PBT down 78% and the dividend cancelled at PGW
FY24 met the $43m EBITDA guide but H2 NPAT turned negative and the cash rebound was driven by a $17.4m working-capital release.
Published 21 April 2026
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FY24 met the $43m EBITDA guide but H2 NPAT turned negative and the cash rebound was driven by a $17.4m working-capital release.
Published 21 April 2026
Read briefingApples drove the operating recovery, but tax distortion, a NZ$50.0m rise in net debt and weaker operating cash cloud the read.
Published 22 April 2026
Read briefingThe effective tax rate jumped to 49.0%, receivable days extended from 51 to 74, and the held 20c dividend now consumes 64.5% of reported earnings.
Published 22 April 2026
Read briefingA 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
Published 22 April 2026
Read briefingStrong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT
Published 22 April 2026
Read briefingThe reported earnings recovery is real, yet cash conversion dropped to 41.7% from 248% and Vista must deliver a sharp H2 cash reversal.
Published 23 April 2026
Read briefingStrong capital return lifted net assets above the historical baseline, but softer investment income left distributions at 102.9% of NPAT.
Published 22 April 2026
Read briefingOperating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.
Published 18 May 2026
Read briefingA sharp drop in high-volume transaction revenue more than offset 21% subscription growth, driving PBT to NZ$-15.0m and cash to NZ$10.2m.
Published 18 May 2026
Read briefingContinuing-operations PBT loss narrowed 88.9% to NZ$0.4m and operating cash flow turned positive, but the discontinued NZ operation pushed equity
Published 23 April 2026
Read briefingOperating losses were broadly stable, but a $1.7m convertible note and depleted cash leave NTL dependent on a delayed regulator decision.
Published 23 April 2026
Read briefingNPAT looks 92.0% better on a tax swing while receivable days jumped 47 days and cash halved to $5.6m.
Published 23 April 2026
Read briefingOperating cash held flat but reserves fell $34.8m and borrowings rose 48.5%, with the final dividend cut 42.9% to 2.0 cents.
Published 22 April 2026
Read briefingFY24 is the strongest result since BFG's 2007 listing, but OCF/EBITDA conversion fell from 93.8% to 81.3% as cash did not track earnings.
Published 22 April 2026
Read briefingRevenue growth of 25.6% flatters the comparison because FY23 included a major acquisition, while a negative effective tax rate of -54.6% inflates
Published 19 May 2026
Read briefingA name change to RTO Limited signals intent, but the shell has yet to announce a reverse-takeover target while cash and equity continue to erode.
Published 19 May 2026
Read briefingAFC Group's 130.3% PBT turnaround masks a NZ$0.2m working-capital absorption that is outside its historical range, leaving operating cash flow
Published 18 May 2026
Read briefingOperating cash flow rose 60.5% but on working-capital release, while a tax benefit lifted NPAT to $4.5m well above near-zero PBT.
Published 29 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 reported 99.7% NPAT improvement is a scale artefact: a near-complete contraction of the balance sheet leaves cash burn outrunning cash on hand.
Published 23 April 2026
Read briefingEBITDA fell 32% to NZ$12.3m and leverage sits at 4.3x even after a working-capital-driven NZ$7m debt paydown.
Published 22 April 2026
Read briefingOperating deterioration is real, but ~$69m of abnormals doubled the headline NPAT decline to 51.1% as cash conversion fell from 89.0% to 70.0%.
Published 22 April 2026
Read briefingUnderwriting rebounded sharply and the interim dividend resumed at 3.0 cps, but the revenue line is broken by an insurance-presentation basis change.
Published 23 April 2026
Read briefingOperating cash turned positive at NZ$5.9m but still trailed NZ$11.4m capex, halving the cash balance to NZ$14.1m.
Published 23 April 2026
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