T&G Global's full-year profit surges

The 'Envy' apple variety is a top seller.
The 'Envy' apple variety is a top seller. Photo credit: Supplied

Vegetable and fruit grower T&G Global's profit has more than doubled as strong demand for its apples drove an increase in revenue.

Net profit for the year ended December rose to $16.6 million from $6.6m the previous year, with revenue up 16 percent to $1.4 billion.

It said rising demand for its apples drove earnings, which rose more than half on the year before.

"This was a result of a sustained focus on harnessing the best genetics, building premium brands, delivering strong sales momentum in Asia - one of our key growth markets - andcontinually optimising our supply chain," chief executive Gareth Edgecombe said.

He said the Envy variety was a top seller but more work needed to be done to improve sales of Jazz, which would be a key focus for the company this year.

Edgecombe said there would be a lot of uncertainty in the current year because of COVID-19's effects on staff and markets.

"Given border restrictions, it's also affecting our experienced Recognised Seasonal Employee (RSE) workers, with reduced numbers entering Aotearoa New Zealand for the 2021 harvest ... in 2020 we launched an innovative Kiwi focused recruitment campaign which is delivering positive results."

Hail and heavy rain which hit Nelson at the end of last year would likely mean reduced volumes across some varieties this year, particularly Jazz which bore then brunt of the crop damage.

T&G Global, originally the well known produce company Turners and Growers, is majority owned by German fresh food firm BayWa.