Scales Corp shares rise to record after annual earnings upgrade

Shares in Scales Corp jumped to a record after New Zealand's biggest apple exporter said it expects to beat its forecast for annual earnings following a strong performance from its horticulture unit.

Earnings before interest, tax, depreciation and amortisation is expected to be 25 to 35 percent higher than its prospectus forecast of $41.2 million in calendar 2015, the Christchurch based company said in a statement. In February, the company said it beat its 2014 Ebitda forecast by 2.7 percent to $39.8 million after better than expected apple volumes drove up earnings in its horticulture division.

The company will provide further details on trading with its first-half earnings on Aug. 27, it said.

Its shares jumped 6 percent to a record $2.12, making the stock the best performer on the S&P/NZX All Index today. The stock listed in July last year at an offer price of $1.60.

BusinessDesk.co.nz

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