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) has reported a mixed FY22 result showing that strong earnings growth across global proteins has continued to offset difficult trading in the horticulture division</li><li>SCL has changed its prior dividend policy of “NZ19cps per year while cash allows” to “50-70% of underlying NPAT”, effective for the FY22 final dividend, which is NZ6cps (down from NZ9.5cps).</li><li>Guidance for FY23 was withdrawn following Cyclone Gabrielle’s material impact on the horticulture division, and guidance has not been reinstated by SCL, given that material uncertainty still exists</li></ul>

Scales (SCL) has reported a mixed FY22 result showing that strong earnings growth across global proteins has continued to offset difficult trading in the horticulture divisionSCL has changed its prior dividend policy of “NZ19cps per year while cash allows” to “50-70% of underlying NPAT”, effective for the FY22 final dividend, which is NZ6cps (down from NZ9.5cps).Guidance for FY23 was withdrawn following Cyclone Gabrielle’s material impact on the horticulture division, and guidance has not been reinstated by SCL, given that material uncertainty still exists

Scales (SCL): FY22 Result – Initial Impressions

Scales Corp Ltd

Scales (SCL): FY22 Result – Initial Impressions