Douglas James Bygrave
PO Box 56, Shortland Street, Auckland 1140

T&G Global Limited Analysis


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.


The following information was extracted from T&G Global Limited's Full Year Results, released 29 February 2024:

Cyclone-related loss clouds positive strategic progress

At a glance:

  • Revenue: $1.33 billion, up from $1.30 billion
  • Operating (loss)/profit: ($45.6 million), down from $20.4 million
  • Net loss before tax: ($64.2 million), down from ($3.3 million)
  • Net loss after tax: ($46.6 million), down from ($0.9 million)

The impact of Cyclone Gabrielle and the complexity of T&G Global’s associated insurance claim have been influential factors in the Company recording a full-year loss before tax of $64.2 million for the year ending 31 December 2023.

This complexity has resulted in delays in finalising the value of the insurance claim receivable at balance date.

T&G Global Chair, Benedikt Mangold, said the loss reflected both the cyclone’s physical and fiscal impact and a challenging year in terms of growing and economic conditions.

“After three seasons of COVID-19 related disruptions, we came into the 2023 financial year focused on converting increasing demand into higher sales volumes. But the weather had other ideas. The February cyclone completely disrupted our Apples operations in Hawke’s Bay for five days, destroyed orchards on some 13% of our planted hectares and interrupted our supply chains for export and domestic crops. The cyclone, along with five-year highs in rainfall and lows in sunshine across the year, made conditions more than challenging.”

Mr Mangold said the cyclone was an exceptional event in an exceptional year and while it influenced the financial result, it did not undermine progress within the business or the strength of its strategy.

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