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Showing 1-24 of 42 published briefings.

Steel & Tube Holdings (STU)HY26Released 25 February 2026

Revenue up 8.1% but $17.5m net cash flipped to $43.0m net debt

A galvanizing acquisition lifted volumes and top-line, but base-business margin squeeze, a wider PBT loss and working-capital absorption gutted...

Published 22 April 2026

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Fletcher Building (FBU)HY26Released 18 February 2026

Fletcher Building HY26: volumes fell 20% but PBT returned to profit

Cost action held EBIT margin steady, yet the result still depends on an unquantified significant-items bridge and thin liquidity.

Published 20 April 2026

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New Talisman Gold Mines (NTL)HY26Released 28 November 2025

HY26 loss widened 31% and cash fell 59% despite NZ$6.2m equity injection

Balance sheet expanded sharply on fresh equity, but the operating loss and cash burn both deepened against a still sub-materiality revenue base.

Published 23 April 2026

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Metro Performance Glass (MPG)HY26Released 24 November 2025

Net debt halved to NZ$27.4m as PBT swung NZ$11.3m to positive

Revenue fell 5.3% but the balance sheet restructuring done in FY25 transformed earnings; the question is whether second-half margins can hold.

Published 22 April 2026

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Steel & Tube Holdings (STU)FY25Released 25 August 2025

Steel & Tube swings to $24.4m loss as net cash turns to $36.3m net debt

A 19.6% revenue decline pushed EBITDA into the red and a new $50.0m drawdown funded working capital even as operating cash fell 75%.

Published 22 April 2026

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Fletcher Building (FBU)FY25Released 20 August 2025

Fletcher Building FY25: revenue fell 9% and the operating loss widened sharply

Debt came down and cash improved, but the earnings line deteriorated faster than the balance sheet repaired.

Published 20 April 2026

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New Talisman Gold Mines (NTL)FY25Released 30 May 2025

$4.0m headline NPAT on $23.8k of revenue as convertible note extinguishes

The profit is non-cash and non-operational: operating cash burn widened to $1.5m while the balance sheet was rebuilt through the equity line.

Published 23 April 2026

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Metro Performance Glass (MPG)FY25Released 27 May 2025

MPG FY25: EBITDA halved to $5.6m as leverage climbed to ~10.8x

Headline NPAT loss narrowed, but H2 EBITDA turned negative and operating cash flow collapsed 89% while net debt rose $7.5m.

Published 22 April 2026

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Steel & Tube Holdings (STU)HY25Released 24 February 2025

EBITDA collapsed to $0.6m on 25% revenue fall; interim dividend suspended

A cyclical volume shock pushed Steel & Tube into a PBT loss, but a net cash balance sheet and positive free cash flow cushion the drawdown.

Published 22 April 2026

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Fletcher Building (FBU)HY25Released 19 February 2025

FBU revenue fell 15.7% but balance sheet strengthened on $811m debt reduction

A $52m discontinued-operation loss widened NPAT while PBT improved 10.9%, masking genuine deleveraging progress against an accelerating demand...

Published 21 April 2026

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Vulcan Steel (VSL)HY25Released 11 February 2025

EBITDA down 33% on flat revenue, net debt/EBITDA deteriorates to 6.4x

A working-capital release funded debt paydown and a smaller interim dividend, but margin compression and rising leverage dominate the read.

Published 23 April 2026

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Metro Performance Glass (MPG)HY25Released 28 November 2024

EBITDA collapsed 44% as NZ construction downturn hit revenue 12% lower

Cash conversion fell to 37% of EBITDA and net debt rose, raising questions about whether the balance sheet can hold through a weak second half.

Published 22 April 2026

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New Talisman Gold Mines (NTL)HY25Released 21 November 2024

HY25 operating cash burn widened 72% while revenue reverted to zero

A recapitalised balance sheet has funded the spend, but the half delivered no revenue against an FY24 base that was almost entirely second-half.

Published 23 April 2026

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Steel & Tube Holdings (STU)FY24Released 26 August 2024

NPAT fell 84.5% and H2 slipped into loss as Distribution margins collapsed

A net cash balance sheet cushions the cycle, but a 125% payout ratio and working-capital-heavy operating cash flow strain the quality read.

Published 22 April 2026

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Fletcher Building (FBU)FY24Released 21 August 2024

PBT swung to -NZD24m loss as operating profit collapsed 65%

A NZD786m revenue decline and NZD141m Tradelink discontinued-operation loss combined to erase FY23's NZD343m PBT surplus in a single year.

Published 21 April 2026

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New Talisman Gold Mines (NTL)FY24Released 30 May 2024

Revenue scaled to NZD 43.0m but cash collapsed 70.5% as losses deepened

First-year commercial revenue is real and heavily second-half weighted, but the funding runway has narrowed sharply even after a NZD 723.6m...

Published 22 April 2026

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Iperion (IPR)FY24Released 29 May 2024

FY24 loss widened 190% to NZ$812.3m, halving equity in a still pre-revenue year

Operating cash outflows jumped 78% to NZ$724.9m, cutting closing cash to NZ$168.6m while the business remains pre-commercial.

Published 22 April 2026

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Metro Performance Glass (MPG)FY24Released 29 May 2024

Metroglass FY24: leverage rose to 4.3x EBITDA as a capital raise was flagged

Revenue fell 9.2% and the NPAT loss widened to $27.5m, with H2 EBITDA turning negative even as operating cash flow tripled.

Published 21 April 2026

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Steel & Tube Holdings (STU)HY24Released 20 February 2024

Steel & Tube NPAT halves on 17% revenue drop as margins compress in Distribution

Trading earnings fell sharply but a working-capital unwind drove the group to a net cash position with no bank debt.

Published 22 April 2026

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Fletcher Building (FBU)HY24Released 14 February 2024

PBT swung NZ$275m negative as Tradelink write-down and NZ housing slump hit

Revenue held flat but margins collapsed, the interim dividend was pulled, and gross borrowings jumped NZ$476m while operating cash stayed negative.

Published 22 April 2026

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Iperion Limited (Formerly Southern Charter Financial Group) (IPR)HY24Released 29 November 2023

Cash collapsed to NZ$441 as the loss widened 3.5x to NZ$462.6k

A pre-revenue pivot toward commercial production has exhausted almost all of the liquidity that underwrote management's "strong balance sheet" claim.

Published 22 April 2026

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Metro Performance Glass (MPG)HY24Released 29 November 2023

$9.1m NZ impairment drove a $9.2m statutory loss even as EBITDA rose 9.5%

Underlying earnings and cash conversion improved on a weaker revenue base, but the impairment signals a darker read on the New Zealand...

Published 21 April 2026

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Steel & Tube Holdings (STU)FY23Released 21 August 2023

NPAT fell 43.7% but a $132m cash swing cleared all bank debt

A working-capital release funded debt extinguishment and a net cash position, while H2 earnings visibly softened as the FY22 super-cycle unwound.

Published 21 April 2026

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Fletcher Building (FBU)FY23Released 16 August 2023

PBT fell 42.6% on flat revenue as net debt more than doubled

A $29m revenue dip masked a $255m PBT decline, while gross borrowings jumped $763m and pre-lease free cash flow turned negative.

Published 22 April 2026

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