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Millennium & Copthorne Hotels New Zealand (MCK) briefings
Read that company's published results in release order, newest first.
Millennium & Copthorne Hotels New Zealand (MCK)HY26Released 11 August 2026
PBT up 58.4% as cash conversion reaches 68.6%, above its historical range
Hotel-driven profit growth is genuine, but elevated cash conversion needs scrutiny given the historical range and a sharp capex decline.
Published 20 August 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY25Released 24 February 2026
PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m
Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY25Released 12 August 2025
Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m
Hotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY24Released 24 February 2025
PBT down 27.1% as property cooldown overwhelms hotel revenue surge
Hotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY24Released 7 August 2024
PBT jumped 87% but NPAT swung to a $11.7m loss on tax distortion
A 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY23Released 8 August 2023
NZ$22.7m unprecedented working-capital build absorbed nearly all cash flow
Hotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY22Released 10 August 2022
Land sales drove 99% of PBT as hotels lost NZ$3.9m and NPAT fell 39.1%
Revenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY21Released 18 February 2022
PBT up 26.9% but operating cash flow fell 66.3%
A one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY21Released 2 August 2021
PBT up 57.4% on CDL and property sales while hotels yielded $33k
Pre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY20Released 17 February 2021
Hotel PBT collapsed 94% as CDL and a 10.6% tax rate held group NPAT at -7.4%
Revenue fell 25.1% and PBT fell 40.4%, but reported NPAT looks resilient because non-hotel segments and an unusually low tax rate carried the result.
Published 22 April 2026
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