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Fletcher Building (FBU)FY24Released 21 August 2024
Revenue fell 9.3% and NPAT swung to $227m loss as net debt rose $359m
Operating cash flow held up only because working capital released $473m, masking weaker underlying earnings as the dividend was suspended.
Published 21 April 2026
Read briefingNew Talisman Gold Mines (NTL)FY24Released 30 May 2024
Cash fell to $0.6m as NTL's mine-permit decision slipped to June 2024
Operating losses were broadly stable, but a $1.7m convertible note and depleted cash leave NTL dependent on a delayed regulator decision.
Published 23 April 2026
Read briefingIperion (IPR)FY24Released 29 May 2024
Iperion's asset base shrank 99.9% to NZ$0.9m, leaving NZ$0.2m cash
The reported 99.7% NPAT improvement is a scale artefact: a near-complete contraction of the balance sheet leaves cash burn outrunning cash on hand.
Published 23 April 2026
Read briefingMetro Performance Glass (MPG)FY24Released 29 May 2024
MPG flags $15m+ raise as NPAT loss widened to NZ$27.5m
EBITDA fell 32% to NZ$12.3m and leverage sits at 4.3x even after a working-capital-driven NZ$7m debt paydown.
Published 22 April 2026
Read briefingSteel & 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
Read briefingFletcher 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
Read briefingIperion 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
Read briefingMetro 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
Read briefingSteel & 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
Read briefingFletcher 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
Read briefingNew 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
Read briefingIperion (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
Read briefingMetro 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
Read briefingFletcher 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
Read briefingNew 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
Read briefingSouthern 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
Read briefingMetro 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
Read briefingFletcher 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
Read briefingNew 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
Read briefingIperion (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 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 briefingFletcher 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
Read briefingNew 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
Read briefingSouthern 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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