Turners & Growers annual pre-tax profit to rise as much as 20%

Turners - Growers, the fruit marketer majority owned by Germany's BayWa, expects its pre-tax annual profit to rise as much as 20 percent.

Pre-tax profit in the 2014 calendar year will be between 10 percent and 20 percent higher than the $23.4 million reported in 2013, the Auckland-based company said in a statement.

While normalised trading results in the second half of the year were generally consistent with the year earlier period, the annual result will reflect last month's acquisition of Apollo Apples and the revaluation of land, buildings and biological assets, the company said.

The company will publish its results on Feb. 27.

Shares in Turners - Growers last traded at $1.95 and have gained 8.3 percent the past year.