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T&G Global Limited (NZX: TGG) Half Year Results 2021

Thursday 5th August 2021

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T&G Global today announced its Interim Results for the six months to 30 June 2021, which show the Group has not been immune to the pressure of continuing industry-wide challenges.

Total revenue for the Group decreased by 2.9% to $652.1 million, compared to the same period last year, and operating profit decreased to $10.9 million from $19.5 million. Profit before income tax decreased 63% to $5.1 million, down from $13.7 million.

Chief Executive Gareth Edgecombe says while COVID-19 continues to impact the business, T&G has stayed absolutely focused on what it can control and its long-term strategic growth plans.

“The first half of the year has been challenging, with ongoing uncertainty and volatility. Our T&G whānau responded strongly to this, supporting each other, delivering on our strategy and keeping fresh produce flowing to consumers and customers around the world. I’m incredibly proud of our people and our growers,” says Gareth.

The company remains firmly committed to investing in its premium Apples business and in particular, growing its Envy brand to meet worldwide demand.

New Chairman, Benedikt Mangold, says despite the financial performance, T&G’s underlying financial strength, combined with its strategy and capabilities, means its well positioned to maximise future global growth.

“In these uncertain times, T&G’s resilience, strategy and team has enabled the company to remain well positioned to meet future growth objectives. The Board is proud of the team’s ability to remain agile and rapidly adapt to its changing operating environment, and I’m confident that we’ll be able to meet the current challenges head on.”

Please see the links below for details

NZX Interim Report June 2021

NZX Statement Half Year Results 2021

NZX Financial Results Announcement June 2021

Source: T&G Global Limited

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