PBT up 35.4% with operating cash doubled to $42.9m on inventory release
A tax tailwind lifts headline NPAT to +55.1%, but a $29.6m inventory drawdown is doing much of the cash work.
Published 23 April 2026
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A tax tailwind lifts headline NPAT to +55.1%, but a $29.6m inventory drawdown is doing much of the cash work.
Published 23 April 2026
Read briefingThe deal expands the revenue base and inflates the prior comparable, so headline PBT and NPAT growth rates are not analytically like-for-like.
Published 23 April 2026
Read briefingA NZ$4.1m discontinued-operation gain funded a balance-sheet reset, but continuing operations stayed loss-making on a sharply lower revenue base.
Published 21 April 2026
Read briefingThe 1255.6% headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
Published 21 April 2026
Read briefingThe NZ$900m acquisition price from the Precinct Investment Partnership acquisition is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 21 April 2026
Read briefingA NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.
Published 21 April 2026
Read briefingOperating cash flow fell 75.9% to $5.6m and base-business margins squeezed even as the Perry galvanizing acquisition lifted reported revenue 8.1%.
Published 23 April 2026
Read briefingWorking capital absorbed NZ$120.1m as inventory days tripled to 48.5, while a 13.0% tax rate amplified NPAT growth to 229.0% versus PBT 122.2%.
Published 23 April 2026
Read briefingA 49.7% revenue collapse pushed PBT to -NZ$6.3m and cash to NZ$17.8m, while debtor days blew out 30 days above the historical average.
Published 22 April 2026
Read briefingRecord wind and second-best lake inflows drove a $485m PBT swing, but the prior comparable was depressed by hydro and gas constraints.
Published 22 April 2026
Read briefingRevenue grew 13.0% and FY26 EBITDA guidance was reaffirmed, but operating cash flow fell to $46.6m and the dividend was not covered by free cash flow.
Published 21 April 2026
Read briefingCost discipline drove an $8.1m EBITDA lift and lifted free cash flow to $25.4m, with net debt nearly halved to $15.5m.
Published 28 May 2026
Read briefingHeadline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
Published 22 April 2026
Read briefingTax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
Read briefingReported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.
Published 22 April 2026
Read briefingNPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.
Published 21 April 2026
Read briefingOperating cash outflow worsened 60.8% and leverage stepped to 3.7x EBITDA, yet the board raised the interim dividend 80% to 4.5cps.
Published 20 April 2026
Read briefingOperating cash flow rose 67% as capex fell to 1.2% of revenue and inventory shed $78m, with management flagging ANZ fleet spend will normalise in H2.
Published 23 April 2026
Read briefingCapex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.
Published 23 April 2026
Read briefingThe operating turnaround is real, yet FCF-to-NPAT of 357.3% reflects working-capital release and a 76% capex cut rather than steady-state cash
Published 21 April 2026
Read briefingEarnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
Published 21 April 2026
Read briefingRevenue fell 60.0% and net debt nearly doubled as inventories built, even as the commercial portfolio swung to a positive segment result.
Published 23 April 2026
Read briefingContinuing-ops revenue rose 6.1% and capex fell 16%, but the 12.5c interim dividend ran above reported NPAT and leverage stayed elevated.
Published 23 April 2026
Read briefingTax normalisation flattered headline NPAT while EBITDA fell 36.3% and Adelaide's segment result swung from a $2.8m profit to a $16.1m loss.
Published 23 April 2026
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