WEBVTT - Quick Bite: Napier Port, driving profit and innovation

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<v Speaker 1>Cure and welcome to Shared Lunch. Today, we've got a

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<v Speaker 1>short bonus episode for you where we talked to Todd Dawson,

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<v Speaker 1>who's the CEO of Nappi Port, about the earnings results

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<v Speaker 1>out last week. Before we get started, there's some important information.

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<v Speaker 2>Investing involves the risk you might lose the money you

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<v Speaker 2>start with. We recommend talking to a licensed financial advisor.

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<v Speaker 2>We also recommend reading product disclosure documents before deciding to invest.

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<v Speaker 2>Everything you're about to see and here is current at

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<v Speaker 2>the time of recording.

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<v Speaker 1>Welcome Todd. Nice to have you back at Cheesy's HQ again.

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<v Speaker 3>Thank you, nice to be here. I don't thank you

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<v Speaker 3>very much.

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<v Speaker 1>Now, a few days ago you released your interim results

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<v Speaker 1>Napei Port, and it was a pretty strong result. All

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<v Speaker 1>in all, your revenue was up by ten point six

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<v Speaker 1>percent I think, to about seventy eight million, and your

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<v Speaker 1>net profit was up forty percent to just over twenty million,

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<v Speaker 1>although that was boosted by the Cyclone Gabriel insurance payout.

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<v Speaker 1>How would you describe the company's performance over that six

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<v Speaker 1>months to the sudieth of March.

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<v Speaker 3>Yeah, that's a really pleasing result. I think it's sort

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<v Speaker 3>of underpinned by a strong recovery in the region, certainly

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<v Speaker 3>led by our container volumes which have come through really nicely.

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<v Speaker 3>A large part of that is really due to the

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<v Speaker 3>rebuild of pan Pack, you know, since the cyclone. They've

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<v Speaker 3>up to full production now so hit their straps around

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<v Speaker 3>the end of December early January. So pan Pack pan

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<v Speaker 3>Packs our pulp and timber customer just down the road

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<v Speaker 3>from the port, big volume customer as well. So yeah,

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<v Speaker 3>they've really underpinned a lot of that container recovery. We've

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<v Speaker 3>also had a really good season in terms of our

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<v Speaker 3>crews coming through. I think we finished the season with

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<v Speaker 3>seventy seven crews which runs across that period, and equally

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<v Speaker 3>some really good steady volumes for our bulk business as well.

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<v Speaker 3>So volume lead recovery coming through in those numbers. And

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<v Speaker 3>I think, you know, the other good thing from our

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<v Speaker 3>perspective is that the volume and revenue uplift is also

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<v Speaker 3>not just heed out the back door in terms of

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<v Speaker 3>costs as well, so we've minised the manager costs really

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<v Speaker 3>really well. A lot of the work that we put

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<v Speaker 3>in to correct flexibility in the port is coming through

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<v Speaker 3>in terms of the operating earnings. You know, we're getting

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<v Speaker 3>that operating lead what we talk about as operating leverage

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<v Speaker 3>coming through. As the volumes come through, the returns get better.

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<v Speaker 3>So good management of costs pricing is also played a

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<v Speaker 3>part over the years, but equally just really good management

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<v Speaker 3>of the business and responding to that recovery.

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<v Speaker 1>So you would think that that economic cyde and we've

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<v Speaker 1>been in a bit of a downturn where we're going

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<v Speaker 1>up the other side.

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<v Speaker 3>Now, would you say, look, I think you know New

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<v Speaker 3>Zealand seeing a really good, strong, I guess primary sector

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<v Speaker 3>lead recovery in our view, and that's what we in

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<v Speaker 3>our region are really all about. It's that regional primary sector,

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<v Speaker 3>you know, part of a country's that's that's flowing through

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<v Speaker 3>and that food and fiber demand globally, despite what's going on,

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<v Speaker 3>you know in macroeconomic markets, people still need the food,

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<v Speaker 3>they need the fiber, et cetera. And that's what that's

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<v Speaker 3>what we export. So it's lying through nicely and we've

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<v Speaker 3>had a fantastic growing season. You know, we're seeing some

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<v Speaker 3>effect of the season in terms of the apples and

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<v Speaker 3>squash and there's vegetables and things I let that go

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<v Speaker 3>out through NAPY port seeing a bit of that come

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<v Speaker 3>through in that first half. Result the second half of

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<v Speaker 3>the years we will see more of that polling come on.

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<v Speaker 3>And we've had a fantastic summer for growing produce and

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<v Speaker 3>that's flowing through as well.

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<v Speaker 1>Is that a bit earlier for the pit fruit for example,

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<v Speaker 1>I mean there's climate change? Is that a slightly silver line? Now?

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<v Speaker 3>I don't know if you put it down to climate

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<v Speaker 3>change or just just this year. We've certainly seen ideal

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<v Speaker 3>you know, all the stars, moons and planets are aligned,

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<v Speaker 3>and the growers that had outstanding growing conditions. The quality

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<v Speaker 3>of the fruit that's coming on is excellent. Where they'd

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<v Speaker 3>sort of typically see pack out rachech just how many

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<v Speaker 3>actual apples, say, out of ten that you get to

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<v Speaker 3>go and put in a box, it might be eight

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<v Speaker 3>or nine. It's definitely up in the nine out of ten.

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<v Speaker 3>So we're seeing material up with distance in terms of

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<v Speaker 3>the quality of the fruit that they can actually expelt

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<v Speaker 3>is really good this year. So yeah, it's been a

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<v Speaker 3>great season so far, and hopefully we see that continue

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<v Speaker 3>into the second half.

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<v Speaker 1>New s tariffs and what's been happening there with all

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<v Speaker 1>those gyrations, does that affect you at all.

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<v Speaker 3>Look, it affects US I think from confidence market sentiment

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<v Speaker 3>since Liberation Day and general Trump came out with what

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<v Speaker 3>he came out with. You know, our customers aren't seeing

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<v Speaker 3>any material impact from that right here and now. It's

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<v Speaker 3>not impacting our volumes going through the port and any

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<v Speaker 3>by any means, quite a small proportion of our cargo

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<v Speaker 3>actually ends up in the US. However, it's the I

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<v Speaker 3>guess the secondary effects that we're looking at more closely.

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<v Speaker 3>You know, where our export products go through to countries

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<v Speaker 3>like China, which you use, for example, our pulp and

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<v Speaker 3>our timber, which we export a lot of to make

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<v Speaker 3>other goods that then go on to the States. You know,

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<v Speaker 3>of consumer sentiment in China comes back a little bit,

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<v Speaker 3>that may impact those sales of our product that goes

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<v Speaker 3>up to China. So that's what we were a little

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<v Speaker 3>in the second half. But in saying that, you know,

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<v Speaker 3>who knows what Trump's going to come out with tomorrow.

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<v Speaker 3>So yeah, it changes day to day, and I think

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<v Speaker 3>things will settle down, And my feeling is that things

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<v Speaker 3>will settle down as everyone works out what the world

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<v Speaker 3>looks like post Trump's bargaining tactics.

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<v Speaker 1>Yep, we'd all like to know that. Just thinking about

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<v Speaker 1>the cruise line, I see that slightly down at eight

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<v Speaker 1>percent down. I mean, how material is that? Do we

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<v Speaker 1>need those cruises coming in? I mean their environmental concerns

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<v Speaker 1>and the like. What snap re port's position on that.

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<v Speaker 3>Yeah, Look, cruise is a really good industry for the port,

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<v Speaker 3>and my view is it's really good for New Zealand.

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<v Speaker 3>We have seen a drop off and cruise over the

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<v Speaker 3>whole country this year. Our numbers went impacted quite as

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<v Speaker 3>bad as some of the other ports around the countryside

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<v Speaker 3>where they've been seeing from fifteen to thirty percent down.

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<v Speaker 3>This year, we were slightly down and we ended up

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<v Speaker 3>the year I think seventy seven I think was the

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<v Speaker 3>total number. I think we've go our last cruise vessel

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<v Speaker 3>through this week, and next year we're saying sixty six,

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<v Speaker 3>so down again. Unfortunately, the cruise industry, their capacity is

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<v Speaker 3>imminently movable, and so you know, you can put your

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<v Speaker 3>vessels wherever you want in the world where you're going

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<v Speaker 3>to make the best return, and currently they're not making

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<v Speaker 3>the best returns in the southern hemisphere in New Zealand,

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<v Speaker 3>so they're putting their vessels up in the Northern Hemisphere.

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<v Speaker 3>There are a mixture of international things going on there

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<v Speaker 3>as to what the cruise lines are doing in terms

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<v Speaker 3>of decision making, as well as localized issues that they're

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<v Speaker 3>looking at. And unfortunately New Zealand's getting a reputation with

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<v Speaker 3>the cruise industry is being not very friendly or welcoming.

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<v Speaker 3>We're known is no Zealand. So we've got to change that,

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<v Speaker 3>really do, because it's actually cruise is actually a very

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<v Speaker 3>strong and important contributor to New Zealand economy. It's fantastic

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<v Speaker 3>for our business, it's higher margin work as well, and

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<v Speaker 3>it's fantastic for the local region in terms of the

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<v Speaker 3>number of people that come through. So it's a real

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<v Speaker 3>shame to see that sception in the international cruise industry

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<v Speaker 3>of New Zealand.

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<v Speaker 1>Let's look at that insurance payout, the seven point five million,

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<v Speaker 1>and that was due to business disruption during cyclone. Gabrielle,

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<v Speaker 1>that's I think been quite nice for investors. You've actually

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<v Speaker 1>helped share in those proceeds with them. Can you tell

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<v Speaker 1>us about that.

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<v Speaker 3>Yeah, Look, it's really nice to be able to issue

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<v Speaker 3>a bit more of a special dividend this time around.

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<v Speaker 3>And I guess as reflective of the fact that we've

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<v Speaker 3>had those insurance proceeds come through that the balance sheet

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<v Speaker 3>is in a really healthy position. But also to reward

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<v Speaker 3>those shareholders that have been there stuck with us for

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<v Speaker 3>a while, and we to when we can reward them

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<v Speaker 3>with a bit more of a one off special dividends.

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<v Speaker 3>So you know, we're looking always to be able to

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<v Speaker 3>see a steady and growing dividends sort of what we say,

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<v Speaker 3>and working with our dividend policy, and yeah, it's nice

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<v Speaker 3>to be able to give something back when we can.

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<v Speaker 1>And also that's on top of the four cents for

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<v Speaker 1>the interim in which that's up from three cents.

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<v Speaker 3>That's right, Yes, that's that steady and growing and then

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<v Speaker 3>a one off special as well, because we're in a

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<v Speaker 3>good position to be able to do that.

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<v Speaker 1>Looking ahead, then Todd, I think you've increased your guidance

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<v Speaker 1>for the full year. I think it was around the

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<v Speaker 1>range was fifty five million two fifteen fifty nine. Yeah,

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<v Speaker 1>and this time we're at fifty nine to sixty three.

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<v Speaker 1>Is that right?

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<v Speaker 3>Spot on? You've got a good memory, Yeah, that's right.

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<v Speaker 3>So we've increased that guidance range up and that's reflective

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<v Speaker 3>of the first half that we've had, and on I

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<v Speaker 3>guess our view that we expect things to stay steady

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<v Speaker 3>and we've obviously got our eye on the horizon as

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<v Speaker 3>to that those impacts in places like China, which is

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<v Speaker 3>why we've kept the range still quite wide at four

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<v Speaker 3>million dollar range there. So, but you know, all things

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<v Speaker 3>been equal, when the market conditions are remaining the same,

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<v Speaker 3>we'd be reasonably confident that we can we can certainly

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<v Speaker 3>meet that range.

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<v Speaker 1>Any headwinds that you think might have other.

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<v Speaker 3>Than the one I spoke about with the effects of

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<v Speaker 3>macroeconomic conditions, trade, things that are uncertain. You know, I

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<v Speaker 3>think we've got a we're setting up for a pretty

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<v Speaker 3>good strong second half as well.

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<v Speaker 1>What excites you, then, Todd, this is our last question

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<v Speaker 1>for the next six months.

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<v Speaker 3>Then, Look, I'm really excited about some of the projects

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<v Speaker 3>and things that we've got going on. We've got some

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<v Speaker 3>fantastic initiatives. We've got this partnership with Port Otago where

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<v Speaker 3>we're making it we're building a dredge that's going to

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<v Speaker 3>be a really strategic opportunity for the port to utilize

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<v Speaker 3>its full consent that we have. So we're already consented

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<v Speaker 3>to go deeper at napier ports. We don't have to

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<v Speaker 3>do any applications for resource consent and things like that,

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<v Speaker 3>so that'll enable us to do the maintenance stredging that

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<v Speaker 3>we do anyway, but equally, as we get as we

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<v Speaker 3>need to, we can chip away and just to make

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<v Speaker 3>the channels and birth bockets deeper as well. So strategically

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<v Speaker 3>long term that's fantastic. It protects the port from being

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<v Speaker 3>able to maintain its relevance as vessels get bigger, but

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<v Speaker 3>equally unlocks opportunities for us as well if we want

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<v Speaker 3>to do more things like transhipment and some of our

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<v Speaker 3>container volumes. First half, you've seen transhipment volumes coming through,

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<v Speaker 3>so we think that's an opportunity for us to be

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<v Speaker 3>able to do more of that type of work, which

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<v Speaker 3>comes down to have you got the capability, capacity, the depths, etc.

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<v Speaker 3>To be able to do that. The other one that's

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<v Speaker 3>really exciting is our we've got a new project that

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<v Speaker 3>we're getting the green light to which is around changing

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<v Speaker 3>the operating model in the port. We're going to do

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<v Speaker 3>far more. We're going to move our model from big

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<v Speaker 3>containers being taken to the crane with forklifts. We travel

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<v Speaker 3>around the port sideways to truck and trailers where the

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<v Speaker 3>crane will be fed by truck and trailers. But those

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<v Speaker 3>those truck and trailers will be fully autonomous, nobody driving them,

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<v Speaker 3>and equally electric as well. So fantastic new technology that's

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<v Speaker 3>coming on in the next eighteen months or so, great

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<v Speaker 3>for emissions and things like that as well. So really

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<v Speaker 3>exciting new technology that's coming into the port. And we're

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<v Speaker 3>seeing steady ongoing growth around our viewpoint supply chain service

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<v Speaker 3>as well, which is sort of the three major kind

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<v Speaker 3>of strategic initiative that we have underway, which I'm pretty

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<v Speaker 3>excited about seeing deliver.

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<v Speaker 1>Yeah, lots of that's going on there. Yeah, yeah, hey,

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<v Speaker 1>we look Thanks so much for coming in and giving

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<v Speaker 1>us that short update. I'm sure investors will be really pleased,

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<v Speaker 1>especially with the divisions and the outlook and increased guidance.

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<v Speaker 3>Thanks Helen, appreciate it.

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<v Speaker 1>Thanks everyone for tuning in. You can watch Sheet Lunch

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<v Speaker 1>on YouTube or listen on your favorite podcast s app

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<v Speaker 1>We'll have our full version of Sheet Lunch on Wednesday

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<v Speaker 1>and Thursday. Martowa