Seeka reports drop in revenue due to weather

Seeka, a New Zealand produce company, has reported its unaudited interim results for the six months ended June 30, 2023.

The company's revenue decreased by 14% compared to the same period last year, while EBITDA and NPBT declined by 26% and 55% respectively.

Seeka attributed the financial performance decline to a significant drop in kiwifruit yields caused by adverse weather conditions.

Despite the smaller crop, Seeka highlighted its operational performance and focus on quality.

The company has invested in automation and is well-prepared to handle an expected increase in national kiwifruit production in the future.

Seeka's full-year outlook forecasts a net profit before tax loss between $20 million and $25 million, and no dividend will be payable.