Record $24.2m NPAT and 115.4% FCF conversion cut net debt to $20.4m
Earnings expanded on essentially flat revenue, but inventory days rose to 94.5 as working capital absorbed $6.9m of cash.
Published 23 April 2026
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Earnings expanded on essentially flat revenue, but inventory days rose to 94.5 as working capital absorbed $6.9m of cash.
Published 23 April 2026
Read briefingOperating cash flow of $80.7m and a held 2.5 cent interim dividend partially cushion an earnings collapse driven by trading headwinds.
Published 23 April 2026
Read briefingOperating EBITDA dropped to $116.5m on a 12% case-volume decline, with cash generation aided by a $19.9m debtor release and lower capex.
Published 22 April 2026
Read briefingInvestment income rose 3.0% but a 7.2% portfolio return lagged the 7.6% benchmark, reversing last year's 0.7pp outperformance.
Published 22 April 2026
Read briefingRevenue fell 17.8% and gross margin compressed 656bps, but the operating cash swing and 876-day inventory dominate the read.
Published 18 May 2026
Read briefingRevenue slipped 1.3% while a $0.2M shareholder-litigation cost helped drive PBT down 20.2% and operating cash flow down 79.1%.
Published 22 April 2026
Read briefingBorrowings fell to nil and equity nearly doubled, but cash dropped 34.6% to NZ$0.5m as the shell continues searching for an acquisition target.
Published 18 May 2026
Read briefingA tax line that flipped from +30.2% to -46.0% drove the NPAT divergence while pre-lease free cash flow stayed below the historical range at -$52.5m.
Published 28 April 2026
Read briefingThe smaller HY25 loss is cost-base contraction, not progress, with NZ$0.1m of cash facing a NZ$0.3m half-year operating burn.
Published 28 April 2026
Read briefingFY24 reflects a calmer large-event year and IFRS 17 first-time adoption, so the headline recovery is not a clean like-for-like read.
Published 23 April 2026
Read briefingOperating cash flow dropped 74.8% to NZ$3.4m and equity contracted 34.7%, leaving leverage nearly double the historical 3.3x mean.
Published 22 April 2026
Read briefingNPAT was flat at $5.6m and returns sat below the historical baseline as a $4.9m receivables drawdown drove most of the cash uplift.
Published 22 April 2026
Read briefingOperating leverage delivered above-baseline earnings growth while capex falling 80% to NZ$55.1m rebuilt FPH into a net cash position.
Published 22 April 2026
Read briefingOperating cash flow rose 14% but only via $18.7m of working-capital release; inventory days still climbed 47 days.
Published 29 April 2026
Read briefingLoss narrowed just 4.9% despite a smaller cost base, leaving $21.9m of cash against a $12.5m half-year operating burn.
Published 22 April 2026
Read briefingStrong top-line growth was offset by Utilities segment margin compression from 13.2% to 10.0%, leaving operating earnings roughly flat.
Published 22 April 2026
Read briefingReported swing from loss to profit reflects a property revaluation, not cash earnings, ahead of a 35 Graham Street sale that will clear all debt.
Published 22 April 2026
Read briefingHY25 swung from a NZ$0.7m loss to a NZ$0.2m profit, but the prior year's heavy second-half skew sets a demanding bar for FY25.
Published 22 April 2026
Read briefingEarnings held up versus a -2.5% top line that sits well below the 14.9% historical growth mean, with Auto Retail's segment result down 18%.
Published 29 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 briefingThe 218.3% NPAT rebound is a valuation-driven swing from prior-year losses; operating profit, cash conversion, and the dividend all weakened.
Published 22 April 2026
Read briefingOperating cash flow surged on a NZ$101m receivables collection while items below EBITDA pushed PBT down 160.3% to a NZ$19.5m loss.
Published 22 April 2026
Read briefingOperating cash of NZ$15.3m easily funds the inaugural distribution, but revenue growth has slowed sharply from the company's recent baseline.
Published 22 April 2026
Read briefingStrong subscription growth and an 800bps gross margin expansion to 67% haven't stopped the pre-tax loss deepening to NZ$7.1m as operating costs
Published 18 May 2026
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