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Showing 25-48 of 129 published briefings.

Michael Hill International (MHJ)FY25Released 25 August 2025

Michael Hill: PBT collapsed 90.9% and a second-half loss wiped out H1 earnings

Revenue grew 2.5% but the group swung from net cash of $2.3m to net debt of $41.9m, and no FY25 dividend was declared.

Published 22 April 2026

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SkyCity Entertainment Group (SKC)FY25Released 21 August 2025

Underlying EBITDA down 15.9% and cash conversion collapsed to 21% despite...

NPAT swung from a $143.3m loss to $29.2m profit, but operating cash fell $158.4m and pre-lease free cash flow was -$116.4m against heavy capex.

Published 23 April 2026

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The Colonial Motor Company (CMO)FY25Released 21 August 2025

CMO FY25: trading PBT flat at $27.8m as NPAT optically rebounds 304%

Underlying earnings barely moved on a 1.1% revenue decline; the headline NPAT jump reflects a depressed prior-year base, not operating improvement.

Published 22 April 2026

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The a2 Milk Company (ATM)FY25Released 18 August 2025

The a2 Milk Company FY25: IMF drove double-digit growth, Mataura Valley Milk dragged margins

China and Other Asia carried the year, but cash conversion stepped down and MVM remained a loss-making use of capital.

Published 20 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY25Released 12 August 2025

MCK PBT fell 47% and the group swung from net cash to NZ$13.9m net debt

Headline NPAT improvement is a tax-base optical effect; the real story is a revenue decline, a residential development loss, and a sharp capex...

Published 22 April 2026

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Burger Fuel Group (BFG)FY25Released 30 May 2025

NPAT fell 22.6% and cash halved as operating cash flow dropped 43%

An 8% revenue decline flowed into materially worse cash conversion and a halved cash balance, with legal costs flagged but not quantified.

Published 22 April 2026

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Savor (SVR)FY25Released 22 May 2025

PBT loss narrows 49% but NPAT swings to NZ$1.2m loss as tax benefit fades

Revenue fell 8.4% and EBITDA 17.2%, yet H2 strengthened, operating cash rose to NZ$7.1m and net debt/EBITDA sits just under 1.0x.

Published 23 April 2026

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My Food Bag Group (MFB)FY25Released 22 May 2025

MFB net debt halved to $6.9m as H2 revenue inflected to 5% growth

Full-year revenue was flat and EBITDA barely moved, but deleveraging and a sharp capex cut did most of the work on free cash flow.

Published 22 April 2026

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Hallenstein Glasson (HLG)HY25Released 28 March 2025

Hallenstein Glasson HY25: sales rose, but margin pressure left profit flat

A 7.7% revenue gain translated into almost no NPAT growth, and the dividend cut signalled the board was preserving flexibility.

Published 20 April 2026

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KMD Brands (KMD)HY25Released 26 March 2025

KMD Brands HY25: flat revenue, deeper losses in Kathmandu and Oboz

Working-capital release supported cash, but margin pressure and two loss-making brands left earnings still moving backwards.

Published 20 April 2026

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The Warehouse Group (WHS)FY25Released 21 March 2025

Balance sheet flipped to $19.0m net cash, but PBT still fell 17.9%

Capex was cut 87% and inventory days more than doubled, leaving the sharp improvement in reported NPAT almost entirely a function of FY24's...

Published 23 April 2026

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Briscoe Group (BGP)FY25Released 12 March 2025

PBT down 19% on 203bp margin compression as homeware profit nearly halved

Revenue held flat but gross-margin erosion, a capex step-up to NZ$56.5m, and a higher tax rate cut NPAT 28% and drove a 39% final dividend cut.

Published 21 April 2026

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Delegat Group (DGL)HY25Released 28 February 2025

NPAT fell 63% on a 12% revenue decline, even as operating cash flow doubled

Earnings and leverage both deteriorated sharply, but a working-capital release and lower capex delivered the first positive pre-lease FCF in the...

Published 22 April 2026

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Bremworth (BRW)HY25Released 28 February 2025

NPAT loss widened 5x to NZ$8.1m as inventory build drained cash to NZ$7.5m

Revenue grew 8% but carpet margin compression and a NZ$14.5m inventory build pushed operating cash outflow to NZ$21.8m and cut the cash balance by...

Published 22 April 2026

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Me Today (MEE)HY25Released 28 February 2025

Me Today HY25: revenue grew 64%, but the balance sheet stayed fragile

The operating loss narrowed and cash burn eased, but debt rose, equity nearly disappeared, and neither segment reached EBITDA profitability.

Published 20 April 2026

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Tourism Holdings (THL)HY25Released 25 February 2025

THL NPAT down 36% and interim dividend cut 44% on RV sales pressure

Revenue edged up 2% but profit compression and a larger debt base lifted net debt to EBITDA to roughly 4.2x.

Published 23 April 2026

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Michael Hill International (MHJ)HY25Released 24 February 2025

NPAT up 9.5% and pre-lease FCF swings to NZ$52.4m, but interim dividend pulled

Earnings and cash generation both strengthened on flat revenue, yet no interim was declared versus 1.75cps prior, signalling a more cautious...

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)FY24Released 24 February 2025

PBT fell 27% as property sales faded and capex 7x'd FCF negative

Hotels now dominate the revenue mix but a non-cash deferred tax charge cut NPAT to NZ$2.8m and free cash flow flipped to negative NZ$14.8m.

Published 22 April 2026

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SkyCity Entertainment Group (SKC)HY25Released 20 February 2025

Operating cash collapsed 97.8% despite 12% EBITDA growth; net leverage hit 5.2x

Adelaide's turnaround and cost discipline lifted reported earnings, but a heavy tax charge, funded capex and dividend suspension tell a different...

Published 23 April 2026

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The Colonial Motor Company (CMO)HY25Released 19 February 2025

PBT fell 19.3% on a 2.6% revenue rise, but operating cash swung $68m

Margin compression and a higher effective tax rate cut NPAT 25.3% to $6.9m, even as destocking produced a sharp operating cash turnaround.

Published 22 April 2026

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The a2 Milk Company (ATM)HY25Released 17 February 2025

ATM revenue +10% but ANZ margin pressure and MVM drag offset China gains

Double-digit top-line growth and a maiden dividend mask a deteriorating ANZ segment and two persistently loss-making units.

Published 21 April 2026

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Delegat Group (DGL)FY25Released 3 February 2025

PBT fell 41.9% as Services revenue dropped 18% and every segment margin...

Group revenue was only 3.8% softer, but a materially weaker H2 and rising leverage drove a dividend cut and a sharp decline in returns.

Published 22 April 2026

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Burger Fuel Group (BFG)HY25Released 29 November 2024

BFG HY25: NPAT down 24.5% and operating cash collapsed 79% to $0.3m

A $0.2m shareholder-litigation defence and a sharp drop in cash conversion dragged both earnings and the cash buffer despite broadly flat revenue.

Published 22 April 2026

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My Food Bag Group (MFB)HY25Released 21 November 2024

My Food Bag: revenue still fading, but NPAT up 17.8% on lower costs and...

A second consecutive year of first-half revenue decline is being offset by margin, cash and debt repair, with a 0.65 cps interim dividend now...

Published 22 April 2026

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