Portfolio gains drove PBT up 898% while operating cash flow went nowhere
The headline jump is mark-to-market, not recurring income, and gearing roughly doubled to fund the larger balance sheet.
Published 21 April 2026
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Showing 1-9 of 9 published briefings.
The headline jump is mark-to-market, not recurring income, and gearing roughly doubled to fund the larger balance sheet.
Published 21 April 2026
Read briefingIncome and total return both improved, but gross borrowings tripled to NZ$49.6m and operating cash flow slipped 8% despite higher profits.
Published 21 April 2026
Read briefingUnderlying dividend income grew, but the capital column fell from NZ$20.2m to near zero, driving NPAT 70.9% lower and ROE down to 2.2%.
Published 21 April 2026
Read briefingCapital account reversal drives the headline swing, but the durable dividend-funding revenue stream also stepped up materially.
Published 21 April 2026
Read briefingHeadline earnings flipped from a NZ$18.1m loss, but the durable revenue-return line softened and net debt rose as cash halved.
Published 21 April 2026
Read briefingRevenue return held at NZ$33.2m and still covered cash flow, but mark-to-market losses on the Asia Pacific portfolio stripped 16.9% from equity.
Published 21 April 2026
Read briefingAn investment trust result where capital-account losses dominate, dividend income is well below the FY22 run-rate, and leverage has roughly doubled.
Published 21 April 2026
Read briefingRevenue return and cash are materially stronger, yet HY22 NPAT of £29.7m collapsing to £8.0m full-year reveals a heavily loss-making second half...
Published 21 April 2026
Read briefingA big swing in portfolio returns lifted income and PBT, but the effective tax rate jumping from 3.5% to 10.5% stopped the bottom line from following.
Published 21 April 2026
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