New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Scales' (SCL) FY24 result was solid, with earnings modestly exceeding expectations, driven by better Mr Apple margins and Profruit in the Horticulture division.</li><li>Net cash also came in ahead of forecasts (~NZ$12.5m). SCL retained FY25 guidance, and we believe its strong FY24 result (delivered at the top end of guidance) and underlying operating momentum support our near top-end forecasts.​​​​​​​</li><li> SCL's Horticulture earnings recovery is progressing well, with margin improvements yet to fully materialise and is advancing on its FY27 EBITDA NZ$70m Global Proteins target, with a key contract announced at the result (to be operational in FY26). </li></ul>

Scales' (SCL) FY24 result was solid, with earnings modestly exceeding expectations, driven by better Mr Apple margins and Profruit in the Horticulture division.Net cash also came in ahead of forecasts (~NZ$12.5m). SCL retained FY25 guidance, and we believe its strong FY24 result (delivered at the top end of guidance) and underlying operating momentum support our near top-end forecasts.​​​​​​​ SCL's Horticulture earnings recovery is progressing well, with margin improvements yet to fully materialise and is advancing on its FY27 EBITDA NZ$70m Global Proteins target, with a key contract announced at the result (to be operational in FY26). 

Scales - FY24 Result—Fruits of Its Labour

Scales Corp Ltd

Scales - FY24 Result—Fruits of Its Labour