Rental revenue up 14.2% but revaluations widened the loss to $564.9m
Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.
Published 22 April 2026
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Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.
Published 22 April 2026
Read briefingAsset-sale-led deleveraging and Munroe Lane rental halved the PBT loss to $5.3m, yet operating cash flow fell 84% and no FY24 dividend was declared.
Published 22 April 2026
Read briefingA lower tax rate and non-recurring prior-year items flattered headline growth while the dominant Finance segment's result declined.
Published 22 April 2026
Read briefingHeadline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.
Published 22 April 2026
Read briefingEBITDA rose just 3.2% on 7.4% revenue growth, while a -10.9% effective tax rate drove NPAT up 104.5% and development capex was paused.
Published 22 April 2026
Read briefingFY24 NPAT of $0.6m swung from a $1.3m loss on 18.2% B2B growth, with the first half a $0.7m loss and the second half doing all the work.
Published 22 April 2026
Read briefingOperating cash flow more than doubled to $52.9m and leverage halved, yet the loss before tax deepened despite EBITDA expanding to $53.3m.
Published 22 April 2026
Read briefingEBITDA rose 68.1% on 18.1% revenue growth, but the headline profit reflects an unprecedented tax benefit rather than improvement at the pre-tax line.
Published 23 April 2026
Read briefingLog export and cruise volume recovery drove an unprecedented operating swing, while a step-up in the effective tax rate compressed the bottom line.
Published 23 April 2026
Read briefingCash burn held near $25.8m while equity eroded 34% to $54.6m, leaving runway as the central question on a still loss-making business.
Published 22 April 2026
Read briefingHeadline growth reflects a transformed asset base and a zero effective tax rate, while operating profit weakened and leverage stepped up sharply.
Published 22 April 2026
Read briefingDistributions of NZ$23.0m absorbed the portfolio rebound, leaving net assets at NZ$457.6m versus the NZ$461.6m–NZ$505.4m historical range.
Published 22 April 2026
Read briefingPortfolio beat its reference index by 3.1pp, but revenue return covered only 56.4% of distributions and net assets fell 10.2% to NZ$368.6m.
Published 22 April 2026
Read briefingOperating cash flow rose 28.8% but a $5.7m inventory release drove most of it, with inventory days at the bottom of the historical range.
Published 21 April 2026
Read briefingStrong EBITDA and revenue growth were overwhelmed by an unprecedented working-capital build and one-off costs that collapsed pre-tax profit
Published 22 April 2026
Read briefingEBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.
Published 23 April 2026
Read briefingReported NPAT of $28.5m is flattered by a $15.8m fair value uplift and cash conversion ran at just 28.1% as working capital absorbed $12.3m.
Published 22 April 2026
Read briefingKathmandu swung to a segment loss and group leverage rose to 1.49x EBITDA, even as inventory release lifted operating cash flow.
Published 21 April 2026
Read briefingOperating profit fell 6.8% as gross margin moved to 42.4%, while operating cash flow fell 14.6% despite an 11% inventory drawdown.
Published 20 April 2026
Read briefingManagement writes off a prior acquisition that failed to deliver, leaving a $1.0m cash buffer and ongoing operating burn.
Published 28 April 2026
Read briefingPBT rose 47.6% while NPAT rose 100.8% on a lower effective tax rate; the 12.0c payout reached 187.5% of NPAT, funded by free cash flow.
Published 22 April 2026
Read briefingA 20.0% revenue decline pushed Bremworth to a NZD 1.7m loss while inventory days climbed roughly 20 days, draining cash before a capital injection.
Published 22 April 2026
Read briefingWeather-driven volume damage pushed PBT to -$64.2m as gross borrowings rose 33.9% and equity fell 10.0%.
Published 22 April 2026
Read briefingReported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.
Published 25 May 2026
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