pretty disappointing update
In providing Guidance for 2020, directors note:
• As previously advised, the Horticulture division’s forecast apple volumes will be impacted by the ongoing redevelopment work undertaken on Mr Apple’s orchards;
• A material increase in capital expenditure within the Horticultural division to address increasing domestic costs, including labour;
• The guidance range implies an Underlying EBITDA range of between $49m and $55m, which is unchanged from 2019;
• Interest income has reduced due to lower rates and the past interest benefit from the sale of the Storage business;
• A further update will be provided as part of the 2019 year end announcement scheduled for February 2020.
https://www.nzx.com/announcements/345440
and the fact they are wasting a lot of there cold storage money proceeds on maintaining dividends instead of buying growth opportunities and reducing the divs is not smart in my mind. the div will reduce when the net cash position is gone