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Showing 1-24 of 129 published briefings.

KMD Brands (KMD)HY26Released 31 March 2026

Revenue up 7.3% but operating cash halved as KMD launches NZ$65.3m equity raise

Losses narrowed and Kathmandu improved, but cash conversion collapse, rising net debt and an unreconciled underlying EBITDA gap undercut the...

Published 21 April 2026

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The Warehouse Group (WHS)FY26Released 27 March 2026

WHS HY26: NPAT up 33.6% but operating cash flow halved and net debt swung to...

Earnings improvement is real across Noel Leeming and Stationery, yet borrowings quadrupled and cash conversion deteriorated sharply against flat...

Published 23 April 2026

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Hallenstein Glasson (HLG)HY26Released 27 March 2026

HLG PBT up 32.9% as gross margin expands 240bps to 60.9%

Strong revenue growth and margin recovery obscure a mix shift toward lower-margin Australia and a segment-level profit anomaly at Glassons AU.

Published 21 April 2026

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Briscoe Group (BGP)FY26Released 11 March 2026

PBT fell 12.8% on a 114 bps margin squeeze despite record revenue

Record top-line sales masked a meaningful profitability decline, with gross margin compression driving PBT down sharply while a lower tax rate...

Published 21 April 2026

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Michael Hill International (MHJ)HY26Released 2 March 2026

MHJ swings to NZ$20.7m net cash as HY26 NPAT rises 32%

Operating cash flow surged 64% on a 3% revenue lift, but FY25's second-half NZ$14.8m NPAT loss flags the seasonality risk into H2.

Published 22 April 2026

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Delegat Group (DGL)HY26Released 27 February 2026

PBT up 86% on near-flat revenue as leverage falls to 4.7x EBITDA

Profit recovery and lighter capex drove a big free cash flow lift, but operating cash conversion slipped and H2 remains the decisive period.

Published 22 April 2026

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The Colonial Motor Company (CMO)HY26Released 26 February 2026

PBT up 35.8% and operating cash doubles on a NZ$29.5m inventory drawdown

Headline NPAT growth of 54.8% is flattered by a lower tax rate, and the cash step-up leans heavily on working-capital release.

Published 22 April 2026

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Me Today (MEE)HY26Released 26 February 2026

Continuing-ops loss narrows 63% but revenue fell 32% as King Honey exit...

A $4.1m discontinued-operations gain flips reported NPAT positive while the core Me Today business still burns cash and needs a strong H2 to meet...

Published 21 April 2026

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Bremworth (BRW)FY26Released 25 February 2026

Revenue halved to $44.7m as cash burn deepened and working capital ballooned

A likely equity injection lifted cash to $17.8m and rebuilt equity, but inventory days doubled to 211 and pre-lease FCF swung to a $7.3m outflow.

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)FY25Released 24 February 2026

PBT fell 29.8% as property cycle offset record hotel revenue

Headline NPAT jumped 632% only because FY24 carried a one-off deferred tax charge; the cleaner PBT read shows clear operating deterioration.

Published 22 April 2026

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Tourism Holdings (THL)HY26Released 23 February 2026

THL HY26 NPAT up 17% as inventory cleardown lifts FCF five-fold

Earnings rebased off a loss-making H2 FY25, but cash conversion improvement leans heavily on a NZ$78m inventory drawdown and lower capex.

Published 23 April 2026

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Comvita (CVT)HY26Released 23 February 2026

Revenue +18% and swing to NZD4.6m NPAT masks equity down 61%

Comvita's operating recovery is real, but a shrunken balance sheet and negative equity trend demand scrutiny of what was sold or written down to...

Published 21 April 2026

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SkyCity Entertainment Group (SKC)HY26Released 19 February 2026

EBITDA down 36% as Adelaide swung to a NZ$16.1m EBIT loss

Reported NPAT doubled to NZ$12.1m but only because the tax rate normalised; underlying PBT fell 43.5% and leverage stepped up to 6.8x.

Published 23 April 2026

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The a2 Milk Company (ATM)HY26Released 16 February 2026

The a2 Milk Company HY26: EBITDA up 30% but NPAT collapsed 88%

Continuing operations strengthened, but the Mataura Valley Milk exit, wider China concentration, and softer cash conversion complicate the headline read.

Published 20 April 2026

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Burger Fuel Group (BFG)HY26Released 28 November 2025

BFG PBT up 74% as prior-year legal drag rolls off on flat revenue

Earnings growth is genuine but meaningfully flattered by a non-recurring PY shareholder-dispute legal cost and a lower effective tax rate, not by...

Published 22 April 2026

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My Food Bag Group (MFB)HY26Released 20 November 2025

My Food Bag: revenue up 3.8% but PBT fell 13.2% as cash drained to $0.1m

A lower effective tax rate masked operating pressure, and a halving of borrowings left the closing cash balance at just $0.1 million.

Published 22 April 2026

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Hallenstein Glasson (HLG)FY25Released 26 September 2025

Hallenstein Glasson FY25: Glassons Australia carried the year

Group earnings improved, but most of the uplift came from one banner while Hallensteins itself stayed soft and inventory grew faster than sales.

Published 20 April 2026

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KMD Brands (KMD)FY25Released 24 September 2025

KMD Brands FY25: flat revenue, negative second-half EBITDA

Gross margin compression drove the loss deeper, while working-capital release rather than earnings carried the cash story.

Published 20 April 2026

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Briscoe Group (BGP)HY26Released 10 September 2025

NPAT fell 11.8% on near-flat revenue as margins compressed

A Q2 return to sales growth and a steady 10 cps interim dividend sit alongside meaningful margin slippage and a dividend payout well above free...

Published 21 April 2026

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Briscoe Group (BGP)HY25Released 10 September 2025

Briscoe Group HY25: flat sales, another step down in earnings

The Q2 recovery helped, but profit still fell on top of an already weaker base and the dividend cut signalled management's own caution.

Published 20 April 2026

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Bremworth (BRW)FY25Released 1 September 2025

Revenue up 20% but Bremworth swung to a $4.0m FY25 loss

A strong H2 turnaround and a $30.8m swing in operating cash flow sit against a depleted cash pile, new borrowings, and an H1-driven annual loss.

Published 22 April 2026

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Me Today (MEE)FY25Released 28 August 2025

Me Today FY25: revenue grew, solvency worsened

Sales rose 48%, but the King Honey drag, equity deficit, and limited cash leave the balance sheet as the central issue.

Published 20 April 2026

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Restaurant Brands New Zealand (RBD)HY25Released 26 August 2025

PBT flat at $16.4m on 2.5% revenue growth, but tax rate jump cuts NPAT 5.3%

RBD's operating result barely moved, yet a higher effective tax rate and falling capex complicate the earnings quality read.

Published 21 April 2026

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Tourism Holdings (THL)FY25Released 25 August 2025

THL swung to a NZ$25.8m statutory loss as H2 erased H1 profit

Underlying NPAT fell 45% to NZ$28.7m and operating cash flow collapsed 83%, but capex restraint and inventory clearance pulled net debt down NZ$40m.

Published 23 April 2026

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