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>Skellerup reported FY22 NPAT +19% on the prior year to NZ$48m, slightly above recent guidance range but in line with our forecasts under pinned by strong growth in the industrial division</li><li>Agri growth was more modest due to raw materials inflation</li><li>Overall the result highlighted SKL’s continued solid execution across all divisions despite a challenging cost and supply chain environment</li></ul>

Skellerup reported FY22 NPAT +19% on the prior year to NZ$48m, slightly above recent guidance range but in line with our forecasts under pinned by strong growth in the industrial divisionAgri growth was more modest due to raw materials inflationOverall the result highlighted SKL’s continued solid execution across all divisions despite a challenging cost and supply chain environment

Skellerup (SKL): FY22 First Impressions - Continued Solid Execution

Skellerup Holdings

Skellerup (SKL): FY22 First Impressions - Continued Solid Execution