Cyclone rebound lifts PBT 68.8% as pre-lease FCF reaches NZ$40.8m

Revenue rose 19.4% to NZ$141.4m and profit before tax climbed 68.8% to NZ$37.3m, both well above Annolyse's historical baseline (revenue growth mean 8.0%, PBT growth mean 1.3%). Reported NPAT of NZ$24.8m was 49.4% higher; the 19.4 percentage-point gap between PBT and NPAT growth reflects the effective tax rate stepping from 24.9% to 33.5%, above the historical 24.9%-28.3% range.

Cash generation accelerated harder than earnings. Operating cash flow reached NZ$53.9m and pre-lease free cash flow more than doubled to NZ$40.8m, against a historical mean of -NZ$2.4m. Working capital absorbed only NZ$0.2m versus a historical mean build of NZ$1.0m. Gross borrowings were repaid down to NZ$109.5m from NZ$130.0m, and full-year dividends rose to 9.0 cents per share from 5.25 cents (final component 6.0 cents vs 3.55 cents).

With the effective tax rate at 33.5% versus 24.9% last year, NPAT growth of 49.4% understates the underlying step-up. PBT +68.8% on revenue +19.4% indicates meaningful operating leverage as fixed infrastructure absorbed recovering volumes across containers (56.2% of revenue), bulk cargo (34.8%) and cruise, with cruise share lifting to 6.4% from 4.5%.

The cash result is exceptional versus history but partly optical. Pre-lease FCF of NZ$40.8m sits above the historical range of -NZ$68.9m to NZ$38.3m. Capex was held at 9.3% of revenue (NZ$13.1m), and the working-capital movement was below Annolyse's normal range; the interpretation hint explicitly flags reversibility. Debtor days of 30.0 also sit at the lower edge of the 28.9-35.3 historical band.

Deleveraging accelerated alongside the dividend lift. Gross borrowings fell NZ$20.5m and equity rose NZ$22.9m, yet ROE at 5.9% remains within the historical 4.2%-7.2% band despite the earnings rebound. The 9.0 cps full-year dividend represents a 45.6% payout against pre-lease FCF, leaving meaningful retained cash.

The HY24 split (49.9% of revenue, 57.7% of NPAT) shows FY24 was first-half-NPAT-weighted: implied 2H NPAT of NZ$10.5m sat below 1H's NZ$14.3m, consistent with cyclone-recovery dynamics tapering through the year rather than a structurally weak second half.

Management commentary cites "confidence in volume and earnings growth momentum" but supplied no quantified targets. The result therefore supports a recovery-led narrative but does not provide a basis to gauge a sustainable run-rate revenue or earnings level above the current annualised NZ$141.4m.

Pre-lease FCF of NZ$40.8m exceeds the historical range, but two factors flatter the comparison. The working-capital movement of NZ$0.2m is below Annolyse's normal range (mean build NZ$1.0m); if a normal build resumes in FY25, FCF would mechanically retreat by roughly that amount. Debtor days at the lower edge of the historical range reinforce that risk.

Company-reported underlying NPAT of NZ$20.7m sits NZ$4.1m below reported NZ$24.8m, indicating items management excludes from the underlying view; those items were not detailed in supplied materials. The elevated 33.5% tax rate also remains unexplained in the supplied commentary, which matters because if it normalises toward the historical 25-28% range, FY25 NPAT growth could outpace PBT growth even on flat operating performance.

This briefing cannot assess underlying volume sustainability, container yield outlook, or any forward-period earnings trajectory without supplied guidance or backlog disclosure.