Debtor days hit unprecedented 3.0 as receivables more than tripled
Working capital absorbed NZ$1.5m against a historical mean of NZ$-0.1m, yet net debt still fell NZ$5.1m on stronger free cash flow.
Published 21 May 2026
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Showing 1-9 of 9 published briefings.
Working capital absorbed NZ$1.5m against a historical mean of NZ$-0.1m, yet net debt still fell NZ$5.1m on stronger free cash flow.
Published 21 May 2026
Read briefingTrade debtors swelled to $4.6m from $0.6m while a 19.8% tax rate cushioned NPAT against a 12.2% PBT decline.
Published 22 April 2026
Read briefingOperating cash flow rose 35% to $13.2m and full-year dividend tripled to 1.5cps, while revenue and PBT were essentially flat.
Published 22 April 2026
Read briefingEarnings returned to growth on a -1.9% revenue base, but FCF of NZ$6.1m reflects capex falling 92% and an unusual working capital release.
Published 22 April 2026
Read briefingRevenue down 11.2% and 140bps of gross margin loss have pushed leverage above its historical 0.51x-1.20x range and ended the interim dividend.
Published 22 April 2026
Read briefingOperating earnings collapsed against the company's historical range while a 0.0% effective tax rate masked the deterioration in headline net profit.
Published 22 April 2026
Read briefingOperating cash fell 67% on a 9.4% revenue decline, leaving the interim dividend absorbing 390% of free cash flow.
Published 22 April 2026
Read briefingNPAT fell 37.2% on a 4.1% revenue decline, with an 8x capex step-up and working-capital build leaving the maintained interim dividend uncovered.
Published 22 April 2026
Read briefingEBITDA margin of 17.6% sits well above the 10.0% historical baseline, and PBT is the cleaner read because a 72.8% prior tax rate normalised to 28.1%.
Published 22 April 2026
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