Why is Scott Technology (NZX:SCT) in news today?

Highlights:

• Scott Technology plans to organise its Annual Meeting on 23 November.
• It has signed a multi-million-dollar contract with NZ’s leading producer of premium red meat, Silver Fern Farms.
• The company has delivered its H1 F22 results recently

Scott Technology Limited (NZX:SCT) is a tech-based company that delivers automated and robotic solutions to its customers. Today (15 September 2022), it announced holding its Annual Meeting on 23 November. Also, it has urged its shareholders to send director nominations by 3 October.

Here, it is pointed out that these nominations can be made by only those shareholders who are eligible to attend and vote at the said meeting.

Source: © Panteleev83 | Megapixl.com

Details of Scott-Silver Fern Farms deal

The Company has entered into a multi-million-dollar contract with Silver Fern Farms, one of NZ’s well-known producers of premium red meat.

As per the contract, Scott Technology will deliver a fully automated lamb processing system, which will not only increase the yield of high-value cuts for South Otago-based Silver Fern Farms’ Finegand plant but also improve its efficiency.

The Company is delighted to be associated again with one of the country’s most iconic meat producers and exporters, cites John Kippenberger, SCT’s CEO. This contact is of strategic importance to Scott Technology.

It must be noted that the above-mentioned system will be designed and manufactured in Scott’s Dunedin-based meat processing facility and is likely to be delivered late next year.

Scott Technology secures a deal in North America

In May this year, Scott Technology bagged a NZ$56-million deal to deliver its first fully automated warehousing system for JBS Canada’s Alberta-based plant.

The project involves building a complete end-to-end material handling solution, which is adept at handling 85,000 cartoons. This new system will be used in place of a fully manual system, thus increasing efficiencies by allowing enhanced high-speed carton sortation and management. Further, it will minimise errors and storage costs and result in cost savings for JBS Canada.

H1 F22 performance

In its H1 F22 results, Scott Technology clocked revenue of NZ$118.4 million and EBITDA of NZ$11.7 million, a climb of 13% and 19% on pcp, respectively, driven by continued demand for automation.

It had paid an interim dividend of 4.0 cps in May 2022.

Bottom Line

Scott Technology Limited continues to focus on the growth of its core business and is committed to using its expertise in delivering its customer needs.

On 15 September, at the time of writing, Scott Technology was down 0.35% to NZ$2.830.