PBT collapsed 72.2% on a 0.6% revenue rise
Residential development margins compressed sharply, with capex up 199.9% and $64.1m drawn on a previously undrawn debt facility.
Published 23 April 2026
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Residential development margins compressed sharply, with capex up 199.9% and $64.1m drawn on a previously undrawn debt facility.
Published 23 April 2026
Read briefingReported earnings growth was funded by a $64m working-capital build and $146m more borrowings, leaving net debt near 3.4x EBITDA.
Published 23 April 2026
Read briefingRevenue declined 17.0% and NPAT 55.1%, but a $46.4m inventory release funded zero gross borrowings and $26.3m of cash.
Published 23 April 2026
Read briefingWholesale earnings drove a strong operating recovery, but net debt rose NZ$384m and leverage remains elevated at 4.58x EBITDAF.
Published 22 April 2026
Read briefingA flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.
Published 23 April 2026
Read briefingFY23 inventory build unwinds at the half, driving the cash uplift; management still guides FY24 NPAT similar to prior year.
Published 23 April 2026
Read briefingSignificant items including a NZ$122m Tradelink write-down masked NZ$455m of underlying EBITDA, but leverage rose to 4.3x and the interim dividend
Published 22 April 2026
Read briefingThe 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not
Published 18 May 2026
Read briefingStrong portfolio capital return masked a 5.4% drop in investment income, narrowing distribution coverage as the interim dividend was raised.
Published 22 April 2026
Read briefingCash conversion improved sharply but earnings power weakened, leverage rose to 2.6x net debt/EBITDA, and FY24 guidance trails FY23's $61.2m.
Published 22 April 2026
Read briefingRevenue grew 38.8% to $921.7M but operating earnings declined and net debt rose to $445.9M against EBITDA of $194.4M.
Published 23 April 2026
Read briefingA strong first half driven by record Brazil volumes is shadowed by a downward revision to US seedling sales in the heavier second half.
Published 23 April 2026
Read briefingPrior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.
Published 22 April 2026
Read briefingNTA rose to 170.5p and the portfolio marginally beat the benchmark, but revenue cover of the distribution fell from 171.8% to 110.9% as income
Published 23 April 2026
Read briefingInvestment income fell 14.3% and a 13.1pp benchmark shortfall drove net assets down 16.9%, leaving the per-share dividend no longer fully covered
Published 22 April 2026
Read briefingUK & Ireland franchising profit rose to NZ$0.8m, but reported revenue fell 34.2% and shareholders' equity swung to -NZ$3.6m.
Published 23 April 2026
Read briefingHeadline NPAT declines just 3.8% on a 30.2% tax credit, but underlying profit is flat and pre-lease cash flow sits well below the historical range.
Published 28 April 2026
Read briefingA 60% drop in transaction revenue overwhelmed 24% subscription growth, burning $15.2m of cash and stretching receivable days to 105.
Published 28 April 2026
Read briefingAn effectively dormant shell burned through its remaining NZ$0.7m of cash while the operating loss more than tripled to NZ$0.5m.
Published 23 April 2026
Read briefingThe 29.5% headline revenue drop reflects the Community Health divestment, but continuing operations show eroding margins and a balance sheet that no
Published 22 April 2026
Read briefingRevenue grew 16.4% and PBT 23.0%, but a doubled capex bill drove pre-lease FCF NZ$258.5m below the historical mean and left the dividend uncovered.
Published 22 April 2026
Read briefingReported revenue growth of 4.7% understates the underlying 13% pace because HY23 carried a $7.0m one-off Coretex acquisition accounting credit.
Published 22 April 2026
Read briefingOperating profit and pre-lease FCF both improved, but fair-value losses dragged statutory equity down 11.5% to $1,287.8m.
Published 22 April 2026
Read briefingMargin recovery and a NZ$9.6m working-capital release drove record cash conversion, but below-the-line charges pushed PBT deeply negative against a
Published 22 April 2026
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