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PGG Wrightson Limited (NZX: PGW) Guidance Update

Wednesday 21st July 2021

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PGG Wrightson Limited today announced that following strong trading over the second half of the fiscal year it expects its full year to 30 June 2021 Operating EBITDA to be around $56 million.

Shareholders should note that PGW has changed its accounting policy to align with the recent International Financial Reporting Standard interpretation guidance on Software as a Service (SaaS). This change results in the reclassification of SaaS costs from amortisation to operating expenses reducing Operating EBITDA by circa $2 million. This change is included in the updated guidance and has no impact to EBIT.

PGW Chairman, Rodger Finlay said that “it was pleasing to be able to report that PGW has continued to perform strongly over the second half of the year following an exceptionally good first half. The Board is delighted with how the business is performing and is confident that PGW is well placed to be able to sustain such performance based upon the sound market fundamentals for New Zealand growers and primary producers.”

“The team at PGW are passionate about the sector and proud of the contribution PGW makes to the ongoing successes of its farming and horticultural customers.”

“Our annual results remain subject to audit and we will release these together with our dividend announcement on 17 August 2021and will be in a position to comment in more detail about our trading performance at that time.”

Please see the link below for details

PGW Guidance Update

Source: PGG Wrightson Limited

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