Savor (SVR)•FY22•Released 27 May 2022Revenue up 89.5% on acquisition, but leverage hit an unprecedented 4.0xHipgroup lifted topline but EBITDA margin slipped to 9.8% and net debt/EBITDA reached 4.03x, while reported NPAT improvement reflects last year'sPublished 23 April 2026Read briefing→
Tower (TWR)•HY22•Released 26 May 2022NPAT fell 74.8% on large events while underlying profit rose 6.4%Weather-event claims drove Pacific Islands into a $2.3m loss and pre-lease FCF below normal; Tower held FY22 underlying NPAT guidance.Published 23 April 2026Read briefing→
Rakon (RAK)•FY22•Released 26 May 2022NPAT up 244.8% but cash conversion fell to 55.6% on inventory buildRecord earnings were undercut by a $19.6m inventory build and capex more than doubling, cutting FCF/NPAT conversion from 164.5% to 60.6%.Published 22 April 2026Read briefing→
Mainfreight (MFT)•FY22•Released 26 May 2022Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%Working capital absorbed $316.4m as receivable days extended six days, leaving FCF/NPAT at 87.5% versus 137% prior.Published 22 April 2026Read briefing→
Napier Port Holdings (NPH)•HY22•Released 24 May 2022PBT down 20.3% as gross borrowings triple to NZ$118.3mDisruption-driven revenue decline coincides with a peak-capex balance sheet step-up, leaving free cash flow at NZ$-30.7m and the dividend uncovered.Published 23 April 2026Read briefing→
Turners Automotive Group (TRA)•FY22•Released 24 May 2022FY22 NPAT $31.3m as operating cash swung to a $43.9m outflowEarnings growth was funded by a $73.2m rise in gross borrowings to $412.8m as finance-book expansion absorbed operating cash.Published 23 April 2026Read briefing→
Kingfish (KFL)•FY22•Released 23 May 2022NTA fell 10.7% to $1.58 as portfolio return swung to -3.5%A strong $56.9m H1 profit was more than reversed in H2, leaving a $17.3m full-year loss and active return barely ahead of the benchmark.Published 22 April 2026Read briefing→
Kiwi Property Group (KPG)•FY22•Released 23 May 2022PBT up 17.2% but operating profit up just 7.3% as valuation gains dominateStatutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.Published 22 April 2026Read briefing→
My Food Bag Group (MFB)•FY22•Released 20 May 2022PBT up 208.9% on 1.7% revenue growth as margins hit recordsEBITDA margin of 17.6% sits well above the 10.0% historical baseline, and PBT is the cleaner read because a 72.8% prior tax rate normalised to 28.1%.Published 22 April 2026Read briefing→
Asset Plus (APL)•FY22•Released 19 May 2022Borrowings up 493% to $55.7m to fund Munroe Lane developmentRental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather thanPublished 22 April 2026Read briefing→
Infratil (IFT)•FY22•Released 19 May 2022Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5mA NZ$1.1b after-tax gain from discontinued operations dominates headline NPAT, so PBT recovering from a NZ$91.8m loss is the cleaner operating read.Published 22 April 2026Read briefing→
Serko (SKO)•FY22•Released 18 May 2022FCF burned NZ$34.5m as capex surged 122.5% on revenue growth of 43.8%Revenue recovery accelerated but investment intensity deepened losses 22.4%, leaving Serko dependent on its fresh capital raise to fund the runway.Published 23 April 2026Read briefing→
Scott Technology (SCT)•HY22•Released 7 April 2022Cash flow flipped to -NZ$8.8m on a NZ$14.9m working-capital buildRevenue rose 13.3% and PBT 21.3%, but inventory absorption and a doubled dividend pushed net debt/EBITDA to 1.06x from 0.26x.Published 22 April 2026Read briefing→
Synlait Milk (SML)•HY22•Released 1 April 2022Inventory release of NZ$70.8m powered Synlait's cash flow recoveryEBITDA rose 43.4% to NZ$68.4m but the unprecedented NZ$117.3m operating cash flow leans on a working-capital release that may not repeat.Published 23 April 2026Read briefing→
Hallenstein Glasson (HLG)•HY22•Released 25 March 2022NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin liftOperating deleverage on a 6.2% revenue decline cut PBT margin to an unprecedented 9.9% and pushed the NPAT payout ratio to 90.1%.Published 22 April 2026Read briefing→
Briscoe Group (BGP)•FY22•Released 16 March 2022PBT up 20.7% on margin expansion, but inventory build cut cash flowA 200bp gross margin lift carried earnings well ahead of revenue, while a 30.7% inventory build pulled operating cash flow down 9.4%.Published 22 April 2026Read briefing→
Marlin Global (MLN)•HY22•Released 28 February 2022NTA hit a record NZ$1.26 but the portfolio trailed its benchmark by 2.7ppActive management delivered a 1.5% return against a 4.2% benchmark while distributions of 5.06 cents ran at 132.4% of NPAT.Published 22 April 2026Read briefing→
Barramundi (BRM)•HY22•Released 28 February 2022NTA per share hit record $0.85 on 7.7% portfolio returnThe portfolio's 7.7% return beat a weak 3.7% benchmark, but distribution coverage of 35% leaves the payout dependent on capital returns.Published 22 April 2026Read briefing→
T&G Global Limited and subsidiary companies (TGG)•FY21•Released 28 February 2022PBT fell 55.5% on a 3.3% revenue decline as trading swung to lossApples earnings dropped on COVID labour and supply chain pressures while deleveraging moved T&G into a net cash position.Published 22 April 2026Read briefing→
Wellington Drive Technologies (AOF)•FY21•Released 25 February 2022NPAT swung to $5.4m on a tax credit; PBT still a $0.6m lossA large tax benefit produced the headline turnaround on 74.1% revenue growth, but underlying operations remained loss-making at PBT level.Published 28 April 2026Read briefing→
Vector (VCT)•HY22•Released 25 February 2022EBITDA fell 3.7% but PBT rose 15.7% as below-EBITDA costs easedCapex of $266.4m absorbed nearly all of $283.6m operating cash flow, leaving FCF at $17.2m as leverage drifted up to 11.7x EBITDA.Published 23 April 2026Read briefing→
Rua Bioscience (RUA)•HY22•Released 25 February 2022Operating cash burn nearly doubled to $3.7m before first revenueHeadline cash fell from $19.2m to $2.3m as Rua moves to commercialisation, with the loss widening only modestly.Published 22 April 2026Read briefing→
Bremworth (BRW)•HY22•Released 25 February 2022Operating cash swung NZ$18.9m negative as revenue fell 19.2%Reported NPAT of $1.0m masks a near $19m operating cash reversal driven by a 45.9% jump in receivables and a higher capex spend.Published 22 April 2026Read briefing→
Sky Network Television (SKT)•HY22•Released 24 February 2022PBT fell 29.6% as costs outpaced 4.1% revenue growthStrong cash generation funded near-total debt repayment even as operating profit fell 31.2% against a high HY21 base.Published 22 April 2026Read briefing→