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Showing 1-24 of 141 published briefings.
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Showing 1-24 of 141 published briefings.
A one-off store-sale gain and lower legal costs flattered all earnings lines, so the durability of record-high margins is the key question for FY27.
Published 29 May 2026
Read briefingEBITDA stayed essentially flat at NZ$1.3m while cash dropped 58.2% to NZ$1.1m on debt repayment and elevated working-capital absorption.
Published 29 May 2026
Read briefingOperating margin moved above its 9.8%-14.2% five-year range as revenue softened and capex rose 69%, with PBT the cleaner read on the result.
Published 26 May 2026
Read briefingReported NPAT slipped to $38.2m even as Auto Retail, Finance and Insurance segments all delivered higher profit results.
Published 22 May 2026
Read briefingWorking capital absorbed NZ$1.5m against a historical mean of NZ$-0.1m, yet net debt still fell NZ$5.1m on stronger free cash flow.
Published 21 May 2026
Read briefingOperating cash fell 44.0% and net debt rose to $94.0m, prompting a fully underwritten equity raise alongside the headline earnings improvement.
Published 21 April 2026
Read briefingAustralia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.
Published 21 April 2026
Read briefingRecord sales hide a 114bp gross margin contraction, with the effective tax rate dropping from 36.2% to 28.6% to keep NPAT only 2.3% lower.
Published 21 April 2026
Read briefingThe HY26 result sits well above the recent baseline, but FY25's loss-making second half makes H2 durability the central open question.
Published 22 April 2026
Read briefingEarnings surged well ahead of sales growth, raising questions about how much reflects trading momentum.
Published 23 April 2026
Read briefingA 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 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 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 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 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 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 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
Read briefingA $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.
Published 20 April 2026
Read briefingMargin expansion and a NZ$0.52m working-capital release lifted earnings quality, but the prior comparable was unusually weak.
Published 22 April 2026
Read briefingTrade debtors swelled to $4.6m from $0.6m while a 19.8% tax rate cushioned NPAT against a 12.2% PBT decline.
Published 22 April 2026
Read briefingOperating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.
Published 20 April 2026
Read briefingSecond-half EBITDA turned negative and the dividend was scrapped, signalling deeper operating pressure than headline 1.0% sales growth suggests.
Published 20 April 2026
Read briefingPBT margin at 11.0% sits at the bottom of the four-year range and the interim dividend consumes 227.8% of $9.8m pre-lease free cash flow.
Published 22 April 2026
Read briefingPBT of NZ$18.6m exceeds gross profit of NZ$11.9m, signalling one-off items rather than core trading drove the headline result.
Published 22 April 2026
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