New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Scott Technology (SCT) has this morning announced a ‘major’ new mining contract to deliver Rocklab’s Automated Modular Solution (AMS) to one of the world’s largest testing, inspection, and certification (TIC) providers.</li><li>The deal marks the first deployment of SCT’s AMS technology into a large-scale commercial minerals laboratory.</li><li>To make this sale ‘major’, we would expect >5 units have been contracted and to be delivered over time.</li></ul>

Scott Technology (SCT) has this morning announced a ‘major’ new mining contract to deliver Rocklab’s Automated Modular Solution (AMS) to one of the world’s largest testing, inspection, and certification (TIC) providers.The deal marks the first deployment of SCT’s AMS technology into a large-scale commercial minerals laboratory.To make this sale ‘major’, we would expect >5 units have been contracted and to be delivered over time.

Scott Technology (SCT): Mining Contract Announcement

<ul><li>Scott Technology (SCT) has announced new Materials Handling & Logistics (MHL) contracts of ~NZ$12m across Europe and North America.</li><li>The announcement provides further evidence of SCT's expansion beyond its traditional MHL customer base (largely the global potato industry) into adjacent meat, dairy, snacks and bakery segments.</li><li>The announcement follows good momentum within MHL reported at SCT's 1H26 result, where segment revenue grew +21% year on year to NZ$64.5m, and gross margin improved +4ppt to 26%.</li></ul>

Scott Technology (SCT) has announced new Materials Handling & Logistics (MHL) contracts of ~NZ$12m across Europe and North America.The announcement provides further evidence of SCT's expansion beyond its traditional MHL customer base (largely the global potato industry) into adjacent meat, dairy, snacks and bakery segments.The announcement follows good momentum within MHL reported at SCT's 1H26 result, where segment revenue grew +21% year on year to NZ$64.5m, and gross margin improved +4ppt to 26%.

Scott Technology (SCT)—MHL Contract Announcements

<ul><li>Scott Technology (SCT) reported a softer-than-expected 1H26 result, with group revenue up +5% to NZ$128.2m and EBITDA up +7% to NZ$13.0m, as strength in Materials Handling and Mining only partly offset timing-related weakness in Protein and Appliances.</li><li>Management expects FY26 to be second-half weighted, supported by recent wins across Materials Handling, Protein and Appliances and forward work of NZ$177m, up +8% on 1H25.</li><li>We make minor amendments to estimates and trim our blended spot valuation by -4% to NZ$3.54, with softer near-term earnings partly offset by valuation roll-forward.</li></ul>

Scott Technology (SCT) reported a softer-than-expected 1H26 result, with group revenue up +5% to NZ$128.2m and EBITDA up +7% to NZ$13.0m, as strength in Materials Handling and Mining only partly offset timing-related weakness in Protein and Appliances.Management expects FY26 to be second-half weighted, supported by recent wins across Materials Handling, Protein and Appliances and forward work of NZ$177m, up +8% on 1H25.We make minor amendments to estimates and trim our blended spot valuation by -4% to NZ$3.54, with softer near-term earnings partly offset by valuation roll-forward.

Scott Technology 1H26 Some Assembly Required

<ul><li>Scott Technology (SCT) reported a softer-than-expected 1H26 result, primarily reflecting project timing (which is common for SCT given the lumpiness of orders) and delayed customer deals.</li><li>Group revenue lifted +5% year-on-year to NZ$128.2m and EBITDA up +7% to NZ$13.0m (FBe: NZ$14.6m).</li><li>The Directors recommended an interim dividend of 4.0cps (unimputed), below our 5cps unimputed expectations, "to support targeted increased investment into R&D in FY27".</li></ul>

Scott Technology (SCT) reported a softer-than-expected 1H26 result, primarily reflecting project timing (which is common for SCT given the lumpiness of orders) and delayed customer deals.Group revenue lifted +5% year-on-year to NZ$128.2m and EBITDA up +7% to NZ$13.0m (FBe: NZ$14.6m).The Directors recommended an interim dividend of 4.0cps (unimputed), below our 5cps unimputed expectations, "to support targeted increased investment into R&D in FY27".

Scott Technology (SCT)–1H26 Result First Impressions

<ul><li>Scott Technology (SCT) released a robust FY23 result that underscored the company's strategic focus to productise automated solutions across its core industries of: 1) protein processing, 2) materials handling and logistics, and 3) minerals sample preparation. Operating revenue rose +21% to NZ$268m, propelled by an improved performance from the materials handling segment and continued strength in the Protein (Meat) segment. </li><li>SCT's three core segments collectively grew revenue by +27% and now represent 79% of group revenue.</li><li>Buoyed by growth in the higher-margin service offering and improved profitability in the 'Rest of Business', SCT's EBITDA margin expanded by +60bp to 11.4%. </li></ul>

Scott Technology (SCT) released a robust FY23 result that underscored the company's strategic focus to productise automated solutions across its core industries of: 1) protein processing, 2) materials handling and logistics, and 3) minerals sample preparation. Operating revenue rose +21% to NZ$268m, propelled by an improved performance from the materials handling segment and continued strength in the Protein (Meat) segment. SCT's three core segments collectively grew revenue by +27% and now represent 79% of group revenue.Buoyed by growth in the higher-margin service offering and improved profitability in the 'Rest of Business', SCT's EBITDA margin expanded by +60bp to 11.4%. 

Scott Technology - FY23 Result — Core Growth

New Zealand

Scott Technology Limited and its subsidiaries manufacture and service automated manufacturing lines for the appliance industry worldwide.  The Company designs and builds complete manufacturing systems ranging from small coil processors to large assembly facilities.

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Scott Technology (SCT NZ)

Scott Technology (SCT): Mining Contract Announcement

Scott Technology (SCT) has this morning announced a ‘major’ new mining contract to deliver Rocklab’s Automated Modular Solution (AMS) to one of...

Forsyth Barr

Scott Technology (SCT)—MHL Contract Announcements

Scott Technology (SCT) has announced new Materials Handling & Logistics (MHL) contracts of ~NZ$12m across Europe and North America. The...

Forsyth Barr

Scott Technology 1H26 Some Assembly Required

Scott Technology (SCT) reported a softer-than-expected 1H26 result, with group revenue up +5% to NZ$128.2m and EBITDA up +7% to NZ$13.0m, as...

Forsyth Barr

Scott Technology (SCT)–1H26 Result First Impressions

Scott Technology (SCT) reported a softer-than-expected 1H26 result, primarily reflecting project timing (which is common for SCT given the...

Forsyth Barr

Scott Technology - FY23 Result — Core Growth

Buoyed by growth in the higher-margin service offering and improved profitability in the 'Rest of Business', SCT's EBITDA margin expanded by +60bp...

Forsyth Barr

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