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NZX company results and financial reports.
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Iperion (IPR)FY22Released 30 May 2022
Headline 99.9% PBT improvement masks transition to NZ$2.0m shell
Total 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 2026
Read briefingArborGen Holdings (ARB)FY22Released 30 May 2022
Working capital absorbed US$25.6m as PBT swung to a US$3.0m loss
Continuing-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 2026
Read briefingThird Age Health Services (TAH)FY22Released 30 May 2022
Cash conversion fell to 90% as acquisitions drove 7.5% revenue growth
Gross 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 2026
Read briefingMetro Performance Glass (MPG)FY22Released 30 May 2022
PBT swung from $12.2m profit to $0.4m loss on flat revenue
A 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 2026
Read briefingCooks Coffee Company (CCC)FY22Released 30 May 2022
Revenue tripled on UK reopening but H2 burned $1.5m of cash
Profit 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 2026
Read briefingSavor (SVR)FY22Released 27 May 2022
Revenue up 89.5% on acquisition, but leverage hit an unprecedented 4.0x
Hipgroup lifted topline but EBITDA margin slipped to 9.8% and net debt/EBITDA reached 4.03x, while reported NPAT improvement reflects last year's
Published 23 April 2026
Read briefingTower (TWR)HY22Released 26 May 2022
NPAT 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 2026
Read briefingRakon (RAK)FY22Released 26 May 2022
NPAT up 244.8% but cash conversion fell to 55.6% on inventory build
Record 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 2026
Read briefingMainfreight (MFT)FY22Released 26 May 2022
Revenue 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 2026
Read briefingNapier Port Holdings (NPH)HY22Released 24 May 2022
PBT down 20.3% as gross borrowings triple to NZ$118.3m
Disruption-driven revenue decline coincides with a peak-capex balance sheet step-up, leaving free cash flow at NZ$-30.7m and the dividend uncovered.
Published 23 April 2026
Read briefingTurners Automotive Group (TRA)FY22Released 24 May 2022
FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow
Earnings growth was funded by a $73.2m rise in gross borrowings to $412.8m as finance-book expansion absorbed operating cash.
Published 23 April 2026
Read briefingKingfish (KFL)FY22Released 23 May 2022
NTA 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 2026
Read briefingKiwi Property Group (KPG)FY22Released 23 May 2022
PBT up 17.2% but operating profit up just 7.3% as valuation gains dominate
Statutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.
Published 22 April 2026
Read briefingMy Food Bag Group (MFB)FY22Released 20 May 2022
PBT up 208.9% on 1.7% revenue growth as margins hit records
EBITDA 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 2026
Read briefingAsset Plus (APL)FY22Released 19 May 2022
Borrowings up 493% to $55.7m to fund Munroe Lane development
Rental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather than
Published 22 April 2026
Read briefingInfratil (IFT)FY22Released 19 May 2022
Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m
A 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 2026
Read briefingSerko (SKO)FY22Released 18 May 2022
FCF 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 2026
Read briefingScott Technology (SCT)HY22Released 7 April 2022
Cash flow flipped to -NZ$8.8m on a NZ$14.9m working-capital build
Revenue 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 2026
Read briefingSynlait Milk (SML)HY22Released 1 April 2022
Inventory release of NZ$70.8m powered Synlait's cash flow recovery
EBITDA rose 43.4% to NZ$68.4m, while the NZ$117.3m operating cash flow figure is denominator-distorted relative to EBITDA and reflects a working-capital release that may not repeat.
Published 23 April 2026
Read briefingHallenstein Glasson (HLG)HY22Released 25 March 2022
NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin lift
Operating 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 2026
Read briefingBriscoe Group (BGP)FY22Released 16 March 2022
PBT up 20.7% on margin expansion, but inventory build cut cash flow
A 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 2026
Read briefingMarlin Global (MLN)HY22Released 28 February 2022
NTA hit a record NZ$1.26 but the portfolio trailed its benchmark by 2.7pp
Active 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 2026
Read briefingBarramundi (BRM)HY22Released 28 February 2022
NTA per share hit record $0.85 on 7.7% portfolio return
The 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 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY21Released 28 February 2022
PBT fell 55.5% on a 3.3% revenue decline as trading swung to loss
Apples earnings dropped on COVID labour and supply chain pressures while deleveraging moved T&G into a net cash position.
Published 22 April 2026
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