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 reconfirmed its FY22 underlying NPAT guidance range (NZ$23.5m – NZ$28.5m), but now expects it will be “very unlikely” that the top end of the range is achieved</li><li>Delays in the apple division are the key driver of the slightly more reserved outlook, with market turbulence in Chinese and European markets</li><li>Finalisation of apple sales is likely to slip into FY23 as SCL’s financial year ends in December</li></ul>

Scales (SCL) has reconfirmed its FY22 underlying NPAT guidance range (NZ$23.5m – NZ$28.5m), but now expects it will be “very unlikely” that the top end of the range is achievedDelays in the apple division are the key driver of the slightly more reserved outlook, with market turbulence in Chinese and European marketsFinalisation of apple sales is likely to slip into FY23 as SCL’s financial year ends in December

Scales (SCL): Trading Update and FY23 Guidance

Scales Corp Ltd

Scales (SCL): Trading Update and FY23 Guidance