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Published briefings for one covered company.

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Showing 1-10 of 10 published briefings.

South Port New Zealand (SPN)HY26Released 13 February 2026

NPAT up 46.8% on 17.5% revenue lift, but interim dividend again exceeds HY...

Strong operational leverage lifted PBT 44.1%, yet the 8.5cps interim still pays out above HY NPAT and relies on the traditional second-half skew.

Published 23 April 2026

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South Port New Zealand (SPN)FY25Released 22 August 2025

South Port NPAT up 80.6% but PBT growth of 32.3% is the cleaner read

A normalised tax rate drove half the headline uplift, while free cash flow and deleveraging materially improved underlying quality.

Published 23 April 2026

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South Port New Zealand (SPN)HY25Released 14 February 2025

South Port NPAT jumps 89.8% on bulk cargo rebound from weak HY24 base

A 16.1% revenue recovery flows through strongly to earnings, but HY25 cash flow and leverage disclosures are absent from the release.

Published 23 April 2026

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South Port New Zealand (SPN)FY24Released 23 August 2024

NPAT down 37% on a tax spike as PBT fell 19% despite 4.7% revenue growth

Effective tax rate jumped to 45.1% from 29.1%, but underlying operating profit also weakened and the flat dividend is no longer covered by free...

Published 23 April 2026

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South Port New Zealand (SPN)HY24Released 16 February 2024

NPAT fell 41% and operating cash collapsed 84% on flat revenue

A held dividend and a 22.5% rise in gross borrowings mask an earnings and cash-conversion deterioration that has pushed payout above 64%.

Published 23 April 2026

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South Port New Zealand (SPN)FY23Released 25 August 2023

Revenue up 10.3% but NPAT fell 8.7% as tax and finance costs absorbed...

Operating profit grew 6.4% and operating cash flow rose to $16.4m, but rising leverage and a higher effective tax rate left shareholders with less.

Published 23 April 2026

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South Port New Zealand (SPN)HY23Released 9 February 2023

Revenue up 6.8% but PBT fell 13.6% as net debt climbed 44%

Top-line growth and higher operating cash did not prevent margin compression, and gross borrowings rose NZ$10.5m to NZ$35.5m against a flat dividend.

Published 23 April 2026

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South Port New Zealand (SPN)FY22Released 25 August 2022

South Port FY22: NPAT up 19.7% but FCF swings to a NZ$9.7m deficit

Earnings growth was real, but capex more than doubled to NZ$23.4m and net debt tripled to NZ$24.2m, funding the step-up from the balance sheet.

Published 23 April 2026

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South Port New Zealand (SPN)HY22Released 8 February 2022

Earnings held flat but net debt jumped to $23.1m from $9.0m

Revenue and PBT were essentially steady, yet gross borrowings more than doubled and management flagged weaker bulk cargo in the second half.

Published 23 April 2026

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South Port New Zealand (SPN)FY21Released 27 August 2021

South Port PBT up 10% but capex doubling cut FCF to NZD4.7m

Headline earnings and operating cash both advanced, yet a near-doubling of capex left the full-year dividend uncovered by pre-lease free cash flow.

Published 23 April 2026

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