PBT up 36.2% and cash conversion at 91.8% as capex more than doubled
Underlying earnings ran above the historical baseline, but H2 NPAT roughly halved versus H1 as growth-strategy capex stepped up to NZ$16.1m.
Published 19 May 2026
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Underlying earnings ran above the historical baseline, but H2 NPAT roughly halved versus H1 as growth-strategy capex stepped up to NZ$16.1m.
Published 19 May 2026
Read briefingA lower effective tax rate flattered NPAT, but EBITDA +41% and leverage cut to 4.3x point to genuine operating gains.
Published 23 April 2026
Read briefingMargin and cash-conversion gains look durable, but a prior-year tax distortion exaggerates the NPAT swing from a $8.5m loss to a $7.0m profit.
Published 23 April 2026
Read briefingNet debt cut 25% and cash conversion improved, but a 94.2% payout sits against a $0.07m cash balance and a higher tax rate.
Published 23 April 2026
Read briefingOperating earnings and leverage improved sharply, but a 335.8% effective tax rate turned PBT of $3.6m into an $8.5m net loss.
Published 23 April 2026
Read briefingThe NZ$19m disclosed value from the asset sale is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 23 April 2026
Read briefingDebt-funded property purchases pushed leverage to 7.0x EBITDA while operating cash flow fell 59% and the result swung to a $2.1m loss.
Published 22 April 2026
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