T&G Global Limited Analysis

Overview

T&G Global Limited is engaged in distributing, marketing and exporting fresh produce. The business was started as a fruit and flower shop by Edward Turner in 1897. He was later joined by nine sons and the business grew to became E Turner & Sons Ltd. This amalgamated with a grower co-operative in 1921 to form Turners & Growers Ltd.

In December 2002 the group acquired 100% of pipfruit exporter ENZA Ltd, owned by Guinness Peat Group, in return for 44.2m of Turners shares worth $101.9m. This transaction resulted in GPG gaining control of the merged entity.

In 2004 TUR separated the ENZA Foods manufacturing operations into a stand-alone company, owned independently by TUR shareholders. In September 2004 it made a compliance listing on the NZX, with no new shares being issued. Major divisions are: Turners and Growers Fresh Ltd - fruit & produce & flower wholesalers, auctioneers and distributors, importers, exporters, transport operators, prepackers and produce container hirers; Status Produce Ltd - glasshouse tomato production and other covered crops; packhouse operators; ENZA Ltd - world-wide pipfruit exporters and coolstore operators.

In February 2008 the company declared its takeover bid for Kerifresh Ltd unconditional. Kerifresh is a major lemon, mandarin and kiwifruit grower/packer in Kerikeri. TUR said the purchase will strengthen its standing in the citrus fruit category.

In 2012 BayWa, a German investment company purchased 72.5 percent of Turners & Growers.

The company launched its current corporate brand in 2014.

T&G is listed on NZX in May 2015 under the name of Turners & Growers Limited ("TUR"). It changed its current name and code in May 2015.

Performance

The following information was extracted from T&G Global Limited's Half Year Results, released on 8 August 2025

Half year results 2025

At a glance:

• Revenue: $920.6 million, up from $820.1 million

• Operating profit: $18.1 million, compared to a loss of $2.6 million

• Net profit before tax: $2.3 million, compared to a loss of $8.2 million

• Net profit after tax: $1.7 million, compared to a loss of $18.6 million

T&G Global today released its interim results for the six months ending 30 June 2025, reporting a significantly improved performance and a return to profitability.

T&G Global Chair Benedikt Mangold said the Company is beginning to see the results of its long-term growth and investment strategy.

“Our first six months’ performance is the result of increased revenue from T&G’s strategy and investments, strong execution, and an absolute focus on productivity, efficiencies and cost control across the whole business. It is a key step in delivering sustained and profitable growth, and we look forward to building upon this,” says Benedikt.

Chief Executive Officer Gareth Edgecombe echoed this sentiment, saying “This result reflects the strength of our growth strategy and the mahi of our team. Global demand for our premium apple brands is growing in line with our volumes, and across our business we’ve strengthened customer and grower relationships and optimised our value chain. While global volatility continues, we’re firmly focused on what’s in our control and ensuring our business is strong and resilient.”

T&G’s Apples business delivered a sustained uplift in performance, with revenue increasing 15%, to $675.3 million, compared to $589.0 million in the comparable 2024 half year period. Operating profit increased 99% to $47.2 million, compared to $23.7 million in the corresponding 2024 period.