PBT fell 42.5% as margin reset to an unprecedented 40.4%
Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
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Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
Read briefingRevenue dropped 17.2% in a subdued property market, and the headline NPAT gain reflects a 29.4% tax rate versus 70.2% prior, not improving operations.
Published 22 April 2026
Read briefingA $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.
Published 22 April 2026
Read briefingStrong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT
Published 22 April 2026
Read briefingFY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
Published 22 April 2026
Read briefingThe decline is volume-driven against a HY22 boosted by one-off land sales, while cash grew to NZ$45.0m with no debt and margins held within range.
Published 22 April 2026
Read briefingProject mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
Published 22 April 2026
Read briefingLot-mix margin expansion lifted profit while a $75.9m cash drain into a Hamilton land acquisition and inventory build reset balance-sheet liquidity.
Published 22 April 2026
Read briefingResidential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.
Published 22 April 2026
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