Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
Forecast per tray returns have strengthened from the November forecast for all fruit categories other than Green, which remains in line with the November forecast.
At a per hectare level, returns for Green and Organic Green have reached record levels off the back of this season’s improved yields and the strong value secured for fruit throughout the season.
SunGold per hectare returns have also increased from November, while forecast RubyRed Kiwifruit returns remain steady on both a per tray and per hectare basis.
Zespri chief executive Jason Te Brake says strong demand has allowed Zespri to sell a record crop of more than 190 million trays at strong value for growers.
“It’s been a very positive season,” Te Brake says. “With our crop volume significantly up on the previous year, the industry’s efforts to deliver good quality fruit have supported strong sales in our key markets.”
He says the strong value secured on the crop means Zespri will exceed its long-held target of $4.5 billion in global revenue by 2025.
“This is a tremendous effort from the industry and reflects our commitment to building brand-led demand, delivering outstanding quality kiwifruit to our markets and innovating to create value for growers.”
Te Brake says there’s a strong sense of confidence within the industry, and says the industry discussion at the end of 2024 around the expansion of ZGS is evidence of its ability to make strategic decisions together.
He adds that it is “great to see growers positive and the industry moving forward so strongly”.
“With a positive outlook and strong demand for our fruit, we’re looking forward to the 2025 harvest which commenced today, as we look to build on the strong momentum the industry has,” Te Brake says.
“Growing conditions have been largely positive for most growers, with a total crop of more than 200 million trays and our focus will be starting the season strongly with a good supply of high quality fruit so we can again maximise early season sales opportunities and continue to return strong value to our growers.”
Zespri’s final season results will be published in May.
