Promisia Healthcare (PHL)•HY24•Released 28 November 2023Revenue up 10.7% but PBT swung to a NZ$0.1m loss as costs outpaced growthPromisia's aged-care operations grew the top line solidly, but earnings turned negative as cost growth absorbed the revenue gain, leaving a NPAT lossPublished 19 May 2026Read briefing→
Savor (SVR)•HY24•Released 28 November 2023EBITDA up 130% on 40.4% revenue growth, leverage halved to 4.4xOperating leverage drove margin expansion and deleveraging, but the group remained loss-making and HY23 was only 26% of FY23 EBITDA.Published 23 April 2026Read briefing→
Being AI (BAI)•HY24•Released 28 November 2023Being AI inherits $3,000 cash and shareholder dependence post-transitionThe 99.9% narrowing of losses reflects the absence of prior-period write-downs, not operating progress, with no revenue and negative equity.Published 23 April 2026Read briefing→
General Capital (GEN)•HY24•Released 28 November 2023Revenue up 29.7% but Finance segment result fell 16% year-on-yearPBT grew just 1.6% and NPAT growth of 15.8% relied on a lower tax charge as the dominant Finance segment's profitability contracted.Published 22 April 2026Read briefing→
Asset Plus (APL)•HY24•Released 28 November 2023NTA per share fell 11.3% as Asset Plus reshaped the portfolioEastgate and Stoddard Road sales cut borrowings to $35.0m, but the rental base reset to $2.6m with Munroe Lane's lease only now starting.Published 22 April 2026Read briefing→
Radius Residential Care (RAD)•HY24•Released 27 November 2023Asset sale puts Radius Residential Care's debt headroom in focusThe NZ$19m disclosed value from the asset sale is relevant to debt headroom, while borrowings and gearing remain the direct evidence.Published 23 April 2026Read briefing→
Kiwi Property Group (KPG)•HY24•Released 27 November 2023Loss narrowed 75.8% but pre-lease FCF dropped to -$40.0mRevenue fell 9.6% on portfolio reshaping while capex climbed to 74.6% of revenue, leaving pre-lease cash flow below its historical range.Published 22 April 2026Read briefing→
Burger Fuel Group (BFG)•HY24•Released 24 November 2023Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%An unusual $0.7M working-capital release pushed cash conversion to 87.0% while the effective tax rate climbed from 26.0% to 31.0%, holding NPATPublished 22 April 2026Read briefing→
Rakon (RAK)•HY24•Released 23 November 2023Revenue fell 29.7%, EBITDA collapsed 81.3% on operating deleverageCash flow swung positive on an inventory unwind, but PBT was effectively wiped out and ROE fell from 11.5% to 0.3%.Published 28 April 2026Read briefing→
Tower (TWR)•FY23•Released 23 November 2023Combined ratio hit 101.0%; no FY23 dividend after catastrophe yearLarge-event claims of NZ$38.2m drove underwriting into loss and operating cash inflow fell to NZ$10.0m, straining solvency and capital return.Published 23 April 2026Read briefing→
My Food Bag Group (MFB)•HY24•Released 23 November 2023NPAT fell 57.6% as net debt/EBITDA jumped to 1.91x, dividend suspendedRevenue down 11.2% and 140bps of gross margin loss have pushed leverage above its historical 0.51x-1.20x range and ended the interim dividend.Published 22 April 2026Read briefing→
My Food Bag Group (MFB)•FY24•Released 23 November 2023PBT fell 68.2% but NPAT held flat on a zero-tax bridgeOperating earnings collapsed against the company's historical range while a 0.0% effective tax rate masked the deterioration in headline net profit.Published 22 April 2026Read briefing→
Goodman Property Trust (GNZ)•HY24•Released 23 November 2023Property revaluations drive $163m loss despite 5.9% operating earnings liftUnderlying rental performance strengthened, but a 15.5% borrowings increase and 11.6% equity decline reset the leverage picture.Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•HY22•Released 22 November 2023Record PBT up 9.8% as Finance segment result halved and Auto Retail surgedRevenue grew 15.6% but PBT margin slipped to 12.0%, below the 12.7–14.1% historical range, as segment economics rotated sharply.Published 28 April 2026Read briefing→
Oceania Healthcare (OCA)•HY24•Released 22 November 2023NPAT swung to NZ$35.2m but trade debtors expanded NZ$110.5mUnderlying EBITDA held near NZ$37.6m, but receivables expanded NZ$110.5m and debtor days hit 168.5 against a historical mean of 22.7 days.Published 22 April 2026Read briefing→
Kingfish (KFL)•HY24•Released 20 November 2023Kingfish NTA slipped to $1.30 as loss narrowed but net assets erodedThe portfolio beat its benchmark by 1.6pp, yet net assets stayed below the historical baseline and the interim distribution was trimmed 7.7%.Published 22 April 2026Read briefing→
Infratil (IFT)•HY24•Released 16 November 2023One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposalContinuing-operations net parent surplus of NZ$1,215.1m and 45% Proportionate EBITDAF growth tell the real underlying story.Published 22 April 2026Read briefing→
Blis Technologies (BLT)•HY24•Released 16 November 2023Loss narrowed 60.3% but operating cash turned negative as debtors swelledRevenue grew 11.4% yet receivables almost doubled and debtor days hit 37.9, well above the historical mean of 28.7.Published 22 April 2026Read briefing→
Serko Limited (“SKO”) (SKO)•HY24•Released 15 November 2023Revenue up 90.4% and EBITDAF loss cut 96%, but cash quality lagsOperating cash turned positive at $2.2m, yet an $11.1m working-capital build and $5.1m of capitalised development left free cash flow negative.Published 23 April 2026Read briefing→
Napier Port Holdings (NPH)•FY23•Released 14 November 2023Cyclone hit pushes PBT down 20.2% with margin at unprecedented 18.7%Reported NPAT fell 18.8%, but the disclosed underlying figure dropped from NZ$18.6m to NZ$10.7m while a capex pause flattered free cash flow.Published 23 April 2026Read briefing→
Mainfreight (MFT)•HY24•Released 9 November 2023Mainfreight PBT fell 42.1% on a 21.6% revenue declineOperating deleverage halved profit growth, cash conversion dropped to 58.3% from 69.0%, and the unchanged 85c interim now absorbs 68.7% of NPAT.Published 22 April 2026Read briefing→
Scott Technology (SCT)•FY23•Released 18 October 2023Revenue +20.6% drives PBT +28.9% as net debt clears and margins expandStrong full-year cash conversion masks a second-half operating cash outflow as contract assets and inventory built.Published 22 April 2026Read briefing→
GEO (GEO)•FY23•Released 29 September 2023GEO loss widened 92.6% as cash dropped to $0.9m on $4.3m burnOperating cash outflow accelerated 162.3% while revenue slipped 1.2%, leaving the balance sheet with limited runway against ongoing platformPublished 29 April 2026Read briefing→
Hallenstein Glasson (HLG)•FY23•Released 29 September 2023NPAT up 25.0% but Glassons Australia profit fell as H2 momentum fadedRevenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.Published 22 April 2026Read briefing→