Seeka Ltd on Wednesday reported a record first-half profit before tax of NZ$62.6 million, a 5% increase from the prior year, as post-harvest operations offset softer orcharding results.
Revenue declined 1% to NZ$305.5 million, while earnings before interest, tax, depreciation and amortization rose 3% to NZ$86.3 million. Earnings per share increased 19% to NZ$1.70, supported by efficiency gains from automation and a timely harvest.
Net bank debt fell by NZ$10.8 million year-over-year to NZ$119.8 million, while the net bank leverage ratio improved to 1.22 times, below the company’s targeted range of 1.5 to 2.5 times. Total assets rose 5% to NZ$685 million, with property, plant and equipment up 8% to NZ$418.7 million.
Post-harvest operations, which account for 66% of Seeka’s assets, delivered revenue of NZ$206.6 million, up 1%, and EBITDA of NZ$83.2 million, a 6% increase. Orcharding revenue fell 8% to NZ$63.6 million as volumes declined 4%, with SunGold and Hayward kiwifruit yields down 7% and 18% respectively. SeekaFresh retail services grew revenue 13% to NZ$12.7 million, while the Australian business reported EBITDA of NZ$4.5 million, down 29%.
Chief Executive Michael Franks highlighted automation as a key driver of efficiency, noting the Reemoon technology had delivered "game-changing" performance. The Kerikeri facility became the most efficient in the fleet in its first year of service.
Seeka raised its full-year profit before tax guidance to NZ$39 million–NZ$43 million, up from NZ$38 million–NZ$42 million previously. The midpoint remains below the 2024 record of NZ$47.5 million but would mark the company’s second-best annual result.
The group declared an interim dividend of NZ$0.20 per share, fully imputed, payable on October 15. Shares were little changed at $5.20, within a 52-week range of $4.13–$5.55.
