NPAT up 32.1% on 240bps margin lift led by Glassons Australia
Australia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.
Published 21 April 2026
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Australia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.
Published 21 April 2026
Read briefingOperating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.
Published 20 April 2026
Read briefingTop-line growth was carried by Australia, yet its segment result fell, gross margin compressed 40bps and operating cash declined 6.4%.
Published 20 April 2026
Read briefingOperating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.
Published 21 April 2026
Read briefingOperating cash flow rose 28.8% but a $5.7m inventory release drove most of it, with inventory days at the bottom of the historical range.
Published 21 April 2026
Read briefingRevenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.
Published 22 April 2026
Read briefingMargins normalised rather than expanded, working capital absorbed NZ$5.9m and capex tripled, leaving free cash flow below the multi-year average.
Published 22 April 2026
Read briefingGross margin held at 57.6% and Australia kept growing, but New Zealand segment results fell from $16.1m to $4.1m and operating cash flow dropped
Published 22 April 2026
Read briefingOperating deleverage on a 6.2% revenue decline cut PBT margin to an unprecedented 9.9% and pushed the NPAT payout ratio to 90.1%.
Published 22 April 2026
Read briefingTax normalising from 24.4% to 29.0% understates the operating gain in NPAT, while operating cash flow fell 13.9% on working-capital build.
Published 22 April 2026
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