Due to the strong demand for premium apple brands ENVY™ and JAZZ™, T&G Global’s financials for 2024 look to be on a significantly positive recovery. The revenue grew to $1.36 billion from $1.33 billion due to better pricing and market growth, which is a major recovery from Cyclone Gabrielle’s impacts.
T&G Global Report’s Financial Highlights
- Revenue: $1.36 billion which was $1.33 billion.
- Operating Profit: Improved to $12.7 million from a $45.6 million operating loss in 2023.
- Net Loss Before Tax: Declined from $64.2 million to $6.8 million.
- Net Loss After Tax: Declined from $46.6 million to $9.9 million.
Apples Lead the Recovery
T&G’s apple business revenue increased by 5%, rising to $859.1 million, while operating profit grew from $10.3 million to $43.7 million. The firm is implementing a growth strategy that involves investment in emerging Asian markets, as well as the enhancement of retail distribution. T&G is well set for future profitability due to its significant investment in automation ready orchards accompanied by a world class post-harvest facility. The apple segment which contributed 63% of total revenue still remains the most imperative sector. Feeder plantations of ENVY™ apples, together with its range in China and the new JOLI™ apple in premium in Europe and New Zealand is expected to add to revenue potential.
Challenges with T&G Fresh
T&G Fresh had a progressively challenging year with a drop in revenue by 6% to $455.3 million and an operating profit decrease of 63% to $3.6 million. Economic volatility and low consumer demand phenomena greatly afflicted the sales. While operational efficiencies and strategic purchases helped to capture some losses. The firm increased its Australian blueberry range, purchased Hinton’s stonefruit business, and subleased stonefruit orchards in Central Otago, thus improving margins and market presence in the coming years.
VentureFruit Portfolio Expansion
VentureFruit’s revenue reached $13.0 million, an increase of 44%, while operating losses improved to $4.3 million. The company obtained new plantings of ENVY™ apples in the United States and China, and the JOLI™ apple brand was successfully launched in Europe and New Zealand. These activities, together with a focus on acquiring new licensing deals and premium branding, will likely improve VentureFruit’s revenue prospects in the long-term.
2025 and Beyond Forecast Summary
- Apple Harvest: Quality of the harvest and demand for it in the market is likely to be high.
- T&G Fresh: Should improve with positive change in customer sentiment and lesser expenditure.
- VentureFruit: A continued increase in premium fruit varieties and international partnerships is expected.
Looking ahead, the 2025 New Zealand apple harvest can be anticipated to be outstanding in quality adding to the already strong market share of T&G Global. The business strategically invests and operates efficiently in sustainable growth and profitability.
