Speaking on behalf of Chairman Prof. Klaus Josef Lutz, Director John Wilson noted that the Company was this year celebrating 120 years in business. T&G had another very successful year in 2016, achieving record revenue of $872m, an increase of 7% on 2015. The Group achieved a 2016 profit before tax of $42.1 million, compared to $24.7 million in 2015.
This has resulted primarily from strong increases in the profitability of the Pipfruit division and the New Zealand Produce division, along with a gain associated with the sale of the FCC business in June last year. Total net assets of the Group increased by $26m to $347m.