T&G Global (TGG) H2 2024 earnings summary

Executive summary

• Revenue increased to $1.36b, up 2% year-over-year, with operating profit of $12.7m versus a $45.6m loss in 2023.

• Net loss after tax improved to $9.9m from $46.6m loss in 2023, reflecting recovery from Cyclone Gabrielle and operational improvements.

• Apples business drove growth, with strong demand and pricing, while T&G Fresh faced challenging market conditions.

• No dividend declared due to insufficient profit, but management is confident in the growth strategy and future profitability.

• All components for the long-term growth strategy are in place, with focus on execution and balance sheet resilience.

Financial highlights

• Revenue: $1.36b (2023: $1.33b); Operating profit: $12.7m (2023: -$45.6m); Net loss after tax: $9.9m (2023: -$46.6m).

• Earnings per share: -13.0 cents (2023: -41.7 cents).

• Cash and cash equivalents: $46.8m (2023: $30.5m); Net cash inflow from operating activities: $60.7m (2023: $25.6m).

• Total assets: $1.13b; Equity: $490.7m; Current liabilities exceed current assets by $23m due to debt reclassification.

• No dividend to shareholders; $5.4m paid to non-controlling interests.

Outlook and guidance

• 2025 apple harvest expected to return to normal, with focus on execution and market expansion.

• T&G Fresh aims for further cost efficiencies and new revenue sources to protect margins amid ongoing economic uncertainty.

• VentureFruit to continue commercialising new varieties, expand in India and Korea, and defend intellectual property.

• Management expects improved profitability, reduced debt, and a resilient platform for future growth.