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Showing 25-48 of 48 published briefings.

Steel & Tube Holdings (STU)HY24Released 20 February 2024

Distribution profit fell 70% as inventory drawdown cleared all bank debt

Revenue declined 17.0% and NPAT 55.1%, but a $46.4m inventory release funded zero gross borrowings and $26.3m of cash.

Published 23 April 2026

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Fletcher Building (FBU)HY24Released 14 February 2024

Fletcher PBT swung to a NZ$138m loss on a 0.8% revenue dip

Significant items including a NZ$122m Tradelink write-down masked NZ$455m of underlying EBITDA, but leverage rose to 4.3x and the interim dividend

Published 22 April 2026

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

Cash balance hit zero as the loss widened 250.8% on no revenue

An effectively dormant shell burned through its remaining NZ$0.7m of cash while the operating loss more than tripled to NZ$0.5m.

Published 23 April 2026

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Metro Performance Glass (MPG)HY24Released 29 November 2023

EBITDA margin hits record 12.7% but PBT swings to -NZ$9.4m loss

Margin recovery and a NZ$9.6m working-capital release drove record cash conversion, but below-the-line charges pushed PBT deeply negative against a

Published 22 April 2026

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Steel & Tube Holdings (STU)FY23Released 21 August 2023

NPAT down 43.7% as super-cycle unwound; $51m debt cleared on inventory release

Operating cash flow swung to $98.3m on working-capital normalisation, but EBITDA fell 22.1% pointing to a reset earnings base.

Published 22 April 2026

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Fletcher Building (FBU)FY23Released 16 August 2023

FY23 PBT fell 42.6% on $301m significant items as cash conversion dropped

EBITDA rose 4.5% but a $949m working-capital build turned free cash flow negative and pushed dividends above reported earnings.

Published 22 April 2026

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New Talisman Gold Mines (NTL)FY23Released 30 May 2023

NTL FY23: equity contracted NZ$4.1m while cash burn widened

The equity drawdown far exceeded the NZ$1.2m NPAT loss, pointing to balance-sheet movements that trading performance alone cannot explain.

Published 23 April 2026

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Iperion (IPR)FY23Released 30 May 2023

Iperion emerges as a $1.6m cash shell after issuer transition from SNC

The 99.8% PBT "improvement" reflects a completed transition out of a $2.0bn-asset predecessor, not operating progress in the new entity.

Published 23 April 2026

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Metro Performance Glass (MPG)FY23Released 29 May 2023

PBT swung to a NZ$10.6m loss despite 11.6% revenue growth

AGG's NZ$6.4m profit milestone was eclipsed by a New Zealand segment swing and a 56.9% drop in operating cash flow.

Published 22 April 2026

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Fletcher Building (FBU)HY23Released 15 February 2023

Pre-lease FCF hit unprecedented -$443m as $150m construction charge cut NPAT 46%

Revenue grew 5.4% and EBITDA margin reached 12.6%, but operating cash flow swung to -$203m and gross borrowings nearly doubled to $1.7bn.

Published 22 April 2026

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New Talisman Gold Mines (NTL)HY23Released 29 November 2022

Equity down 38.7% to NZ$9.6m as NZ$1.0m convertible note debuts

Total assets fell to NZ$11.0m at the lower edge of the historical range ahead of a planned January rights issue.

Published 23 April 2026

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Southern Charter Financial Group (IPR)HY23Released 29 November 2022

Pre-acquisition shell: cash builds to $0.7m, losses widen 23.4%

Interest income up 150% from a tiny base sets an unprecedented growth rate, but Southern Charter remains pre-revenue after the issuer transition.

Published 23 April 2026

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Metro Performance Glass (MPG)HY23Released 29 November 2022

Revenue surged 18.2% but a NZ$25.6m working-capital build crushed cash

Operating cash flow fell 82% and debtor days hit an unprecedented 56.4 even as Metroglass reported its first revenue acceleration in years.

Published 22 April 2026

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Fletcher Building (FBU)FY22Released 17 August 2022

NPAT 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 2026

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New Talisman Gold Mines (NTL)FY22Released 30 May 2022

Revenue effectively nil leaves NZ$0.5m cash against NZ$0.9m annual burn

Operating 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 2026

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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

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Metro 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

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Fletcher Building (FBU)HY22Released 16 February 2022

NPAT up 41.3% but NZ$1.5bn working-capital build cut operating cash 63%

Inventory rebuild and housing investment drove operating cash from NZ$428m to NZ$157m and stretched FCF dividend cover to 862.2%.

Published 22 April 2026

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New Talisman Gold Mines (NTL)HY22Released 29 November 2021

Operating burn widened 40% while cash halved to NZ$0.96m

A junior gold explorer's cash dropped 48.9% year-on-year as half-year operating outflow worsened to NZ$0.5m, sharpening runway pressure.

Published 23 April 2026

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Southern Charter Financial Group (IPR)HY22Released 29 November 2021

Issuer transition strips SNC to a $2.1m acquisition shell

Headline -100.0% revenue and +99.8% loss narrowing reflect corporate change, not operating performance; NZ$44k cash limits acquisition capacity.

Published 23 April 2026

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Metro Performance Glass (MPG)HY22Released 22 November 2021

PBT fell 94.4% on flat revenue as NZ segment margins collapsed

Revenue held flat but PBT fell 94.4% while strong cash conversion rests on unprecedented low debtor and inventory days.

Published 22 April 2026

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Fletcher Building (FBU)FY21Released 18 August 2021

FY21 swings to NZ$305m profit as net debt falls to NZ$173m

Revenue rose 11.1% and operating cash flow more than doubled to NZ$889m, funding a sharp deleveraging and a restored 30cps full-year dividend.

Published 22 April 2026

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New Talisman Gold Mines (NTL)FY21Released 31 May 2021

FY21 loss narrowed sharply but cash reserves fell to NZ$1.1m

Operating cash burn improved, but the junior gold explorer ends FY21 with materially less liquidity to fund permit-area work.

Published 23 April 2026

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Iperion (IPR)FY21Released 31 May 2021

Iperion remains a NZ$2.1m cash shell with no operations deployed in FY21

An issuer transition from SNC and an unresolved acquisition search leave the read as a pre-deployment cash vehicle, not an operating result.

Published 23 April 2026

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