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NZX company results and financial reports.
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KMD Brands (KMD)HY24Released 19 March 2024
Sales down 14.5% drove KMD to a $10.4m loss; dividend cut to zero
Kathmandu 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 briefingBriscoe Group (BGP)FY24Released 13 March 2024
Gross margin compressed 162bps, cutting NPAT 4.8% on flat revenue
Operating 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 briefingNZ Rural Land Company (NZL)FY23Released 29 February 2024
Whanganui acquisition sharpens NZ Rural Land Company Limited's cash-flow test
The NZ$71.6m acquisition price adds cash-context, while operating cash, capex and working capital remain the direct evidence.
Published 21 August 2026
Read briefingRua Bioscience (RUA)HY24Released 29 February 2024
Goodwill impairment of $8.3m drives HY24 loss of $10.9m
Management writes off a prior acquisition that failed to deliver, leaving a $1.0m cash buffer and ongoing operating burn.
Published 28 April 2026
Read briefingChannel Infrastructure NZ (CHI)FY23Released 29 February 2024
FCF of $61.8m drove deleveraging to 3.6x and a 12.0c dividend
PBT 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 briefingBremworth (BRW)HY24Released 29 February 2024
Operating cash burn widened to NZD 15.8m as revenue fell 20.0%
A 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 briefingT&G Global Limited and subsidiary companies (TGG)FY23Released 29 February 2024
Operating profit swung to a $45.6m loss; PBT margin hit unprecedented -4.8%
Weather-driven volume damage pushed PBT to -$64.2m as gross borrowings rose 33.9% and equity fell 10.0%.
Published 22 April 2026
Read briefingSpark New Zealand (SPK)HY24Released 28 February 2024
Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution
Reported 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
Read briefingSeeka (SEK)FY23Released 28 February 2024
$14.5m loss and 6.63x leverage trigger dividend suspension
A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.
Published 23 April 2026
Read briefingMeridian Energy (MEL)HY24Released 28 February 2024
Retail flipped to a NZ$43m loss as 38.1% revenue surge stalled before EBITDAF
EBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.
Published 22 April 2026
Read briefingMe Today (MEE)HY24Released 28 February 2024
Cash drained to zero, equity off 75.7% as MEE plans NZ$2.78m raise
EBITDA loss narrowed 27.7% but a customer write-down deepened the NPAT loss to NZ$7.3m and forced a debt restructure plan.
Published 21 April 2026
Read briefingVector (VCT)HY24Released 27 February 2024
PBT fell 37.6% but NPAT collapsed 75% as tax rate hit 65%
An unprecedented 65.4% effective tax rate widened the PBT-NPAT gap, while Metering disposal proceeds cut leverage from 11.7x to 8.5x.
Published 23 April 2026
Read briefingHeartland Group Holdings (HGH)HY24Released 27 February 2024
Heartland revenue fell 2.0%, snapping a ~10% growth pattern; PBT down 23.8%
Net operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.
Published 22 April 2026
Read briefingSummerset Group Holdings (SUM)FY23Released 26 February 2024
NPAT up 62.1% but underlying profit grew just 11.0% on revaluation gains
Underlying profit of NZ$190.3m and 1,103 ORA sales describe a steadier operational result than the headline IFRS NPAT, while net debt rose NZ$332m.
Published 23 April 2026
Read briefingMichael Hill International (MHJ)HY24Released 26 February 2024
MHJ HY24: PBT fell 59.7% on a flat revenue line with dividend suspended
Margin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY23Released 26 February 2024
FCF swung to NZ$30.0m outflow as capex tripled to NZ$77.0m
Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY23Released 26 February 2024
Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%
FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
Published 22 April 2026
Read briefingMOVE Logistics Group (MOV)HY24Released 23 February 2024
EBITDA fell 39.7% on a 5.8% revenue decline as Freight reset bit
Free cash flow rose to $18.2m only because capex collapsed 88.9% to $1.4m, while cash conversion dropped 20 percentage points to 77.6%.
Published 23 April 2026
Read briefingDelegat Group (DGL)HY24Released 23 February 2024
NPAT fell 17.9% as working capital and capex pushed leverage to 4.7x
Flat EBITDA masked a sharp deterioration in cash deployment, with debtor days extending 20.7 and free cash flow turning negative.
Published 22 April 2026
Read briefingSkyCity Entertainment Group (SKC)HY24Released 22 February 2024
Operating cash flow halved and Adelaide swung to a $30.5m loss
Headline PBT growth of 6.7% masks a 45% fall in operating cash, leverage climbing to 3.75x EBITDA, and a dividend set at 175% of NPAT.
Published 23 April 2026
Read briefingScales Corporation (SCL)FY23Released 22 February 2024
NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit
A working-capital release flattered cash conversion to 120.5% and funded the increase, masking margin pressure from Cyclone Gabrielle.
Published 22 April 2026
Read briefingPrecinct Properties (PCT)HY24Released 22 February 2024
NPAT swung to $15.3m but AFFO per share slipped to 3.26cps
Operating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.
Published 22 April 2026
Read briefingMarlin Global (MLN)HY24Released 22 February 2024
NPAT swung to NZ$10.2m on NZ$12.4m portfolio total return
An above-range portfolio result drove the swing to profit, but running investment income of NZ$0.4m covers only 7.9% of distributions paid.
Published 22 April 2026
Read briefingGenesis Energy (GNE)HY24Released 22 February 2024
NPAT down 73.6% as gross margin compressed 1,130bps to 28.1%
Revenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.
Published 22 April 2026
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