Scales' chairman Jon Mayson said all three divisions reported an increase in contribution above the initial public offer forecast, while the horticulture division in particular ‘‘performed exceedingly well'' during 2015.
Asia was the main export growth area, rising from 16% a year ago to 23% of sales in 2015, with ‘‘supportive'' sales to the Middle East.
A total of 3.15 million 18kg fruit boxes were sold during 2015, which was previously a target for 2018. Scales was now targeting 3.5 million boxes by 2020. Scales owns 710ha of orchards and leases a further 330ha.
Revenue from horticulture was $178 million, storage and logistics $95.6 million, and food ingredients $40 million.
Scales' shares were down 2% to $2.38 following the news.
Craigs Investment Partners broker Chris Timms said Scales' result was at the top-end of guidance expectations, and of Craigs' own estimates.
Mr Timms noted full-year guidance from Scales was unchanged, with underlying earnings before interest, tax, depreciation and amortisation (ebitda) still in a range of $48 million to $55 million.
"The key positive is current indications suggest the apple crop is of a good size and good quality,'' Mr Timms said.
Key operating highlights were cold-storage capacity up 19%, with a new Auckland site, Mr Apple volumes up 15% and Asian revenues up 23%.
Scales' managing director Andy Borland said the horticulture division delivered "outstanding growth'', with ebitda increasing 67% for the year, from $23.9 million to $40 million.
"This improvement in profit was largely a result of an excellent performance from our premium varieties.
"During the past five years especially we have made significant investments in our premium varieties and brand positioning, including Mr Apple, Diva, Fern Ridge Fresh and other brands,'' he said.
Mr Borland said Scales was continuing to actively invest in its business with $15.8 million of capital expenditure during 2015, of which $11.3 million was categorised as "growth capital expenditure''.
On its balance sheet, Mr Borland said net debt was lowered to $16.2 million, which saw average net debt for the year down to $32.5 million, or 24% lower than average prospective net debt.
"This places Scales in a very strong financial position, with considerable headroom on all banking covenants,'' Mr Borland said.
On Scales' outlook, Mr Mayson said although apple picking for the 2016 crop had yet to begin, early signs for the crop size and quality were positive.
This, coupled with a generally supportive environment for the businesses, allowed it to reaffirm the guidance of ebitda between $48 million and $55 million, he said.
Scales Corp
Year to December result.-
• Revenue $301.4m (first time), 68% from exports.
• Underlying earnings before interest, tax, depreciation and amortisation (ebitda) up 54% to $61 million.
• After-tax profit up 112% to $38.9 million.
• Dividend 17.5c.
• Scales is a diversified agribusiness group, with three operating divisions in horticulture, storage and logistics, and food ingredients, employing 500 people across the country.
Source: Scales Corp
