Scales (SCL) H2 2024 earnings summary

Executive summary

• Achieved record financial performance in FY2024, with underlying EBITDA of $91.7 million (up 36%) and underlying NPAT of $53.6 million, driven by strong growth across all divisions and successful execution of growth strategy.

• Reported NPAT attributable to shareholders rose nearly 500% year-over-year to $30.7 million, reflecting operational improvements and one-off adjustments.

• Revenue increased 3% year-over-year to $584.6 million, with all operating divisions delivering underlying EBITDA growth.

• Major acquisitions included Bostock orchards and the remaining 50% of Profruit, expanding the Horticulture segment.

• Maintained a strong balance sheet with net cash of $12.5 million at year-end.

Financial highlights

• Underlying NPAT attributable to shareholders reached $34.3 million, near the top end of guidance and up from $19.0 million in FY2023.

• Underlying EBITDA was $91.7 million, up 36% year-over-year.

• Reported NPAT attributable to shareholders surged to $30.7 million from $5.2 million in FY2023.

• Revenue rose 3% to $584.6 million compared to FY2023.

• Group ROCE improved to 14.5%, exceeding the 12.5% target.

Outlook and guidance

• FY2025 guidance: Underlying NPAT attributable to shareholders between $35 million and $40 million; underlying EBITDA forecast between $92 million and $101 million.

• Positive crop and pricing outlook for Mr Apple in 2025, with ~3.4 million TCEs forecast and higher premium variety share.

• Global Proteins expected to maintain strong performance; Esro Petfood to reach profitability by year-end.

• Logistics expected to perform well despite geopolitical uncertainties.

• FY2024 dividends to be paid in two instalments, totaling 50–75% of underlying NPAT.