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Revenue -7.8% drove PBT to a $4.2m loss as net debt/EBITDA hit 14x
China weakness pushed operating cash flow negative, lifted net debt to 14x EBITDA and forced a 60% dividend cut despite a held 60% gross margin; the OCF/EBITDA relationship this period is denominator-distorted and should not be read as normal cash-conversion evidence.
Published 23 April 2026
Read briefingPBT fell 33.5% on a 1.2% revenue dip as inventory ballooned 36.8%
Demand deferral and inventory carrying costs in a high-rate environment compressed margins while total assets swelled to NZ$625.5m.
Published 23 April 2026
Read briefingOCF fell 34.5% and leverage rose to 1.8x as inventories built $140m
EBITDA rose 4.8% but operating cash fell 34.5% on a $140.3m inventory build, leaving the lifted 57.0c dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingNZ$539m working-capital build dwarfed NZ$17m EBITDAF decline
An unprecedented year-on-year operating working-capital expansion overwhelmed a modest EBITDAF dip and lifted leverage to 4.5x net debt/EBITDAF.
Published 25 May 2026
Read briefingPBT 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
Read briefingNPAT up 57.5% but operating cash flow reversed $85m to -$78.8m
Reported 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 briefingDistribution profit fell 70% as inventory drawdown cleared all bank debt
Revenue 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 briefingEBITDAF up 38% and cash conversion hit 70.9%, above CEN's normal range
Wholesale 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 briefingOCF fell 83.9% and payout jumped to 64.7% as PBT collapsed 40.3%
A 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 briefingFletcher PBT swung to a NZ$138m loss on a 0.8% revenue dip
Significant 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 briefingOCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale
The 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 briefingPortfolio returned 9.0% but income fell 5.4% and lifted payout to 95.4%
Strong 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 briefingEBITDA fell 23.5% and interim dividend cut to zero; FY24 guide ~$50m
Earnings power weakened, leverage rose to 2.6x net debt/EBITDA, and FY24 guidance trails FY23's $61.2m; cash-conversion metrics for the period are denominator-distorted and are not read here as a normal quality signal.
Published 22 April 2026
Read briefingPBT fell 12.8% as USA segment result collapsed
Revenue 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 briefingRevenue jumped 78% on Brazil, but FY24 US seedling guidance cut
A 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 briefingHeadline 141.8% revenue jump clashes with HY23 figures the company itself cites
Prior-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 briefingNAV up 6.2% but income fell 19.6%, halving distribution cover
NTA 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 briefingPortfolio -13.0% lagged a flat benchmark; distribution cover slipped to 97.4%
Investment 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 briefingEquity turned negative as discontinued unit booked NZ$5.3m loss
UK & 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 briefingDividend suspended as FCF stays $158.4m negative, PBT falls 34%
Headline 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 briefingTransaction revenue collapse flipped IKE to a $6.9m loss
A 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 briefingCash balance hit zero as the loss widened 250.8% on no revenue
An 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 briefingPharmacy EBIT fell 25% as COVID tail faded; net cash flipped to net debt
The 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 briefingCapex doubled to 34.3% of revenue, pre-lease FCF swung to NZ$127.5m negative
Revenue 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
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