Zespri reported to around 500 grower-shareholders today at its Annual Meeting on a record 2016/17 season, with global sales up 19 percent from last season to $2.26 billion on the back of exceptionally high yields.

Zespri chairman Peter McBride says the high yields and late start to the New Zealand season meant lower per-tray returns for Zespri Green, but continued strong per-hectare returns for the Green business.

'A particular highlight was the performance of SunGold which saw a sharp increase in both volume and per-tray returns – up 39 percent to $98,838 per hectare and five percent per tray to $8.64,” says Peter.

He also outlined to shareholders the growth in Zespri Global Supply, Zespri's 12-month business.

'Volumes in this business grew from 14.5 million trays to 16.6 million trays for the reported season, with sales in this business growing from $183.6 million in 2015/16 to $215.6 million in the reported period with contributing operating profit growing from $10.4 million to $11.9 million.

'A highlight was the strong gold growth of 46 per cent from the previous season (from 3.6 million trays in 2015/16 to 5.3 million trays) and the extra 1800 hectares of SunGold licence to be allocated in Europe over the next five years will see European volumes quadruple,” says Peter.

Net profit after tax more than doubled from $35.8 million to $73.7 million, due mainly to the $67.2 million in licence revenue from the New Zealand SunGold tender in 2016.

Official resolutions from the meeting including elections for the Zespri Board and the Director Remuneration Board, along with approving the annual accounts and appointing the auditor.

More significantly, Peter spoke about an upcoming Special General Meeting planned for March next year, in which Zespri will seek shareholder approval for constitutional changes to align shareholding more closely with production following the recently announced changes to the Kiwifruit Export Regulations.

Zespri chief executive Lain Jager says the industry is in good heart.

'Strong returns and confidence are underpinning high orchard values in the sector and Zespri is focused on delivering value for growers by investing to grow demand around the world.”

Zespri chief operating officer Simon Limmer says the recent theft of some of their gold varieties, which have been found growing in China, continues to be investigated.

'It's a significant breach of our intellectual property,” says Simon. 'But we have identified the person responsible and refused their crop.”

He says police are investigating, and Zespri is working with the New Zealand and Chinese governments over the matter.

In regards to politics, Peter would not be drawn into speculation over Labour's proposed water tax, and how it might affect the kiwifruit industry, due to an ‘absence of details' over what such a tax might look like.

'The efficient use of water is really important, but how you achieve it is a different matter.”

He says today's AGM was one of the company's briefest, reflecting an audience of interested but satisfied growers.

'It's a vote of confidence.”