Fresh produce company T&G Global has revised its FY23 loss before tax forecast to between $60 million and $67m, nearly double the assessment post Cyclone Gabrielle's damage last year. The company stated that the new forecast is due to complexities in the insurance claim from the cyclone damage in February 2023, causing delays in finalizing the insurance claim receivable value at balance date. In May last year, T&G reported that Cyclone Gabrielle had severely impacted its Hawke's Bay plantings. Yet, Edgecombe warned that the cyclone would significantly impact the group's FY23 financial performance. The company has since implemented a cost-reduction program in response to the cyclone.

Source: New Zealand Herald February 12, 2024 13:27 UTC