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
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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 briefingCash 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 briefingOperating 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 briefingRevenue 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 briefingRevenue 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 briefingEarnings 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 briefingEarnings 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 briefingOperating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.
Published 21 April 2026
Read briefingA $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 briefingOperating 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 briefingOperating 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 briefingOperating 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 briefingFY24 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 briefingChina 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 briefingOperating 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 briefingRevenue 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 briefingWorking-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
Read briefingThe effective tax rate jumped to 49.0%, receivable days extended from 51 to 74, and the held 20c dividend now consumes 64.5% of reported earnings.
Published 22 April 2026
Read briefingA 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
Published 22 April 2026
Read briefingContinuing-operations PBT loss narrowed 88.9% to NZ$0.4m and operating cash flow turned positive, but the discontinued NZ operation pushed equity
Published 23 April 2026
Read briefingFY24 is the strongest result since BFG's 2007 listing, but OCF/EBITDA conversion fell from 93.8% to 81.3% as cash did not track earnings.
Published 22 April 2026
Read briefingAFC Group's 130.3% PBT turnaround masks a NZ$0.2m working-capital absorption that is outside its historical range, leaving operating cash flow
Published 18 May 2026
Read briefingEBITDA rose 68.1% on 18.1% revenue growth, but the headline profit reflects an unprecedented tax benefit rather than improvement at the pre-tax line.
Published 23 April 2026
Read briefingOperating cash flow rose 28.8% but a $5.7m inventory release drove most of it, with inventory days at the bottom of the historical range.
Published 21 April 2026
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