FY23 FCF collapsed to $12.5m as capex stepped up 53%
H2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.
Published 22 April 2026
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H2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.
Published 22 April 2026
Read briefingAn unprecedented revenue rebound and a working-capital release shrank losses 93.9%, but equity fell 82.8% and the company carries new debt.
Published 23 April 2026
Read briefingCatastrophic claims and reserve strengthening obscured a stronger underlying book and prompted Tower to skip the interim dividend.
Published 23 April 2026
Read briefingOperating earnings and a $186m working capital release boosted cash flow, but second-half trading slowed against a strong comparable.
Published 22 April 2026
Read briefingOperating cash flow flipped positive and H2 turned profitable, yet the cash balance fell $4.2m versus only $0.1m of OCF — a reconciliation gap that
Published 22 April 2026
Read briefingOperating profit rose 33% on container and cruise recovery, yet PBT was flat at $11.7m and the interim dividend was cut 39%.
Published 23 April 2026
Read briefingRevenue grew 6.9% and care swung to profit, but borrowings rose $177.9m and a $86.9m receivables build absorbed underlying cash generation.
Published 22 April 2026
Read briefingCapex more than doubled and working capital absorbed $15.0m, turning a $21.8m FCF inflow into a $7.6m outflow while NPAT fell 29.9%.
Published 22 April 2026
Read briefingFY23 hit guidance but cash conversion fell to 53.3% and receivable days nearly doubled to 47.0 while net debt rose from $18.2m.
Published 22 April 2026
Read briefingRecurring investment income grew 14.4% to NZ$9.0m, but a NZ$14.7m portfolio loss left distributions only 36.7% covered by income.
Published 22 April 2026
Read briefingOperating cash held near flat at NZ$113.0m, but doubled capex pushed pre-lease FCF to -NZ$49.4m and halved the final dividend.
Published 22 April 2026
Read briefingOperating cash fell 67% on a 9.4% revenue decline, leaving the interim dividend absorbing 390% of free cash flow.
Published 22 April 2026
Read briefingHFL delivered a -4.0% portfolio return in HY23, below its entire historical range, though it still outperformed a benchmark that fell -4.5%.
Published 22 April 2026
Read briefingMargins reached an unprecedented 7.7% but the OCF swing leans on a working-capital release that breaks a three-period pattern of builds.
Published 22 April 2026
Read briefingMargins normalised rather than expanded, working capital absorbed NZ$5.9m and capex tripled, leaving free cash flow below the multi-year average.
Published 22 April 2026
Read briefingFY23 NPAT guidance cut to a NZ$(5)m–NZ$5m range as inventory build pushes net debt/EBITDA to 10.04x and Advanced Nutrition demand softens.
Published 23 April 2026
Read briefingRevenue grew 5.6% but a 174 bps gross-margin contraction kept earnings flat, even as inventory release and lower capex lifted cash conversion
Published 21 April 2026
Read briefingInventories rose 38% to NZ$29.0m, lifting inventory days to 224.6, while PBT swung to -NZ$0.6m and cash fell 44% to NZ$10.4m.
Published 22 April 2026
Read briefingCleaner NZ-only base and a disclosed $51m generation benefit lifted operating margins while leverage dropped to 2.2x EBITDA.
Published 22 April 2026
Read briefingHoney-led top-line growth produced negative operating leverage as the EBITDA loss widened and equity fell 32.4% to NZ$19.0m.
Published 22 April 2026
Read briefingNon-cash items drove the swing to NPAT while operating cash outflow held near prior levels and the cash balance fell 24.5%.
Published 23 April 2026
Read briefingOperating profit rose 20.9% but a NZ$123.7m working-capital absorption pushed T&G from net cash to NZ$89.0m of net debt.
Published 22 April 2026
Read briefingPBT grew 6.3% on stronger margins, but a 29.5% effective tax rate and 30.5% equity expansion drove ROE down to 9.6% from 12.2%.
Published 22 April 2026
Read briefingRevenue grew 15.7% to a record NZ$74.3m, but a NZ$9.8m working-capital build—well above the historical average build of NZ$3.2m—turned operating cash
Published 28 April 2026
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