T&G Global (TGG) H2 2024 earnings summary

Executive summary

• Revenue increased to $1.36 billion, up from $1.33 billion year-over-year, signaling a recovery from Cyclone Gabrielle.

• Operating profit reached $12.7 million, reversing a prior year loss of $45.6 million.

• Net loss before tax improved to $6.8 million from $64.2 million, and net loss after tax improved to $9.9 million from $46.6 million.

• Strong performance in premium apple brands ENVY™ and JAZZ™ drove momentum.

Financial highlights

• Apples revenue rose 5% to $859.1 million, with operating profit up to $43.7 million from $10.3 million year-over-year.

• T & G Fresh revenue declined 6% to $455.3 million, with operating profit down 63% to $3.6 million.

• VentureFruit revenue increased 44% to $13.0 million, reducing its operating loss to $4.3 million.

Outlook and guidance

• 2025 New Zealand apple harvest expected to be high-quality, with focus on delivering the Apples strategy.

• Improving consumer sentiment and operational efficiencies anticipated to benefit T & G Fresh.

• VentureFruit to continue acquiring and commercializing premium varieties and expanding market opportunities.