Lynch Group Holdings (ASX:LGL) said it will bring forward the closure of its Queensland farm, which specializes in growing phalaenopsis orchids, to around June 30, 2026, and close a potted plant facility in Western Australia upon lease expiry in the coming months, according to a Friday Australian bourse filing.
The total impact of the closures, which came as a result of a strategic review, to be recognized in the full fiscal year is expected to include non-cash costs of AU$8.5 million to AU$9.5 million as well as one-off cash costs of AU$3.5 million to AU$4 million, principally lease obligations and staff redundancies.
Its native wildflower facility in Western Australia will remain operational for the remainder of its lease term to 2030.
The firm reaffirmed its earnings guidance of fiscal year revenue growth of around 6%.
Its shares fell 3% on market close on Friday.
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