Glad to see you offering support Percy.
I've got a low bid in the queue but have pitched a bit lower just in case some negative sentiment surfaces :cool:.
Printable View
AS a former OPAC shareholder I am speaking with first-hand knowledge.
Seeka and OPAC merged earlier this year.
Prior to that event OPAC shares had been illiquid for several years; ie. no sales went through.
In addition to their shares in the packhouse many OPAC shareholders owned large kiwifruit orchards.
This merger has given them an opportunity to take some money off the table.
I expect this process to continue for a year or so.
Thank you for your post.
I should add that in my view Michael Franks is an excellent CEO.
He has been there a long time.
Also, the board is well-versed in the industry with several of the directors having significant skin in the industry.
Where do you think kiwifruit industry going to head from here felonius is it reaching its peak in your opinion or do you think returns will continue to be strong in the industry
i agree franks is doing a good job.
i did get a bit pissed with them last yr over there communication around the company prospects and div but communication around company and what franks wants to do to grow the company is way better this year. clear growth strategy and plan.
looking forward to a growing company with increasing dividends in the yrs ahead
Good post Felonius. I've been to a couple of Seeka AGMs and spoken to many growers/shareholders. I think it is a great benefit for ALL shareholders to be listed and give the growers an opportunity to freely and easily sell & buy shares at a fair market value. I like holding SEK (& SFF) for the very reason growers (farmers) are heavily involved and their interests are very important for the company. Long term that is good for all SH.
I agree with your comments on Michael Franks. He is very experienced in this industry, a smart guy and has a lot of skin in the game himself. SEK is a very well managed company in a great NZ industry and in my view a very solid investment.
the presentation seems to be showing some great numbers.
H1
65 cents earnings per share 1− 57 cents in pcp – up 14%$5.92 net assets per share – up 9%
Yes very good numbers and a good informative webinar.
A few points from my scribbled notes, in no particular order:
# A slight upgrade in FY profit forecast from the forecast in August. FY21 NPAT now expected at $ 17-19m and should the High Court settlement distribution be decided prior to year end, expect another $7m
# For the HY21, revenue +26%. NPBT +77% and NPAT +12% (one off $9m from asset sales last year)
# Net debt at the end of period down $1.5m despite $21.9m debt added for OPAC purchase and confirmed debt down another $32 m by end of Sept, which is great
# CAGR last 3 years 22%
# Labour shortages a major and expensive issue that creates constant challenges
# Safety record good this year with no major harms
# OPAC business fully integrated and is responsible for the profit upgrade so that has gone very well and is now operating ahead of forecast
# Awaiting approval for Orangewood acquisition but if agreed, will take SEK operation in Northland to 100% capacity utilisation
# $20m to be spent on upgrades on packing lines and coolstores prior to 2022 harvest season
# Seeka Fresh (supermarket, avocados, kiwiberries) increasing revenue and is profitable
# Australia I still find a bit disappointing but is delivering small profits
# Avocado prices in Australia down 2/3 due to bumper crop
# OPAC & Orangewood (if finalised) expected to deliver a revenue increase for SEK of $54m in 2022
# Chairman confirmed unchanged dividend policy of up to 75% of NPAT
# No current plans to raise capital but always on the lookout for growth opportunities
# Zespri confident of ongoing Worldwide market growth, particularly with Gold
I have been a holder in SEK for the last 8-10 years (except a few months period from mid/late 2018- early 2021) and feel SEK is possibly in the strongest position it has ever been in, achieving obvious positive results from benefits of scale.
A very happy holder
good presentation alright.
plenty of opportunity in the aus operations for growth.
nthland will become a hub for the expanding horticulture up that way
Fruitometry is one example imo.
But there is increasing geographic diversification and, the post harvest operations processing is a different operation to simply growing. complimentary of course but adds an element of diversification. And only some of the orchards are owned, others are leased. So diversification is occurring in many ways. which is great because horticulture is risky. True that the type of crop is almost exclusively kiwifruit except australia where there are a moderate amount of pears and a few nashi .
That's what I was thinking as a good example of where they may try and increase business. With the size of the business now they may be well placed to develop technology for growers, harvesters and packers that could be sold industry wide.
Also possibly using strengthened relationships through Seeka Fresh with more direct sales to supermarkets and other distributors, for both fruit and Kiwi Crush ?
$40m govt payout to the industry for the PSA debacle. https://www.rnz.co.nz/news/country/4...tor-40-million
Anyone know what percentage of the 40m seeka would get?
Their announcement from 21/10/2021 says:
So no explicit amount stated.Quote:
Further to the revised operational guidance at a profit before tax level,
Seeka expects a one-off extraordinary gain from the successful settlement of
the kiwifruit claim against the Crown.
The actual amount to be received is unknown with the distribution subject to
High Court approval with the timing expected before the end of 2021. Seeka is
estimating that its share of the distribution could lift the next profit
before tax for the 2021 year to between $22.0m and $24.0m.
"Upgraded operational full year net profit before tax range $15.0m to $17.0m
Additionally
Further to the revised operational guidance at a profit before tax level, Seeka expects a one-off
extraordinary gain from the successful settlement of the kiwifruit claim against the Crown. The
actual amount to be received is unknown with the distribution subject to High Court approval with
the timing expected before the end of 2021. Seeka is estimating that its share of the distribution
could lift the next profit before tax for the 2021 year to between $22.0m and $24.0m."
I take to mean approx $7mil.
Maths looks straight forward to me - Seeka's share is expected to be $7m before tax.
Will Seeka use the $5m after tax to declare a special fully imputed cash dividend of 12.5 CPS or will they factor the cash into the year end dividend payment or will they use the cash to further reduce debt?
Hopefully get reinvested back into business instead of dividend or a small investment in technology side of horticulture
My highlighting !
GENERAL: SEK: Seeka secures additional banking facilities
Seeka Limited [NZX:SEK] advises that it has successfully negotiated an
improved funding facility with a syndicate of banks to support Seeka's
continuing growth.
The syndicate led by Westpac includes ASB, Rabobank and BNZ and provides
facilities of NZD$190 million, up from the previous facility limits of
approximately NZD$152million.
Seeka advises that there was excellent demand from banks to provide debt
facilities to the company. Whilst borrowings will not increase immediately,
the increased facility will support the near term growth of the group
including capital expenditure to support anticipated volume increases and
potential acquisitions.
Seeka thanks the Westpac (Lead Arranger) and Harmos Horton Lusk (legal
adviser) and management for achieving a satisfactory refinancing outcome.
Good to see this has gone unconditional:
SEK
10/11/2021 13:44
TRANSACT
PRICE SENSITIVE
REL: 1344 HRS Seeka Limited
TRANSACT: SEK: Seeka Orangewood amalgamation unconditional
Seeka Limited [NZX:SEK] advises that all conditions for the Orangewood
amalgamation have been met and the transaction is expected to be completed on
22 November 2021.
Release ends:
I love upper end of guidances..
http://nzx-prod-s7fsd7f98s.s3-websit...952/360829.pdf
Further growth looks positive.
https://www.nzx.com/announcements/384520
Yes, they seem to be going along nicely and expanding the business with a few acquisitions and amalgamations.
SEEKA CLEARS FIRST HURDLE IN NZ FRUITS AMALGAMATION - NZX, New Zealand’s Exchange
20/12/2021, 9:24 amTRANSACTSeeka Limited (“NZX:SEK”) advises that it has today completed its Due Diligence on New Zealand Fruits Limited (“NZ Fruits”), and the condition included in the Amalgamation Implementation Agreement announced on 10 December 2021 has been satisfied. The Seeka Board has considered the transaction further, and diligence reports, and has unanimously resolved to proceed with the proposed amalgamation.
The transaction still has conditions to be met, including the approval of 75% or more of NZ Fruits’ shareholders and to obtain any regulatory approvals (to the extent any are required).
Fred Hutchings, Seeka Chair, commented that the completion of due diligence and obtaining Seeka Board approval is a positive confirmation of confidence in the deal and the future of a combined business in the region. Seeka is looking forward to presenting Seeka and the offer to NZ Fruits shareholders.
Trevor Lupton, NZ Fruits Chair, stated that the amalgamation of NZ Fruits with Seeka is a positive move for the region given that Seeka has a proven track record in expanding its service offering and delivering competitive returns to its growers.
Release ends.
Does anyone have an idea roughly what proportion of the NZ Fruits business is kiwifruit vs. citrus and other fruits?
Here we go (I trust you can do the percentages yourself :):
Attachment 13370
(google: freshfacts-2020)
Not sure though, why would you want to know? I assume you realise that Seeka is processing more than kiwifruit ... and they are in Australia as well.
https://www.seeka.co.nz/produce
Sorry if not very clear, I meant the "NZ Fruits Ltd" aquisition specifically, I gather they pack kiwifruit, citrus, and some other fruit like persimmon, but have no idea of how much of the business is kiwifruit.
Edit: I am interested whether this acquisition is mainly to extend Seeka's kiwifruit catchment, or to diversify its offering in other categories.
I've tried to piece together bits I've found online, not entirely sure if all the bits relate to the same time periods, but I think NZ Fruits Ltd. currently packs about a third of the national citrus crop, they could be NZ's biggest citrus post-harvest operator.
In the statement from Seeka, NZ Friuts say they need capital to expand, but perhaps that means expanding the kiwifruit operations rather than citrus, as there seem to be quite a bit of new gold kiwifruit plantings going into the area.
The agm chap made a point of noting they are predominantly a kiwifruit firm. So maybe treat stuff on the periphery as experimental for now. I watched the agm munching seeka avocado on toast so was a little surprised at his clarity.
The NZX release on 10 December announcing the amalgamation with NZ Fruits was titled “Seeka announces new Kiwifruit acquisition by amalgamation”. Seeka also pointed out the deal would deliver material efficiencies, synergies and cost savings, so this suggests Seeka’s primary interest is expanding its Kiwifruit packing capacity in Gisborne rather than an expansion into citrus fruit packing.
Interesting question turnip, or so I thought, so I did some digging.
NZ Fruits (NZF) handles 8.3 m.kgs of kiwfruit, 10.6 m.kgs of citrus and 2.1 m.kgs of persimmons.Historically and currently the citrus and persimmons are sold through First Fresh. Who knows what will happen in the future !
The good thing here is that the maturity of the kiwifruit from the Gisborne area is weeks earlier than other parts of NZ, so this fruit can be trucked to Opotiki to increase the output of the current infrastructure.
Also as part of the deal, Seeka has secured exclusive supply from NZF's biggest shareholder who supplied over half of NZF's production and in fact, NZF couldn't take all his production that then went to other operators. This will now go to SEK. He is planting more.
The deal, as well as the other 2 recent ones, are earnings positive.
SEK management is very focused and doing very well in my view. I strongly feel SEK is undervalued at current SP.
Agree that SEK has a clear strategy that they are executing on which should drive future earnings growth. Even without growth, the current share price to underlying NTA and dividend yield are attractive relative to other opportunities on the NZX.
Some musings on SEK:
Published NTA is arguably understated. SEK policy is to revalue land and buildings on a three year rolling basis, meaning in times where values are increasing there is a time lag until these higher values are recognised in the financial statements. Adding weight is the transaction that T&G did late last year to sell and lease back a packhouse, cold store and storage property in Hawkes Bay to PFI at a yield of 4.4%. Admittedly a large site at 9.56 ha however the Dec 2020 financial statements indicate that SEK land and buildings are carried at capitalisation rates between 6.25 and 10.5%. Therefore, I suggest current market values will be somewhat higher than current carrying values.
There appears to be a large seller(s) of SEK shares at present, which is keeping a lid on share price growth. The shares issued as part of the two completed and one yet to complete amalgamation transactions probably means that there is a bit of an overhang that is likely to persist for a while yet - the NZ Fruits transaction will result in a further $10m of shares being issued, a chunk of which will no doubt find their way to market. For a longer term investor, this presents an ideal buying opportunity at present and over the coming couple of months.
The largest shareholder, Tomlinson Group Investments Limited, did increase their shareholding by 330,000 odd shares in October which is a positive sign.
There is only a small number of institutional shareholders on the register - it will be interesting to see whether this changes going forward. If there is a share overhang, maybe this provides the opportunity for greater institutional involvement as these shares find a new home.
Very good post Southern Lad which I totally agree with. The issuing of new SEK shares to the owners of the businesses they´ve taken over is likely to provide great buying opportunities for awhile yet.
Both myself and my partner have bought some.
P/e of 10 and price/nta of 0.95 seems like good value for company that has doubled its eps in the last 5 years and has a good track record of increasing dividends and eps growth with good forward prospects
Thanks for sharing your knowledge/info Icemand and Southern Lad.
Already a holder, but bought a handful more, and a few for might daughters Sharsies account.....
Seems like a good place to park some fuinds, and in the words of another holder, believe are "well positioned". :t_up:
Once again the holders of the company being amalgamated into SEK vote overwhelmingly in favour of the takeover. This is a brilliant vote of confidence in Seeka's management and their strategy.
SEK
19/01/2022 09:16
TRANSACT
PRICE SENSITIVE
REL: 0916 HRS Seeka Limited
TRANSACT: SEK: Seeka NZ Fruits amalgamation unconditional
Seeka Limited [NZX:SEK] advises that the Shareholders of New Zealand Fruits
Limited (NZ Fruits) have voted overwhelmingly in favour of its acquisition by
amalgamation with Seeka.
Seeka Limited [NZX:SEK] advises that all conditions for the NZ Fruits
amalgamation have been met and the transaction is expected to be completed
early February 2022.
Release ends:
Press release suggests the NZ Fruits shareholder vote wasn’t unanimous. If so, interesting as the Companies Office only details six shareholders.
From a Seeka perspective, good that the amalgamation will be effective ahead of the upcoming Kiwifruit harvest and therefore full earnings will be picked up in the Dec 22 year reported profit (contrasted with last years OPAC amalgamation with completed in early may which left some pre-acquisition profits going into the fair value on purchase calculation).
Seeka announces dividend of 13 cents per share - NZX, New Zealand’s Exchange
Seeka Limited [NZX:SEK] advises that it has declared a Full Year dividend of $0.13 per share in relation to the financial year ended 31 December 2021.
The dividend will be fully imputed, and the Dividend Reinvestment Plan will apply.
The dividend record date is 28 January 2022 and the dividend will be paid on 23 February 2022.
In early February 2022 Seeka expects to complete the acquisition of New Zealand Fruits Limited by way of amalgamation which will include consideration of new Seeka shares and cash.
The Full Year dividend is normally paid in April each year. This year the Full Year dividend date has been varied due to the issue of new shares to be issued ex-div in February.
A little bonus from the NZ Fruit purchase, we get our divies early :-)
Yes SEK paying 13 cents a share fully imputed compared to SCL 9.5 cents fully imputed so pretty good yield and set to grow.
As it has stopped raining ,I used some of the wife's rainy day funds to buy her more SEK this morning.
Seeka announces CFO retirement and CFO designate - NZX, New Zealand’s Exchange
Seeka Limited [NZX:SEK] announces the retirement of its Chief Financial Officer, Mr Stuart McKinstry.
Stuart, who has held the role since December 2006, will leave the Company on or around 29 April 2022. The company has undergone significant transformation and growth throughout Stuart’s tenure with numerous acquisitions and corporate transactions. Stuart also served on the Claims Committee of the Kiwifruit Claim successfully settling with the Crown in 2021 on behalf of claimants.
Stuart is a highly respected and regarded executive at Seeka. He has diligently and loyally served the company and its growers with distinction. He leaves to retire, and to pursue his own business interest and governance opportunities.
Stuart will be replaced by Mrs Nicola Neilson. Nicola is the current Seeka Group Financial Controller, has been at Seeka since 2017 and is currently on maternity leave. It is intended that Nicola will take the role on Stuart’s retirement.
Release ends.
Stuart has been a great CFO for SEK and instrumental alongside the CEO in implementing the plan they've followed over the last few years. He was a very steady hand. I think this change has been well planned with an internal appointment to replace him. I wish Stuart well in his future endeavours.
SP looking a little sickly, starting to challenge $5.00. Went XD last week, but no doubt mainly due to Omicron and potential risk on being able to staff picking and packing over the coming months.....
Through 50/200 day moving averages.
A bit of buying support arrived this arvo.
One upside for DRP participants is that we are in the 15 working day pricing window, so a lower share price today reduces the VWAP. For me, the 2% discount is too good to pass up for a company that has a positive future.
It sure has stopped raining. Only a few mm in the last few weeks here in the Manawatu
Opac shareholders get 1.4833 SEK shares per OPAC share held. 2020 results:
EPS NTA
OPAC 0.24 6.02
SEK 0.23 5.20
Anyone know why they valued OPAC shares so much higher than SEK shares given the relative NTS and EPS? Looking at getting into this one but wondering about this strategy. Any info much appreciated.
There is probably a lot not captured by a straight comparison of EPS and NTA, but one that I can think of is the commitment by OPAC growers to supply Seeka for three seasons. I don't know how Seeka valued that, but under the old incentive plan Seeka growers got 10 cents per tray in shares for a one season commitment, so a three season commitment might be worth a few millions of dollars at least.
That was what I was thinking as well. In the just completed NZ Fruits transaction, we have a committment from NZF´s biggest supplier who supplied over half of all of NZF´s product and a significant amount to others, committing to all his harvest going to SEK. He is planting a lot more as well. The big positive for SEK is all that fruit comes from the Gisborne/East Coast area where the harvesting is 1-2 months earlier than elsewhere which allows them to utilise their BOB infrastructure for a significantly extended period each year. I don´t know how they value that but it will be a great efficiency boost for SEK and the current infrastructure.
You guys will probably find this interesting.
https://www.snowballeffect.co.nz/off...Park%20Orchard
Dunstan family looking to raise capital to plant out 173 hectares in western BOP.
will provide an alternative non listed way to invest in NZ kiwifruit industry
Good to see continued growth in plantings and confidence in developing into new export markets from established industry players. Any idea on what suitable land supply for future Kiwifruit plantings is like?
Results tomorrow.
Already gone ex-div and incoming next week.....:)
I have just watched the Seeks presentation.
Excellent,and thankful I increased our holdings, and got The Trust I help out on onboard.
Extremely positive outlook.
It’s the only NZ share I’m accumulating over the past few months. Except for a wee starting position in MOV. Podcast this morning said beef up 16% fruit up almost 6% (should have bought some SFF lol)
I see a triangle forming in wave 4 which kind of looks like its broken on the downside but 4:60 is the actual critical point. If we hold above that then 5th wave coming to reach 6
In the annual report they say "Labour availability currently looks better for harvest 2022." which seems a bit surprising to me, but great news if turns out that way.
I missed the webinar and can't find a replay anywhere, I wondered if there was any further comment or questions asked about this?
I recall some discussion on RSE worker numbers being OK (all things considered), albeit with some short term disruption due to the need to self isolation now there were COVID cases in the Pacific.
"Chief executive of produce distributor Seeka Michael Franks said 85 of its 1400 had tested positive for Covid-19 and another 150 were isolating." Stuff 03/03/22
"The kiwifruit harvest in New Zealand is a little later than expected with continuing wet and warm weather slowing brix development and maturity. The main harvest is expected to get underway in about another week." Seeka CEO on Fresh Plaza
From Zespri's Chairmans update released yesterday:
"COVID-19 continues to prove challenging, particularly as it exacerbates the existing industry labour shortage across our supply chain.
While the industry has made operational changes to help smooth the flow of fruit and is trying to make best use of our capacity, the shortage of backpackers and the impact of COVID-19 means that many post-harvest facilities are finding it difficult to recruit the workforce needed for their shifts.
This year’s harvest is likely to be the most challenging in the COVID period. We encourage all growers to support your industry and contact NZKGI or your packhouse if you, friends or family have availability to work. Once your fruit has cleared, please work quickly with your packhouse to schedule its picking and packing."
From Michael Franks on the weekend just gone:
" Remarkably we have maintained operations at all packhouses now continuously for over a week and we have packed our first 3m trays in the current season. It has been about as challenging a start as I can remember.
Omicron has decimated crews and key staff have been hit hard. It’s been a particularly difficult period having to run continuously chasing the Zespri system of midnight caps to optimise the returns for our growers. Many people across the business from sampling to picking to post-harvest have worked long hard hours. They have made considerable sacrifices including those with young families at home. We will schedule in down days for the business this week to give people a break.
The reality is that most sites are running dayshift only and when we push the site to the midnight cut-off – we lose the first 5 hours the next day as crews recover. It’s a fact seemingly lost on the industry.
Arrivals of RSE workers have been wonderful but irregular. Honestly they have been a godsend. The coordination of the sourcing and of RSE workers has been assumed by the central Government and we have lost some of the ability to innovate and really are in a position of taking what we can get, when they arrive. It’s not an easy time to be in a business employing people in a time critical industry and in doing so keeping the economy running."
Really feel for them and their teams. It’s a tough time if ur in primary industry harvest at the moment… apples are same. Can’t see the labour piece getting any better in the next 12 months. RSE’s are the backbone for these guys and the government is radio silence as usual
Yes the last paragraph in Michael’s quote above shows the frustration with this control freak and incapable Government. I wish they’d just get out of the way and let people run their businesses without this endless interference and restrictions. It’s killing our economy on all fronts
Despite Seeka currently advertising $24 per hour in Tauranga, Rosentreter said they had put $22.75 per hour on the table in its negotiations in Northland.
She claims when First Union representatives initially asked Seeka chief executive Michael Franks if the current rate of $24 an hour would be continued beyond the pandemic, he described it as an added incentive due to Covid.
“The company has admitted to us that $1.25 of that is a ‘seasonal allowance’ because of the border closure, and it'll be shaved off after this harvest,” said Rosentreter.
https://www.stuff.co.nz/bay-of-plent...ng-60-per-hour
I have no idea. But this woman seems to be a hard worker making hay while the sun shines, so I assume she knows.
There are serious labour shortages in the industry, exacerbated by the ridiculous restrictions on bringing in seasonal workers from the Pacific Islands coupled with the mad isolation rules still in force in NZ. Just nuts.
There are frequent media articles, driven by the Unions, about shortages being due to low wages. That is simply not true and to the contrary, there are lots of opportunities for low skilled workers to work hard and earn decent money.
Many like the idea of the latter, not so much the former.
Here is a post from a friend of mine from yesterday, who’s a shift foreman in a kiwifruit packhouse in the BOP:
“Boss told us last night kiwifruit industry will employ 15yr olds in the packhouse now. If you got a young one wants to earn $1k-1.5k a week then come on down. There's all sorts of jobs for everyone any age any size. I got a couple 65+ Yr olds on my shift”
Anyone got any clues on the change in market sentiment over the last couple of weeks? Share price was stuck in the $5.00 to $5.05 range but has picked up on reasonable volumes to the $5.15 to $5.20 range.
Price increase coincided with CEO Michael Franks on market purchase of a further 1,000 shares at $5.00 each, but assume there has to be more to it than that. Market depth shows 32,000 shares available between $5.20 and $5.25 - maybe some of the overhung from shares issued to the vendors of the recent acquisitions is starting to dissipate?
Any intel on how the Kiwifruit harvest is progressing?
I think people are starting to realise that SEK has managed through a very difficult harvesting season very well and most of the risks are falling by the wayside. I think we're in for a bumper result from this season :-)
Very positive agm
I gained a lot from it.
Very happy holder.
I missed it ....lawns...two houses...yuck.
So it sounds like they have managed to pick all their Kiwi Fruit and Avo's....right ?
And Scales presumably managing to pick all their Apples...or enough.
And I am hearing that the vinyards are having a bumper year with lots of good grape crops.
So how can this all happen amidst the doom and gloom of a shortage of migrant labour ?
Maybe Kiwi's are getting our of bed and helping ?
Maybe automation is helping ?
Maybe we are using our labour better ?
I think some of this is called productivity. Maybe a silver lining ?
FIngers crossed !
I’m in the wine game and it was a hard work.we are also wayyyy more mechanised than any other primary Hort enterprise. Take my hats off to them as it would of been a grind. Dealing with covid was also a massive headache as we were skinny on staff before we even started.
things getting hot at seeka
Kiwifruit Workers At Seeka Call For Secure Wages In New Agreement
https://www.scoop.co.nz/stories/BU22...-agreement.htm
Seeka provides New Zealand kiwifruit harvest update - NZX, New Zealand’s Exchange
Whilst kiwifruit harvest is still ongoing Seeka advises crop volumes expected to be down
Seeka Limited [NZX:SEK] provides the market with this mid-season New Zealand kiwifruit harvest update.
The SunGold harvest in New Zealand is completed and the Hayward harvest is an estimated 38% completed.
The total New Zealand SunGold kiwifruit crop is estimated to be 103.3m trays, a reduction of 9.7% on prior forecast industry volumes, New Zealand wide. Seeka’s SunGold volume reflects this seasonal variation with a total volume packed of 26.0m trays. While the current years volume is ahead of the 17.9m packed in 2021, it is behind the current year estimate by 8.2%.
The total New Zealand estimated Hayward kiwifruit crop has been reduced by 4.7% to 65.1m trays, noting that there is still approximately 62% of the fruit unharvested and a continuing risk of further reduction. Seeka has to date packed 5.6m trays and is entering the main pack phase of the Hayward harvest.
Seeka advises that it is too early to provide current year earnings guidance and expects to do so once Hayward harvest and packing is complete. The 2022 season is proving to be a challenging one for the company with lower crop volumes and a tight labour market exacerbated by Covid 19 disruption.
Release ends.
Certainly the market didn't like it yesterday. Has generally been steady around $5.00-5.30, and not really been under $5.00 for over a year.
Looks like best primary producer prospects are on the USX right now: https://file-us.clickdimensions.com/...7-005056b6486e