The company announced a fully imputed dividend of $0.10 per share, which will be paid on March 24 to all shareholders on the register at 5.00 pm, 18 March.  That brings the total dividend for the year to $0.19, compared to $0.16 for the previous corresponding period. The company’s dividend reinvestment plan will apply to the dividend, with a strike price of $3.76 per share.

Financial highlights for the year include:

• 142.11m in total revenue, up 22.9%;
• $13.39m EBITDA up 23.4%;
• $5.25m profit before tax up 23.0%;
• $0.29 earnings per share up 31.8%;
• Asset backing at 31 December totalled $4.34, up 6.6%.

Total assets at 31 December were $164m, an increase of 50% reflecting Seeka’s acquisition of Bunbartha Fruit Packers Pty Ltd in Australia.

Seeka Chief Executive, Michael Franks, said the company had proactively taken steps to support its growers following the fire last year at its Oakside facility, and subsequent fruit quality issues.

One-off items included $1.12m expensed for transaction and duty costs related to the Australian purchase. They also included a net $0.32m in costs related to the Oakside fire. Seeka paid its growers $4.04m to ensure they had sufficient income and cashflow while they worked through the insurance claim process. It also wrote off $1.74m in fire-impaired assets. The company has also recorded insurance proceeds of $5.46m, resulting in the net $0.32m in fire-related costs during the period. The insurance claim remains in process and any further recovery will be recorded as income when settled.

Franks said profitability continued to improve, with Seeka’s packed volumes increasing to 27.8m trays, compared to 21.4 million trays in the previous corresponding period. “Seeka has a clear strategy and is focused on delivering superior returns to its growers and continuing to grow the company, both in terms of profitability and size. And we are very appreciative of the hard work and support of our employees and others associated with the company throughout the year.”

Seeka Chief Financial Officer, Stuart McKinstry, said the company was currently positioning itself ahead of the Australian and New Zealand kiwifruit harvests, with the Australian pear harvest nearing completion. Major capital construction builds were underway at KKP in Maketu, Main Road Katikati, and a significant improvement to the fruit grader at the Australian Kiwifruit packhouse.

For more information, visit: www.seeka.co.nz