Ryman Healthcare (RYM)•HY23•Released 18 November 2022NZ$281m working-capital build cut pre-lease FCF to NZ$51.8m as NPAT fell 31%Underlying profit rose 44.8% but reported NPAT fell 31.1% as receivables expanded and capex jumped 56%, draining cash flow despite revenue growth.Published 28 April 2026Read briefing→
My Food Bag Group (MFB)•HY23•Released 18 November 2022Cash conversion fell to 47.7% as the 3.0cps dividend hit 330% of FCFNPAT fell 37.2% on a 4.1% revenue decline, with an 8x capex step-up and working-capital build leaving the maintained interim dividend uncovered.Published 22 April 2026Read briefing→
Kingfish (KFL)•HY23•Released 17 November 2022Portfolio return of -9.5% drove $48.4m loss and 27.3% NAV per share declineKingfish trailed its benchmark by 0.9pp as net assets fell to $444.4m and ROE swung to an unprecedented -10.9%, with distribution coverage at 39.5%.Published 22 April 2026Read briefing→
Napier Port Holdings (NPH)•FY22•Released 16 November 2022NPAT fell 12.1% on 4.6% revenue growth as cost inflation overwhelmed pricingContainer volumes fell 7.9% and net debt jumped to $129.2m to fund infrastructure, while the 7.5 cps dividend sat at a 75% NPAT payout.Published 23 April 2026Read briefing→
Infratil (IFT)•HY23•Released 15 November 2022Pre-lease FCF hit unprecedented -NZ$286.5m as cash conversion collapsedPBT rose 53.2% and the margin was a record, but operating cash outflow widened to -NZ$234.6m and the lifted dividend is uncovered by cash.Published 22 April 2026Read briefing→
Mainfreight (MFT)•HY23•Released 10 November 2022Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubledOperating leverage and an FX tailwind drove earnings, but capex up 125.7% pushed FCF coverage of NPAT down to 51.5%.Published 22 April 2026Read briefing→
Blis Technologies (BLT)•HY23•Released 10 November 2022Cash inflow leaned on NZ$1.1m working-capital release as loss narrowed only 6.1%Revenue grew 10.2% under the strategy reset, but operating cash was flattered by debtor and inventory releases that broke the historical buildPublished 22 April 2026Read briefing→
Oceania Healthcare (OCA)•HY23•Released 7 November 2022PBT fell 74.3% on lower Village revaluations as cash conversion slidRealised sales gains rose 12%, but cash conversion dropped to 81.2% and the 1.9c dividend exceeds NPAT cover.Published 22 April 2026Read briefing→
Henderson Far East Income (HFL)•FY22•Released 7 November 2022Net assets above normal range at NZ$435.6m, dividend lifted to 23.80pPortfolio total return of 1.9% trailed the 3.4% benchmark, while revenue return covered the distribution 1.2x.Published 22 April 2026Read briefing→
Scott Technology (SCT)•FY22•Released 18 October 2022PBT up 24.2% but cash conversion fell to 26.4% on working-capital buildContinuing operations strengthened, yet operating cash flow fell 53% and a $12.6m discontinued-operation loss wiped headline NPAT to near zero.Published 22 April 2026Read briefing→
Bremworth (BRW)•FY22•Released 30 September 2022PBT rose 30% on 14.4% lower revenue as margins expandedBremworth's wool-focused pivot lifted earnings despite a deliberate revenue retreat, but a NZ$7.7m working-capital build turned operating cash flowPublished 22 April 2026Read briefing→
Hallenstein Glasson (HLG)•FY22•Released 30 September 2022NPAT fell 23.1% on flat revenue as NZ segment profits collapsedGross margin held at 57.6% and Australia kept growing, but New Zealand segment results fell from $16.1m to $4.1m and operating cash flow droppedPublished 22 April 2026Read briefing→
Briscoe Group (BGP)•HY23•Released 14 September 2022Inventory build absorbed NZ$11.9m as PBT slipped 4.1%Reported pre-lease FCF hit an unprecedented NZ$39.4m, but a 34.3% capex cut and a record 55.9 inventory days complicate the read.Published 22 April 2026Read briefing→
Rua Bioscience (RUA)•FY22•Released 29 August 2022Cash falls to $1.9m as operating burn widens to $6.8mFirst product sales arrived but losses widened materially, leaving only months of cash at the current operating burn rate.Published 22 April 2026Read briefing→
Me Today (MEE)•FY21•Released 29 August 2022Honey segment loss blew out to NZ$15.3m on 630-tonne stock overhangRevenue rose 14.7% but a NZ$14.1m honey segment deterioration drove the PBT loss to NZ$22.1m even as a capital raise rebuilt cash.Published 22 April 2026Read briefing→
Enprise Group (ENS)•FY22•Released 29 August 2022Revenue grew 16.3% but FY22 swung to a $2.4m PBT loss on Australia dragAustralia booked a $1.7m segment loss and operating cash flow turned negative, with cash on hand down 57% as Kilimanjaro integration weighedPublished 22 April 2026Read briefing→
Vector (VCT)•FY22•Released 26 August 2022NPAT fell 17.8% on tax step-up and $40m LPG impairmentEBITDA was broadly flat at $510.0m, but segment results weakened, leverage drifted to 6.3x and the dividend now exceeds NPAT.Published 23 April 2026Read briefing→
South Port New Zealand (SPN)•FY22•Released 25 August 2022Capex more than doubled to 48.1% of revenue, swinging FCF to -$9.7mReported NPAT growth of 19.6% masks a sharp investment cycle that pushed gross borrowings from $9.0m to $25.5m.Published 23 April 2026Read briefing→
Channel Infrastructure NZ (CHI)•HY22•Released 25 August 2022Discontinued operation lifts NPAT 449.7% as pre-lease FCF swings to -$33.7mContinuing operations earned $5.6m at ~66% EBITDA margin, but operating cash flow turned negative and net debt to EBITDA stepped up to 10.94x.Published 22 April 2026Read briefing→
Sky Network Television (SKT)•FY22•Released 25 August 2022Sky FY22: revenue up 3.5%, EBITDA $169m, dividends resume on $75m FCFCore revenue returned to growth and pre-lease free cash flow reached the top of the historical range, supporting a 7.3c final dividend.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•FY22•Released 25 August 2022PBT loss widened 97% to -$810m as recap cut net debt to $50mOperating revenue grew 8.6% but fuel costs and pandemic capacity restrictions deepened the loss, while equity issuance transformed the balance sheet.Published 22 April 2026Read briefing→
Scales Corporation (SCL)•HY22•Released 24 August 2022Revenue +21.9% but attributable NPAT fell 7.8% as minorities doubledGlobal Proteins now leads the revenue mix at 49%, doubling its result, but expanded minority interests captured most of the upside.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•FY22•Released 24 August 2022FCF fell 31.6% as capex and working capital diluted a 6.8% NPAT liftEarnings ticked up but free cash flow dropped to $296m, leaving FY23 guidance of $460-$500m needing roughly 55% growth and dividends no longerPublished 22 April 2026Read briefing→
Heartland Group Holdings (HGH)•FY22•Released 23 August 2022PBT up 15.5% but NPAT growth held to 9.3% by higher tax rateNet operating income grew 11.7% and PBT expansion outpaced it, while the effective tax rate rose to 30.6% from 26.6%, narrowing the NPAT result.Published 22 April 2026Read briefing→