Marlin Global (MLN)•FY22•Released 22 August 2022NTA per share fell 30.5% on an unprecedented NZ$58.5m portfolio lossAn unprecedented portfolio markdown left FY22 distributions covered only 5.7% by investment income, with NTA falling from $1.28 to $0.89 per share.Published 22 April 2026Read briefing→
Barramundi (BRM)•FY22•Released 22 August 2022Portfolio swung to NZ$32.6m loss as NTA fell 26% to 64 centsUnprecedented portfolio drawdown eroded NAV while distributions of NZ$11.0m were paid against only NZ$3.8m of investment income.Published 22 April 2026Read briefing→
Property for Industry (PFI)•HY22•Released 22 August 2022NPAT down 91.3% as prior fair-value gains lapse; rental result stableRent reviews delivered 4.8% uplifts and new leases ran 15.6% above prior contracts, but operating cash flow fell 34.4% to $26.2m.Published 22 April 2026Read briefing→
Auckland International Airport (AIA)•FY22•Released 18 August 2022Leverage stretched to 4.31x as capex hit 86.6% of revenueRevenue rose 6.8% but Operating EBITDAFI fell 16% and an unusual working-capital release flattered operating cash flow.Published 22 April 2026Read briefing→
The Colonial Motor Company (CMO)•FY22•Released 17 August 2022FY22 NPAT up 33.9% but a 133% cash surge was inventory-ledOperating cash flow jumped to $67.3m as inventories unwound by $26.4m, masking a softer second-half earnings profile.Published 23 April 2026Read briefing→
Fletcher Building (FBU)•FY22•Released 17 August 2022NPAT up 41.6% as net debt jumped to $1.7bn and cash conversion fell to 53.5%Strong reported earnings collide with a $1.5bn net debt step-up and a full-year dividend not covered by free cash flow.Published 22 April 2026Read briefing→
Mercury NZ (MCY)•FY22•Released 16 August 2022EBITDAF up 25.5% but $367m Tilt sale gain inflated NPAT to +232.6%Cash conversion fell to 60.6% from 73.0% as working capital absorbed $258m and net debt/EBITDAF rose to 3.25x.Published 22 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•HY22•Released 10 August 2022Land sales drove 99% of PBT as hotels lost NZ$3.9m and NPAT fell 39.1%Revenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.Published 22 April 2026Read briefing→
CDL Investments New Zealand (CDI)•HY22•Released 10 August 2022NPAT up 10.1% on a 22.2% revenue fall as cash dropped 83.4%Lot-mix margin expansion lifted profit while a $75.9m cash drain into a Hamilton land acquisition and inventory build reset balance-sheet liquidity.Published 22 April 2026Read briefing→
T&G Global Limited and subsidiary companies (TGG)•HY22•Released 5 August 2022Operating cash swung NZ$67.8m negative as PBT improved 52.9%Pre-lease free cash flow fell to NZ$-62.3m and debtor days hit an unprecedented 61.9, undercutting the headline operating-profit recovery.Published 22 April 2026Read briefing→
Australian Foundation Investment Company (AFI)•FY22•Released 25 July 2022Investment income up 53.4% but portfolio swung to a $347.5m total lossDividend receipts lifted distribution coverage to 163.2% even as net assets fell 7.5% against a benchmark total return of just 5.1%.Published 22 April 2026Read briefing→
Livestock Improvement Corporation (LIC)•FY22•Released 21 July 2022Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%A 47.3% dividend lift rests on a one-off automation disposal gain and a lower tax rate as continuing operations earnings dropped sharply.Published 18 May 2026Read briefing→
Promisia Healthcare (PHL)•FY22•Released 30 June 2022First full year of acquired aged-care lifts revenue to $19.0mHeadline +213.6% growth reflects the December 2020 acquisition lapping into a full period, not underlying expansion of the existing footprint.Published 29 April 2026Read briefing→
Ryman Healthcare (RYM)•FY22•Released 17 June 2022Reported NPAT jumped 63.8% but underlying profit grew only 13.6%Investment property revaluations drove the headline gain while capex at 55.9% of revenue absorbed most of the operating cash flow expansion.Published 29 April 2026Read briefing→
Templeton Emerging Markets Investment Trust Plc (TEM)•FY22•Released 15 June 2022Portfolio fell 17.3% and trailed MSCI EM by 10.5ppTEMIT cut the ordinary distribution to 3.80p as net assets fell 18.9% to 2,100.4m, with gross borrowings rising 50% to 150.0m.Published 23 April 2026Read briefing→
AFC Group Holdings (AFC)•FY22•Released 30 May 2022Equity eroded 66% to NZ$0.6m on continued losses and a NZ$0.4m revenue baseNarrower losses and a positive gross margin show some progress, but the equity base has been heavily consumed and cash stands at just NZ$14k.Published 28 April 2026Read briefing→
TruScreen Group (TRU)•FY22•Released 30 May 2022Revenue grew 48% but FY22 loss widened to $7.9m as cash fell to $2.8mOperating leverage moved the wrong way in the second half, with the implied H2 loss running roughly five times H1 and cash burn consuming nearly halfPublished 23 April 2026Read briefing→
Blackwell Global Holdings (RTO)•FY22•Released 30 May 2022Cash collapsed 92.6% to $0.1m as $1.4m of borrowings were repaidNet debt rose from $0.4m to $0.8m despite the debt paydown, leaving the shell with thin liquidity ahead of any reverse takeover.Published 23 April 2026Read briefing→
New Talisman Gold Mines (NTL)•FY22•Released 30 May 2022Revenue effectively nil leaves NZ$0.5m cash against NZ$0.9m annual burnOperating cash outflow of NZ$0.9m on revenue of NZ$1,191 leaves the explorer reliant on future capital raises to fund continuing exploration losses.Published 23 April 2026Read briefing→
Iperion (IPR)•FY22•Released 30 May 2022Headline 99.9% PBT improvement masks transition to NZ$2.0m shellTotal assets fell from NZ$2,154.5m to NZ$2.0m through an issuer transition, leaving zero revenue and only NZ$22k of cash.Published 23 April 2026Read briefing→
ArborGen Holdings (ARB)•FY22•Released 30 May 2022Working capital absorbed US$25.6m as PBT swung to a US$3.0m lossContinuing-ops revenue grew 11.2%, but a 156.7% effective tax rate flipped a PBT loss to US$1.7m NPAT while inventories built US$27.3m.Published 23 April 2026Read briefing→
Third Age Health Services (TAH)•FY22•Released 30 May 2022Cash conversion fell to 90% as acquisitions drove 7.5% revenue growthGross margin expanded 300bps to 63% on the GP portfolio shift, but operating cash flow weakened and ROE eased from 73.4% to 50.2%.Published 22 April 2026Read briefing→
Metro Performance Glass (MPG)•FY22•Released 30 May 2022PBT swung from $12.2m profit to $0.4m loss on flat revenueA NZ$10.0m working-capital build and capex up 79.5% cut operating cash flow from NZ$30.4m to NZ$13.3m, with leverage drifting back up.Published 22 April 2026Read briefing→
Cooks Coffee Company (CCC)•FY22•Released 30 May 2022Revenue tripled on UK reopening but H2 burned $1.5m of cashProfit and net debt both improved, yet operating cash flow turned negative as a second-half cash burn reversed a strong first half.Published 22 April 2026Read briefing→