and beverage sales at its Z Espress stations.
The Mother Earth owner says its acquisition of Sunsol and Lucky is a “leap forward” in a key international market for the Hamilton-based business.
The baking behemoth that also owns pie company Big Ben secures sign-off from the Commerce Commission to buy rival Dad’s Pies.
New Zealand’s largest kiwifruit grower says it has negotiated an increased debt facility of $190m, up from $152m.
New Zealand Coastal Seafoods says a surge in quarterly revenue can be attributed to the appointment of former Bidfood general manager Peter Fletcher to chief of sales.
Omega fish oils refiner SeaDragon says it has signed a new secured loan agreement of up to $1.5m with its majority shareholder, Pescado Holdings.
Cookie Time will ramp up distribution of the boutique brand into mainstream grocery retail across the country.
The produce giant will use the cash to fuel its growth strategy, as it faces a profit squeeze from Covid-19.
Food firms Fix & Fogg and Spring Sheep Milk have made the Deloitte Fast 50 index, coming in at rank 22 and 24 respectively.
Lockdown helped drive growth in the supermarket group’s Q1 results with e-commerce surging.
Dairy company A2 Milk has set a target of $2bn revenue within five years by “capturing its full potential” in the China infant formula market and ramping up innovation.
New Zealand’s biggest farming business Pāmu is borrowing $85m from Westpac via a three-year sustainability-linked loan.
The A2 Milk Company says it is aware of reports about a potential class action led by Australia’s Shine Lawyers but has no knowledge of any further legal proceedings.
Restaurant Brands says it has delivered solid sales growth for its third quarter despite Covid store closures in New Zealand.
New Zealand’s largest kiwifruit grower has upgraded its profit guidance for FY21.
Healthcare and animal care company Ebos Group says its new A$80m pet food factory will soon start manufacturing its Black Hawk products.
More than four years after premium supermarket chain Nosh went under, the receivers have published their final report.
Villa Maria grape supplier Terra Vitae Vineyards has dipped into the red after what it said was “an extremely difficult growing year,” according to its 2021 annual report.
The meal kit company says it raised prices this month to offset increased ingredients and labour costs.
The produce giant warns its FY21 profit could fall as much as 76% from the $16.6m it posted in 2020.
The Taranaki-based medicinal cannabis and hemp producer’s shares start trading on the exchange from 11am Thursday 21 October.
Omega fish oils refiner SeaDragon says it will no longer try to sell the stock of shareholders holding less than $1,000 worth of shares.
Law firm Simpson Grierson’s latest M&A report puts a value of US$1.057bn on FountainVest Partners’ purchase of NZ pet food company Ziwi Peak – the third largest New Zealand deal this year.
Comvita has reported its first quarter EBITDA improved by 10.6% compared with Q1 last year.
Terra Vitae Vineyards says Villa Maria Estate will remain one of its cornerstone shareholders with a 21.89% stake following the completion of its sale to Indevin Group.
The new business would be a top three wholesale pie company in NZ but it wouldn’t weaken competition, says George Weston Foods.
Shipping issues, storage concerns and absenteeism created an “unusual” year for Blue Sky Pastures.
Tony Falkenstein’s Just Life Group says Auckland’s ongoing lockdown will affect the company’s results.
Both firms manufacture and supply savoury pies and sausage rolls in NZ.
Pavé clinches the contract to manage New Zealand sales for the plant-milk giant in the fast-growing category.
Tony Falkenstein’s Just Life Group has acquired supplements maker Intenza New Zealand.
A2 “considers that it complied with disclosures notifications at all time,” following a class claim filing in Australia alleging misleading or deceptive conduct.
Lockdowns, lower demand for bulk products, and labour costs all eat into the supermarket salad supplier’s bottom line.
Seafood has “sprung back with a vengeance” helping the iwi’s operating performance, says company chair Mark Tume.
Indevin New Zealand has completed its purchase of 100% of the shares of Villa Maria Estate Limited.
Villa Maria was valued at $190m for its sale to Indevin Group in early August.
With demand now exceeding supply and fish sizes recovering, the salmon company signals a second half revival.
The meat exporter is driving into e-commerce in the US and is looking to join big online marketplaces like Amazon.
The loss-making speciality cheese plant is to close until FY24 after dragging down Synlait’s consumer food division.
Miraka’s boss will join struggling Synlait in January to try and bring the dairy business back into the black by FY23.
The parent company of Nelson-based food and beverage exporter Kono is looking to fill the newly created role of chief operating officer, instead of recruiting a new chief executive to replace Rachel Taulelei.
Allpress Espresso shareholders Michael and Jane Allpress are winding up their holding company with just over $100m in assets left, mostly in cash.
Listed seafood company Sanford is in line for an additional $2.5m of revenue after the Ministry for Primary Industries increase the commercial catch limit for snapper in the SNA8 fishery off the North Island’s west coast.
The healthcare and wellness company says sales of King Honey product will be “considerably less” than expected.
Covid-19 has changed consumer behaviour helping to drive Fonterra’s consumer brands, says CEO Miles Hurrell.
Winemaker Delegat Group says it will invest $29.7m in FY22 to provide earnings growth in the years ahead.
A strategy reset will see billions invested in “differentiating NZ milk on the world stage” to drive the co-op up the value chain.
Th fishing company pleaded guilty to a charge of exposing workers to risk of death or serious injury.
Ongoing lockdowns in Australia and New Zealand are creating challenges including increasing operating costs, says Restaurant Brands.
Comvita has released its annual report and its full of insight about how the company sees its operations and markets, including an extensive Q&A with board chair Brett Hewlett and chief executive David Banfield.
Fonterra says it cut its greenhouse gas emissions from coal by 11% in one year thanks to the conversion to renewable wood pellets at its Te Awamutu site.
Olam Food Ingredients has confirmed plans to develop a new dairy-processing facility in Waikato after exiting its ownership of Open Country Dairy earlier this year.
Seeka has made an offer to acquire Kerikeri-based kiwifruit grower Orangewood Limited.
Good Spirits Hospitality says it has reached an agreement with its lender Pacific Dawn to extend the date for repayment of its facility until 31 December 2022.
The chief executive of Mr Apple, Andrew van Workum, has sold more than 80,000 shares in parent company Scales Corporation, raising $415,918 in the process, according to an NZX filing.
Manuka honey exporter Comvita has appointed a trio of new board directors, namely Bridget Coates, Yawen Wu and chief executive David Banfield.
The reformulation of Countdown’s own brand products sees 141 tonnes of sugar removed over three years.
Synlait Milk has sold its Auckland premises at Richard Pearce Drive for $30.05m and will lease back the property.
The move to “review and reset the structure of the business” could see as many as 150 jobs go at the dairy company.
Former Countdowners find new homes, while a COO and a CEO get bumped up the ranks at Ngāi Tahu.
Ngāi Tahu Holdings CEO Mike Pohio says the iwi-controlled entity remains on the lookout for food investments following its $38m buy-up of Sanford shares.
Developing a skincare brand means the honey company can promote the benefits of both mānuka and propolis to raise awareness in the US.
Good Spirits Hospitality has appointed commercial lawyer and experienced director John Seton to its board effective immediately.
A quarterly review of all shares in the ASX to recalibrate the S&P Dow Jones Indices has seen New Zealand dairy companies A2 Milk and Synlait earmarked for removal from separate lists.
Ngāi Tahu Investment now holds a 19.9% stake in seafood company Sanford, making it the largest single shareholder in what is New Zealand’s largest seafood company.
Sanford’s share price jumped almost 25% yesterday as investors reacted to the news that Ngāi Tahu Investments was increasing its stake in New Zealand’s largest seafood company.
Global transport and logistics company Mainfreight reported a 43% jump in group revenue and an 83% leap in profit before tax in a 22-week trading update released yesterday.
Manuka honey supplier Comvita says it will acquire up to 350,000 of its shares, which are currently trading at about $3.65.
The iwi investor is trying to buy a chunk of the seafood company, although it says it has “no current intention” to launch a takeover.
A smaller vintage sees the value of exports drop 3% just as industry achieves its 10-year $2bn goal.
The Otu Estate owner counts the cost of a smaller 2021 harvest and investment into growing its branded wine sales.
Tony Falkenstein’s Just Life Group has reported net profit of $3.3m for the year to June 2021, up 12.9% on the previous period.
Revenue was down 6% in FY21, although online sales jumped more than 30%.
MHM Automation, which services the global dairy, meat, horticulture and food processing sectors, delivered an after-tax profit of $4.1 in its annual results to 30 June 2021.
Delegat Group and Foley Wines both deliver record operational results, despite pandemic disruption.
The prolonged impact of Covid-19 and a rapidly changing China market has prompted the company to launch a growth strategy review.
A turnaround is taking hold at the honey company, which is focussed on growth in the world’s two biggest honey markets, China and the US.
The Christchurch investor follows its $30m purchase of Original Foods by acquiring the iconic dessert maker.
Diversified focus put agribusiness on track to to deliver full year net profit of between $32 – $37m.
First half sales jump 41% and underlying net profit doubles on the back of Covid-free trading in NZ and Californian KFC deal.
My Food Bag held its inaugural AGM yesterday with bosses touching on thorny issues following the group’s lacklustre IPO and updating on the group’s new product range performance.
New Zealand’s largest kiwifruit grower, Seeka, posted a sharp rise in net profit before tax in the six months ended 30 June, up 77% to $30.8m compared with the same six months last year.
The news follows Bryan Mogridge’s appointment as executive chair of the omega fish oils refiner.
Suitors are reported to be weighing options around A2, but any potential offer would only be made after the milk company’s annual results next week.
Operating costs skyrocketed at the nutritional ingredient manufacturer during the six months to June.
My Food Bag has launched a range of products as part of drive into New Zealand’s $37bn retail food sector.
Summer storms, supply chain disruption and labour shortages all weigh on first half performance.
Synlait Milk has agreed terms to restructure its maturing debt pile following discussions with its banking syndicate after it secured a waiver for relevant FY21 covenants.
So, how much money did the largest supermarket group in NZ make in the year of Covid?
New Zealand King Salmon has advised its earnings before interest, tax, depreciation and amortisation (EBITDA) is expected to be between $8 – $10m with a stronger second half forecast.
Taco Bell NZ has announced its third South Island location, with a restaurant planned to be open in Dunedin by the summer.
The manager of the Fonterra Shareholders’ Fund is continuing to discuss the dairy group’s capital structure proposals in confidence with Fonterra and with advisers, as it awaited more details regarding the future of the fund.
Dunedin probiotics firm Blis Technologies has been given access to a raft of new global opportunities after selling a 13% stake to form a strategic partnership with Swedish giant Probi.
International fresh produce company T&G Global’s majority shareholder, German multinational conglomerate BayWa AG, has transferred its shares to BayWa Global Produce GmbH.
Coffee chain franchise company Cooks Global Foods Limited is working towards releasing its annual report to market on Friday 30 July.
Organics pioneer Noel Josephson has set up his nearly 40-year-old firm with new leadership and a plan to expand.
Farmer feedback set to shape Fonterra’s revised capital structure proposal, according to the dairy co-operative.
Winemaking group Sacred Hill was tipped into receivership after amassing debts and liabilities of $98.5m according to a report from the joint receivers who are handling the sale of the Hawke’s Bay business.
Delegat Group has released its unaudited numbers for the 2021 year, but warned the official numbers are likely to be worse when they come out in late August.
Its Asia Pacific division will be split three ways in an effort to revive growth.
The Financial Markets Authority has found no evidence to press forward with action against Fonterra regarding the timing of accounting write-downs for Beingmate Baby and Child Food Co and the China Farm assets.
State-owned farmer Landcorp/Pāmu has upgraded its forecast EBITDAR to between $59m and $64m for the year to June, up from its previous forecast in February of $45m to $50m.
NZX-listed probiotics firm Blis Technologies said its strategic partnership with Swedish giant Probi will open up “significant growth opportunities” and see the New Zealand firm’s products delivered to new markets around the globe.
A2 Milk says the Overseas Investment Office has signed off its proposed $268.5m purchase of a 75% interest in Southland dairy nutrition business Mataura Valley Milk.
SeaDragon bosses remain committed to a turnaround at the omega-3 oil producer despite “unsatisfactory” full year results.
Lion reveals 2020 sustainability scorecard and commits to action on value chain carbon emissions.
Auckland-based premium mixer company East Imperial is set to list on the London Stock Exchange after a reverse takeover which values it at almost $60m.
Fonterra is offloading its two joint venture farms in China to Singapore-based AustAsia Investment Holdings for $163m.
It’s back to basics for the honey company, which the CEO says had become overly complex and ‘disconnected from consumers’.
The investor also says that its kiwifruit venture will soon start bearing fruit.
Me Today shareholders have approved the $36m purchase of King Honey with an overwhelming 99.99% vote in favour.
A South Island private equity firm is looking for more horticulture investments after finalising and funding a two-part deal which sees it become a major supplier and IP owner in New Zealand’s fruit tree market
SeaDragon has restructured its borrowings from majority shareholder Pescado securing $500k via a mandatory convertible loan note.
The board of global fresh produce company, T&G Global, has approved a fully imputed final dividend of 6 cents a share for the 2020 financial year.
The fisheries company expects to come in ahead of $26m full year profit guidance despite disruption at Sealord.
Wellington-based Rangatira Investments is back in the black posting a net profit after tax of $9.9m up from a loss of $1.3m last year.
Hawke’s Bay winery Sacred Hill has been placed on the market by its receivers.
Katherine Turner is to leave the seafood company in September after three years in the role.
Me Today announces opening of a $3.75m offer to retail investors as part of its plan to raise up to $15.75m to part-fun its $36m purchase of King Honey.
South Island Office invests $30m in its first food acquisition and says there are more deals in the pipeline.
Food giant Goodman Fielder has introduced a new sustainability strategy that will see it use 100% recyclable packaging by 2025 and halve its food waste by 2030.
Around 4,000 Fonterra co-operative members have so far attended a consultation meeting or joined a webinar about the proposed changes to the group’s capital structure, according to an update from the co-op’s council.
Me Today’s proposed $15.75m capital raise which will part fund its $36m purchase of King Honey from Sky co-founder Terry Jarvis has won support from wholesale investors.
Master franchiser and food distributor Cooks Global Foods was pushed further into the red in the year to 31 March posting a net loss of $2.8m – up from $0.2m last year – as Covid took its toll on international operations.
Healthcare company Me Today has expanded its existing lifestyle, health and wellness businesses with the $36m purchase of manuka honey producer King Honey from Sky TV co-founder Terry Jarvis.
Christchurch biotechnology company PharmaZen, which trades as Waitaki Biosciences, has made two appointments to its board.
The kiwifruit giant said it delivered record per tray returns across all categories in the 2020/2021 season.
Blis delivers earnings of $1m – at the lower end of its guidance – in its annual results.
Fonterra will contribute $12bn to the New Zealand economy in the next season, says the co-op’s chief executive, Miles Hurrell.
JLG has raised more than $4m in a rights offer launched to part-fund its $17m acquisition of supplement provider About Health.
The dairy company now forecasts a full year loss of between $20m – $30m in 2021.
Eight senior staffers have accessed Comvita’s new share purchase and loan scheme which has seen the company grant loans totalling $2.28m .
Meal kit company posts 24% revenue rise and assures investors it is positioned to deliver on IPO expectations.
The Swedish oat milk company has become the latest plant-based IPO sensation in the US.
Seafood company reports 15% drop in net profit at the half year as it continues to battle with Covid-19 disruption to freight and foodservice.
All eyes will be on the meal kit company to see if it meets its forecasts after a disappointing debut on stock exchanges on both sides of the Tasman.
The company which owns well-known wine business Villa Maria has been placed into receivership.
Manawatu/Rangitikei-based food company Speirs Group has replaced $2.5m of redeemable preference shares set to mature in September with $2.2m of fresh RPS, with a 2025 end date.
CFO’s departure follows that of chief executive Leon Clement and director of operations Mark Toomey.
The CEO says global investor KKR will accelerate the premium pet food firm’s international expansion.
New Zealand seafood company Sanford has appointed Mark Cairns as its newest board member.
The former darling of the NZX was forced to slash its revenue forecasts and write down the value of its assets.
Listed Australian supermarket chain Woolworths has set a date to complete the spin-off of Endeavour Group, its drinks and hospitality business – a move first mooted back in July 2019.
Seeka has been officially welcomed to Ōpōtiki to celebrate its purchase of Ōpōtiki Packing and Cool Storage.
The deal catapults Australian biscuit giant Arnott’s into NZ’s premium cracker category.
Preferred option for capital structure review would dismantle or cap fund that gives outside investors access to co-op.
Fonterra yesterday went into a trading halt ahead of an announcement about its capital structure, expected this morning.
The offer is priced at a 27.1% discount.
A certificate of amalgamation is imminent, formalising the kiwifruit specialists’ deal.
Open ocean farm first could be followed by other developments off the South Island’s east coast.
The Hawke’s Bay cider company has partnered with the airline to become the exclusive cider on all flights.
The Japanese drinks giant says it’s impressed by the coffee maker’s premium brand and the two firms are “a great fit”.
Tony Falkenstein’s Just Life Group says it completed its purchase of About Health on Friday.
Agribusiness Scales Corporation has declared a fully imputed final cash dividend of 9.5c a share for the 2020 financial year.
OIO approves T&G Global purchase of an 11-hectare Hawke’s Bay site to grow more Envy apples.
Synlait Milk has reset its 2018 inaugural emissions reduction targets.
Relative newcomers rub shoulder with FMCG stalwarts in the inaugural rankings.
The beer producer sets itself new sustainability targets as it builds on its ambition to halve its emissions by 2030.
New approach in Australia means ramping up online sales and securing a new distributor.
Just Life Group is investing $17m to buy NZ supplement provider About Health.
The phenomenal rise of the Swedish oatmilk juggernaut is detailed ahead of a potential $10bn listing on the NYSE.
Nestle has pledged that its popular chocolate brand, KitKat, will become carbon neutral by 2025.
The co-op says the preliminary result compared to last year’s range of $300m-$305m.
The group says the vintage would deliver “excellent quality wines” for its brands.
Grower support and banking thresholds are the only hurdles remaining.
A year on from taking the helm of Frucor Suntory, chief executive Darren Fullerton talks about the greatest opportunity for the FMCG giant, long-term planning and building resilience.
A poor harvest is set to put a dent in Marlborough Wine Estates’ performance this year.
Seeka is a step closer to buying kiwifruit rival Ōpōtiki Packing and Coolstorage.
It will be the firm’s first publicly available results since its listing.
Manuka honey company Comvita has revised its earnings forecast up on the back of strong growth in China and the US.
The dairy companies saw share prices slip following news that Synlait’s boss is leaving.
Seeka’s proposed $60m purchase of rival kiwifruit company Opotiki Packing and Cool Storage would create New Zealand’s largest kiwifruit grower with annual revenue of £300m – but it is far from a done deal.
The tie-up is a shot in the arm for PURE NZ Ice Cream after its foodservice and tourism channels were hit by Covid.
From spring water chiefs to supermarket dynasties – the annual rankings are a smorgasboard of F&B billionaires.
Zespri has been placed in a trading halt on the USX to allow the finalisation of the 2021 Gold3 and Zespri Red tender process.
Annual profit rises to $5.2m, but Covid delays push out development of a new Rolleston factory.
Fonterra has sold its two China farming hubs in Ying and Yutian to Inner Mongolia Youran Dairy Co.
Omega fish oils refiner SeaDragon has issued Pescado Holdings limited with 20 million shares for $4m of loan notes from the shareholder.
Speirs Group says it received an unexpected cash dividend of $229,127 from its investment in Equipment Leasing and Finance Holdings Limited.
The meat company saw net profit dip to $65m, skirting any deep impact from the pandemic.
The salmon farmer posts a seven month net loss of $7m, as it changes its reporting date.
The food giant plans to relocate its Wiri confectionery manufacturing to Australia.
Significant Covid-19 induced uncertainty and volatility will continue, says the milk powder producer.
Terra Vitae Vineyards is reassuring shareholders not to worry about speculation Villa Maria Estate Limited may be bought.
The Bay of Plenty-based company is looking to expand its footprint in the kiwifruit sector.
Reducing waste, carbon emissions, water usage, sugar and non-recyclable packaging form the backbone of Frucor Suntory’s ten-year sustainability plans.
An aggressive growth strategy underpins the kombucha maker’s forecast 325% jump in annual revenue.
The agribusiness confirms it is in the running to buy Villa Maria in what would be its first foray into wine.
Zespri is progressing its plan to move against the unlawful growing of kiwifruit in China as illegal plantings increase.
Mark Toomey has resigned from the specialist diary company after just over a year in the role.
Huge losses are forecast for the New Zealand apple and pear industry, according to New Zealand Apples and Pears Inc.
Lower prices and higher costs will hurt performance, says the seafood company.
The co-op said it was “pleased” with its results as the previous period’s earnings were inflated by asset sales.
The co-op’s shareholders have indicated support for an overhaul of the dairy giant’s structure.
Moa’s former hospitality division is adding three Auckland restaurants to its stable.
But the company says it is “delighted” to raise $1.34m, despite a deeply discounted SPP.
Hawke’s Bay apple producer Rockit Global completes a capital raise bringing in new investor Ngâi Tahu Holdings.
My Food Bag’s debut on the NZX Main Board last week was weaker than hoped, falling to as low as $1.69.
Trinity Hill has new ownership after being purchased outright by four local investors.
The company suffered a 35% drop in interim profit in what it described as a “challenging” first half year.
The Te Puke-based produce handler more than doubled its annual profit in FY20.
The honey company took “radical” steps to recover from a $13m interim loss.
A “challenging and disruptive year” pushed revenue and profit down.
Seeka has announced a 12 cent dividend, payable on 30 March 2021.
Fonterra has lifted the bottom end of its 2021 forecast earnings guidance and narrowed the range to 25-35 cents per share, from 20-35 cents per share.
Strong global sales growth saw the winemaker’s interim profit leap 31% in a record-breaking run to the end of 2020.
Increased airfreight costs, discounting and lockdowns all ate into the salmon farmer’s profit.
US billionaire Bill Foley’s Kiwi company suffers sales falls in its largest overseas markets.
The wine company says it is looking to raise the new funding to progress growth opportunities in NZ.
The company is on track to dual list on 5 March with a post-IPO market cap of $449m.
NZ King Salmon, Delegat Group, and Comvita are this week reporting their six month interim financial results.
The company is jettisoning its eponymous brewing business to focus on its hospitality division under the new name Savor.
Comvita has goal to grow its digital sales to 50% of the total group by 2025.
The announcement follows Richard Wyeth’s departure in October.
It comes after the wine firm had its first-ever profitable year as an NZX listed company.
The seafood firm is on a mission to rebuild profitability.
The Te Puke-based company said the dividend would be paid on 27 January 2021 to all holders of ordinary shares.
A US-based family buys into the fish oil company in an off-market deal.
The investor wants to bolster the cookie maker through acquisitions in what it calls a “fragmented industry”.
The kiwifruit exporter gets the go-ahead for a sale and leaseback deal, unlocking more profit for the year.
Diversified agribusiness group will pay 9.5c interim dividend and affirms previous guidance.
Strong demand for NZ dairy has seen the co-op lift its milk price forecast and report Q1 earnings of $250m.
Queenstown-based Wayfare is selling its brewing interests to local restauranteurs.
Moa Group Limited has reported an after tax loss of $415,000 for the six months to 30 September 2020.
The dairy company successfully raised the money after closing an oversubscribed $20m share purchase plan.
A date has been set by the group, in an NZX announcement made on Thursday.
Online growth and investment in technology and sales teams also helped the winemaker to a record year.
Diversifying its product ranges, customers and target markets has created a more sustainable business, says Synlait chief executive Leon Clement.
Mānuka honey company Comvita says it reported strong sales in the online shopping event.
The dairy company says it expects an uptick in activity in the second half of FY21 despite continuing uncertainty.
Synlait Milk has added $180m to its coffers after successfully completing a discounted share placing.
The company will use the money to complete its investment strategy, pay down debt, and strengthen its balance sheet.
Synlait Milk has stopped the trading of its shares in both New Zealand and Australia ahead of an announcement of a significant capital raise.
Fonterra is on the “home straight” of its turnaround and well-positioned to face continued Covid-19 induced global uncertainty, according to chief executive Miles Hurrell
Villa Maria Estate is selling off 31 hectares of land in Māngere to raise funds for global expansion.
The fishing company says it has suffered falling prices, slow sales and poor catches.
Synlait Milk says it has signed a new manufacturing supply deal with “an established, global category leader” but it has not named its new customer.
It comes as demand for the variety across the globe remains strong.
The dairy co-op returns to sustainable earnings as it continues to tackle environmental challenges.
During the pandemic the company saw a “rapid decline” in sales.
Last year its vineyards produced 17% below the winemaker’s budgeted target.
Synlait Milk has set the course for a year of consolidation following a period of substantial investment.
Comvita has reported “strong” results in its first quarter, posting double-digit revenue growth.
Marlborough Wine Estates has posted its first-ever profitable year as an NZX listed company.
Dairyworks has sold its Deep South ice cream brand to seafood giant Talley’s for an undisclosed sum.
Over 83 million shares were distributed at $0.03c per share, according to an announcement from the Omega fish oil producer.
Happy Valley Nutrition has secured Overseas Investment Office approval to develop a dairy factory in the Waikato.
Palliser Estate Wines says its FY20 results were better than expected, despite numerous Covid-19 impacts.
Fonterra is planning to pay down debt with $555m from the sale of farms it has developed in China.
Fonterra has posted an after tax profit of $659m for the year to July 2020, a $1.3bn turnaround from the $605m loss it made the previous year.