Seeka Limited

Wishing you a Happy New Year filled with health and prosperity.

On Wednesday Seeka distributed more than 20 laptops to Tu Mai Digital, operating under Poutiri Trust to assist with their project Digital Divide. This project aims to reduce the digital divide for households who genuinely cannot afford the internet and devises. Seeka's digital devices that are no longer fit for purpose would normally be recycled, however they are not broken and can be repurposed, so it's great to see them being put to such good use.

The Board of Seeka Limited [NZX:SEK] is pleased to announce the appointment of Hayley Gourley as an Independent Director of the Company. Hayley is an agribusiness leader, based in Canterbury, with more than 30 years of track record in New Zealand and internationally. Hayley has held executive leadership roles within Rabobank New Zealand and Skellerup Industries Limited, leading both businesses through periods of significant growth in financial performance and shareholder value. Hayley has extensive experience, knowledge and networks in the markets, economies and value chains present in the primary industries in New Zealand, which have been built through a lifetime in the food and agribusiness sector, and Hayley is excited to bring these experiences to Seeka.   The appointment takes effect on 1 January 2025.

Seeka Limited [NZX:SEK] advised the market last Friday that it expects full year earnings at a profit before tax level to be between $23.0m and $27.0m up from earlier guidance of between $21.0m and $25.0m. This is the third positive guidance revision for the current year and compares to a loss of $21.0m in the 2023 financial year. The increased earnings reflects a focus on costs, maintaining earnings and margins across all aspects of the business and improved fruit returns. This strategy has resulted in better than expected earnings in all segments of Seeka’s business and this has translated into this upgraded guidance. Michael Franks, Seeka Chief Executive advised that it has been an exceptional year. The company has followed its strategy of setting the company up for sustainable profits and delivering excellence to its growers and customers. Seeka is pleased to be updating the 2024 guidance after three very challenging years.

We had a group of university students from South Korea visited Seeka 360 and one of Seeka's managed orchards last week. Our Kiwifruit Technical Transfer specialist, Kate and General Manager of New Business and Marketing, Jim had a blast showing them around! https://lnkd.in/gnWfmsFj

Seeka Growers held their AGM last week, followed by an awards dinner and entertainment. Magical guest speaker, Brendan Dooley enthralled while duo singing group Shy & Retiring had many up on their feet dancing the night away. It was great to have so many growers attend the celebration of a successful harvest!

Thanks to Asiafruit Magazine for their recent article about our new variety of nashi. Red in colour with a crisp and crunchy texture and a juicy and refreshing taste profile, our new nashi is hard to beat. https://lnkd.in/g_6FTAiA

Last Wednesday, 16 October, Seeka Limited announced it had lifted its forecast full year earnings guidance at a profit before tax level from between $17.0m and $21.0m to between $21.0m and $25.0m to the NZX as outlined below. The forecast range compares to a loss of $21.0m in the 2023 financial year. The improved forecast reflects enactment of a clear strategy, excellent fruit quality and performance, efficiencies and margins across the business. Alongside the second guidance upgrade for the year, the Board of Seeka has declared a dividend of $0.10 per share. This dividend of $0.10 per share will be paid on 20 January 2025, with a record date of 20 December 2024. This dividend will be imputed to the maximum available. The Dividend Reinvestment Plan will apply, with a 2% discount, for shareholders that participate or join the plan before 23 December 2024. Michael Franks, Seeka Chief Executive, advises that the Company has achieved a good year. The guidance range indicates record operational earnings for Seeka, and key covenant ratios are well within their long-term range. While there is a drive to continue to reduce debt, the Company considered a distribution to shareholders appropriate. The full year dividend is normally paid in April. This year the full year dividend has been varied to provide a quicker restoration of dividends and provide an earlier return on investment to Seeka’s shareholders.

We reported our unaudited interim results for the six months ended 30 June 2024 on 22 August showing, ✅$284.2m Revenue — up 34% on six months to June 2023 previous corresponding period (pcp) ✅$68.4m EBITDA — up 88% on pcp ✅$45.0m NPBT — up 230% on pcp ✅Forecast full year NPBT updated to be between $17m to $21m — up from ($21m) loss FY23

Kiwi Crush™ products are produced at the Delicious Nutritious Food Company (DNFC), which is a subsidiary company of Seeka Limited™. DNFC takes a fresh approach to the use of local produce; by getting more from existing resources. Prepared from fresh Green and Gold kiwifruit, our kiwifruit is graded, washed, pulped and screened (to remove the seeds and skin). The fresh pulp is then frozen or freeze dried and added to a small amount of other natural ingredients to make delicious Kiwi Crush™. Kiwi Crush™ are going to be at the Auckland Food show from the 25 - 28 July 2024. Go along and give Kiwi Crush™ a try! 🥝😆 www.kiwicrush.co.nz