This week, the automation and robotics solutions provider announced its results for the year ended August 31, which showed a 3% increase on last year’s record revenue to $276 million, and stable operating ebitda of $30m.
After-tax net profit was down 50% to $7.7m which it attributed to one-off strategic costs, higher lease and financing costs and change in tax legislation relating to building depreciation. Part of that cost had been around setting the business up for future growth, Mr Vanwalleghem said.
Forward work of $160m remained positive, comprising of materials handling and logistics (MHL), minerals, protein orders and service orders. A final dividend of 3c per share was declared to take the full-year total to 8c per share.
In the protein sector revenue was down 21%, driven by environmental conditions, reduced lamb demand impacting cattle supplies in North America and Australia-New Zealand experiencing reduced lamb demand and tightened margins for lamb processors. A strategically important lamb primal order secured in October for JBS in Australia would positively contribute to FY25.
Along with high inflation, interest rates and the geopolitical situation, the protein market remained a challenge but Scott did some visibility in the lamb market from next year on. There were also opportunities in beef development, using the same philosophy of that used in lamb, Mr Vanwalleghem said.
MHL remained strong with a 5% increase on revenue growth due to the completion of an automated storage and retrieval system for Alliance Group and good progress made with JBS Brooks and a large North American potato processor, alongside continued strong growth in the existing European market.
It continued to maintain a significant forward order book of $95m with important deals closed in Q4 FY24 including Agristo, Danone, Cranswick and a major global potato processing operator in North America.
A launch of Scott’s new fleet of modular Automated Guided Vehicles for the growing AGV market in North America was expected in H1 FY25.
Mr Vanwalleghem was proud of the performance of the minerals sector where revenue grew by 19%, supported by new product innovations like the Automated Modular Solution (AMS) for Minerals Resources and the Energise for Caterpillar (also known as the automated energy transfer systems AETS).
At the end of the month, Mr Vanwalleghem would step down from the interim chief executive position as new chief executive Mike Christman came on board, returning to focus mainly on Europe and the United States. It had been enjoyable working with such a talented team, he said.
