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Scales lifts dividend for 2016

NZ Newswire logoNZ Newswire 2/05/2017 Paul McBeth

Scales Corp lifted its final dividend for 2016, when earnings were bolstered by a series of acquisitions, and is optimistic about the coming year even without earlier tailwinds.

The Christchurch-based company's board declared a final dividend of 10 cents per share, payable on July 7 with a June 28 record date.

That takes the annual shareholder payout to 18 cents, eclipsing the 17 cents paid from 2015 which included a 4 cents per share special dividend.

Earlier this year Scales posted a 6 per cent gain in annual profit to $38.2 million on a 24 per cent gain in revenue to $373.9m.

It's previously forecast earnings before interest, tax, depreciation and amortisation will fall to between $55m and $62m in calendar 2017 from $67.3m in 2016 on expected lower revenue from two of its apple businesses.

"Scales' directors remain positive with regard to 2017 financial performance, with all three divisions (horticulture, storage & logistics and food ingredients) trading well during the first quarter of 2017 and including this year's apple harvest," managing director Andy Borland said in a statement.

The shares slipped 0.6 per cent to $3.33, having slipped 2.9 per cent so far this year.

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