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Delegat Group (DGL)HY25Released 28 February 2025
NPAT fell 62.6% on volume weakness as cash flow doubled
A $30.4m working-capital release lifted operating cash flow 111.3%, but earnings collapsed and trailing leverage rose to 5.6x EBITDA.
Published 22 April 2026
Read briefingBremworth (BRW)HY25Released 28 February 2025
Cash fell 60.3% to $7.5m as inventory build absorbed $14.5m
Revenue rose 8.0% but a deliberate $14.5m woollen yarn pre-build drove a $21.8m operating cash outflow and widened the loss to $8.1m.
Published 22 April 2026
Read briefingMe Today (MEE)HY25Released 28 February 2025
Losses narrowed 66.5% but equity fell to NZ$1.3m as debt rose
Revenue grew 64.2% and losses improved 66.5%, yet equity dropped 72.5% and cash conversion of 58.5% sits below the 152.9% historical mean.
Published 20 April 2026
Read briefingTourism Holdings (THL)HY25Released 25 February 2025
Margin compression across core segments drove a 37.1% PBT decline
Earnings fell sharply as leverage rose to 4.21x EBITDA and the interim dividend was cut 44.4%.
Published 23 April 2026
Read briefingMichael Hill International (MHJ)HY25Released 24 February 2025
NPAT up 9.7% but interim dividend skipped as margins sit at range lows
Reported NZ$16.9m profit landed on a -0.7% revenue print and a 6.6% PBT margin, with the board declining the interim dividend that paid 1.75c last
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY24Released 24 February 2025
PBT down 27.1% as property cooldown overwhelms hotel revenue surge
Hotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.
Published 22 April 2026
Read briefingSkyCity Entertainment Group (SKC)HY25Released 20 February 2025
Operating cash flow collapsed 97.8% as leverage rose to 5.2x EBITDA
EBITDA rose 12.0% to $113.1m but cash conversion fell to 1.7%, net debt climbed to $589.5m, and the interim dividend was suspended.
Published 23 April 2026
Read briefingThe Colonial Motor Company (CMO)HY25Released 19 February 2025
PBT down 18.7% as margin slipped below historical range
Revenue grew 2.6% but PBT margin fell to 2.2%, with gross borrowings up 40.6% and the dividend payout reaching an unprecedented 70.8%.
Published 23 April 2026
Read briefingThe a2 Milk Company (ATM)HY25Released 17 February 2025
Revenue up 10.1%, FY25 guidance upgraded, maiden dividend declared
Cash conversion lifted to 66.3% of EBITDA, but the 67.0% NPAT payout rests partly on capex falling 81% to 0.3% of revenue.
Published 21 April 2026
Read briefingDelegat Group (DGL)FY25Released 3 February 2025
EBITDA fell $12m but NPAT rose as tax rate dropped to 28.3%
Operating EBITDA dropped to $116.5m on a 12% case-volume decline, with cash generation aided by a $19.9m debtor release and lower capex.
Published 22 April 2026
Read briefingAFC Group Holdings (AFC)HY25Released 29 November 2024
Cash fell to NZ$3k as operating burn hit NZ$208k on inventory build
Revenue fell 17.8% and gross margin compressed 656bps, but the operating cash swing and 876-day inventory dominate the read.
Published 18 May 2026
Read briefingBurger Fuel Group (BFG)HY25Released 29 November 2024
Cash conversion at unprecedented 21.5% as cash reserves halved
Revenue slipped 1.3% while a $0.2M shareholder-litigation cost helped drive PBT down 20.2% and operating cash flow down 79.1%.
Published 22 April 2026
Read briefingTurners Automotive Group (TRA)HY25Released 25 November 2024
Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower
Earnings held up versus a -2.5% top line that sits well below the 14.9% historical growth mean, with Auto Retail's segment result down 18%.
Published 29 April 2026
Read briefingMy Food Bag Group (MFB)HY25Released 21 November 2024
PBT up 17.1% but cash quality leans on capex cut and working capital release
Earnings returned to growth on a -1.9% revenue base, but FCF of NZ$6.1m reflects capex falling 92% and an unusual working capital release.
Published 22 April 2026
Read briefingHallenstein Glasson (HLG)FY24Released 30 September 2024
PBT rose 14.8% but unprecedented 33.8% tax rate held NPAT to 7.8%
Operating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.
Published 21 April 2026
Read briefingThe Warehouse Group (WHS)FY24Released 26 September 2024
Continuing PBT halved as all three retail segments compressed
A $60.3m Torpedo7 exit pushed group NPAT to a $54.2m loss, while capex cut to a third propped up free cash flow.
Published 23 April 2026
Read briefingKMD Brands (KMD)FY24Released 25 September 2024
PBT swung to a $46.7m loss as revenue fell 11.2%
Operating cash held at $144.7m, but the apparent cash-conversion uplift reflects EBITDA collapse rather than improved working-capital quality.
Published 21 April 2026
Read briefingBriscoe Group (BGP)HY24Released 11 September 2024
Gross margin compressed 264bps and pre-lease FCF fell to $3.0m
Operating profit declined 13.6% as capex jumped 4.5x to $35.0m and a 41.3% effective tax rate widened the NPAT decline.
Published 21 April 2026
Read briefingMichael Hill International (MHJ)FY24Released 2 September 2024
Revenue up 2.4% but PBT collapsed 101% as H2 swung to a NZD 15.9m loss
Operating cash halved and the group flipped from net cash to NZD 38.7m net debt, with no final dividend declared for FY24.
Published 22 April 2026
Read briefingBremworth (BRW)FY24Released 29 August 2024
Operating cash outflow widened to $27.3m on $7.9m inventory build
FY24 NPAT of $4.6m sits against an insurance-boosted FY23 base, inventory days extended to 133, and cash fell $7.7m to $31.6m.
Published 22 April 2026
Read briefingMe Today (MEE)FY24Released 29 August 2024
Revenue fell 36.2% on Honey collapse; EBITDA margin sank to -89.1%
China manuka demand weakness pushed revenue below the historical baseline, leaving equity of NZ$3.6m against NZ$15.4m of gross borrowings.
Published 21 April 2026
Read briefingSkyCity Entertainment Group (SKC)FY24Released 22 August 2024
PBT fell 41.8% as EBITDA dropped 16.7% on flat revenue
Operating cost pressure and asset impairments drove a statutory loss, while capex intensity rose to 35.3% of revenue and net debt more than doubled.
Published 23 April 2026
Read briefingThe Colonial Motor Company (CMO)FY24Released 20 August 2024
Operating cash outflow hit -$41.0m as inventory pushed debt up 81.0%
Revenue rose 1.6% to $1,012.9m but a $44.2m inventory build lifted net debt to $171.2m and left dividends at 251.8% of a depressed NPAT.
Published 23 April 2026
Read briefingThe a2 Milk Company (ATM)FY24Released 19 August 2024
OCF doubled to NZ$255.7m as cash conversion surged from 50.7% to 109.1%
Working-capital release lifted reported cash quality well above earnings, but ANZ segment profit fell 32.6% and headline NPAT grew only 7.7%.
Published 21 April 2026
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