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) reported a robust 1H23 result largely in line with our expectations.</li><li>While revenue and earnings in Horticulture and Logistics surprised to the upside, we expect this is largely due to a return to normalised levels of seasonality and a weaker 2H23 is expected.</li><li>Our FY23 underlying NPAT forecast remains NZ$18m, at the upper end of management's guidance range of NZ$14m to NZ$19m. </li></ul>

Scales (SCL) reported a robust 1H23 result largely in line with our expectations.While revenue and earnings in Horticulture and Logistics surprised to the upside, we expect this is largely due to a return to normalised levels of seasonality and a weaker 2H23 is expected.Our FY23 underlying NPAT forecast remains NZ$18m, at the upper end of management's guidance range of NZ$14m to NZ$19m. 

Scales - 1H23 Result —Barking Up the Right Tree

Scales Corp Ltd

Scales - 1H23 Result —Barking Up the Right Tree