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 1H24 result which was ahead of our expectations.</li><li>Key highlights were: (1) Horticulture margin improvements, (2) constructive medium-term Horticulture EBITDA commentary (ex. Profruit), and (3) robust Global Proteins execution (particularly volume growth).</li><li>FY24 earnings guidance was reaffirmed, and, in light of the strong 1H24 result and historically conservative guidance, we expect the midpoint will be exceeded. </li></ul>

Scales (SCL) reported a robust 1H24 result which was ahead of our expectations.Key highlights were: (1) Horticulture margin improvements, (2) constructive medium-term Horticulture EBITDA commentary (ex. Profruit), and (3) robust Global Proteins execution (particularly volume growth).FY24 earnings guidance was reaffirmed, and, in light of the strong 1H24 result and historically conservative guidance, we expect the midpoint will be exceeded. 

Scales - 1H24 Result — Increased Confidence

Scales Corp Ltd

Scales - 1H24 Result — Increased Confidence