Thursday, April 25, 2024

Meat automation earns for Scott

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Automation in meat processing remained a cornerstone of revenue and earnings for Dunedin-based listed company Scott Technology in the 2021 financial year ended August 31.
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Scott Technology says global demand from the protein industry helps boost its meat processing business.

Automation in meat processing remained a cornerstone of revenue and earnings for Dunedin-based listed company Scott Technology in the 2021 financial year ended August 31.

Group revenue in the full year was up 16% to $216.2 million, of which meat processing provided 17%, an increase of 2% on the prior year.

Two larger revenue streams are from mining (27%) and materials handling and logistics (32%).

“Global demand from the protein industry translates to growth in our meat processing business,” the company said.

Lamb primal cutting at Alliance meat plants, BladeStop safety saws, automation at Thomas Foods Australia and poultry trussing for Pilgrims in the United States were all mentioned.

The safety saw has reached 1200 units globally and the business unit’s revenue grew 130% during the year after more than 100 installations.

“This reinforces the company’s belief that there is still significant unmet demand for BladeStop in the North American market, as the protein industry looks for safer alternatives to the traditional bandsaw,” it said.

Earnings before interest, tax, depreciation and amortisation (Ebitda) were up 289% to $22.1m, the highest for the company.

Net profit after tax was $9.5m, from which the directors decided to pay a 4c/share unimputed dividend. Last year a loss of $17.5m was declared.

The SCT share price is now $3.20, having risen 60% over the past year.

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