T&G unveils new strategy
Turners & Growers has outlined its new corporate strategy, with a focus on targeting growth markets and thinking globally.
The NZX-listed fruit and vegetable firm reported a record full-year profit of $16.2 million in March, reversing the previous year's loss.
At the company's annual general meeting in Auckland today, chief executive Alastair Hulbert gave an overview of the new strategy.
The five "strategic pillars" were global thinking, a focus on growth markets, improving relationships, growing intellectual property and simplifying operations.
"A global focus is critical to explore new markets, new products and new opportunities," Hulbert said.
The company's majority shareholder, German firm BayWa AG, would help facilitate the expansion, he said.
Hulbert said global growth products including kiwifruit, pipfruit and grapes would all be given a bigger push.
The company also planned to grow its intellectual property portfolio, as exclusive varieties of fruit and vegetables were "extremely valuable".
"IP rights enable managed growth and the ability to push demand in the market ahead of supply volume," Hulbert said.
Shareholders voted to re-elect chairman John Anderson and director Andreas Helber, who had retired by rotation.
They also approved the appointment of BayWa AG fruit general manager Christiane Bell as a new director.
Turners & Growers' share price closed unchanged at $2.
While the company's stock has risen 25 per cent in the last 12 months, it is still trading at a discount to its net tangible asset value of $2.19.