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Delegat Group (DGL)FY24Released 7 August 2024
NPAT halved despite flat EBITDA as H2 swung to a loss
The 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 briefingMillennium & Copthorne Hotels New Zealand (MCK)HY24Released 7 August 2024
PBT jumped 87% but NPAT swung to a $11.7m loss on tax distortion
A 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.
Published 22 April 2026
Read briefingCooks Coffee Company (CCC)FY24Released 30 May 2024
NZ exit write-off of NZ$6.0m drives equity to negative NZ$4.0m
Continuing-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 briefingBurger Fuel Group (BFG)FY24Released 30 May 2024
BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%
FY24 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 Holdings (AFC)FY24Released 29 May 2024
PBT swung to NZ$54k profit as working-capital build offset earnings quality
AFC 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 briefingSavor (SVR)FY24Released 22 May 2024
NPAT flipped positive on 122.7% tax rate while PBT loss widened 22.5%
EBITDA 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 briefingHallenstein Glasson (HLG)HY24Released 26 April 2024
Margin expansion of 240bps held PBT up 1.4% on flat revenue
Operating 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
Read briefingKMD Brands (KMD)HY24Released 19 March 2024
Sales down 14.5% drove KMD to a $10.4m loss; dividend cut to zero
Kathmandu swung to a segment loss and group leverage rose to 1.49x EBITDA, even as inventory release lifted operating cash flow.
Published 21 April 2026
Read briefingBriscoe Group (BGP)FY24Released 13 March 2024
Gross margin compressed 162bps, cutting NPAT 4.8% on flat revenue
Operating profit fell 6.8% as gross margin moved to 42.4%, while operating cash flow fell 14.6% despite an 11% inventory drawdown.
Published 20 April 2026
Read briefingBremworth (BRW)HY24Released 29 February 2024
Operating cash burn widened to NZD 15.8m as revenue fell 20.0%
A 20.0% revenue decline pushed Bremworth to a NZD 1.7m loss while inventory days climbed roughly 20 days, draining cash before a capital injection.
Published 22 April 2026
Read briefingMe Today (MEE)HY24Released 28 February 2024
Cash drained to zero, equity off 75.7% as MEE plans NZ$2.78m raise
EBITDA loss narrowed 27.7% but a customer write-down deepened the NPAT loss to NZ$7.3m and forced a debt restructure plan.
Published 21 April 2026
Read briefingMichael Hill International (MHJ)HY24Released 26 February 2024
MHJ HY24: PBT fell 59.7% on a flat revenue line with dividend suspended
Margin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
Published 22 April 2026
Read briefingDelegat Group (DGL)HY24Released 23 February 2024
NPAT fell 17.9% as working capital and capex pushed leverage to 4.7x
Flat EBITDA masked a sharp deterioration in cash deployment, with debtor days extending 20.7 and free cash flow turning negative.
Published 22 April 2026
Read briefingSkyCity Entertainment Group (SKC)HY24Released 22 February 2024
Operating cash flow halved and Adelaide swung to a $30.5m loss
Headline PBT growth of 6.7% masks a 45% fall in operating cash, leverage climbing to 3.75x EBITDA, and a dividend set at 175% of NPAT.
Published 23 April 2026
Read briefingComvita (CVT)HY24Released 21 February 2024
Revenue -7.8% drove PBT to a $4.2m loss as net debt/EBITDA hit 14x
China weakness pushed operating cash flow negative, lifted net debt to 14x EBITDA and forced a 60% dividend cut despite a held 60% gross margin; the OCF/EBITDA relationship this period is denominator-distorted and should not be read as normal cash-conversion evidence.
Published 23 April 2026
Read briefingThe Colonial Motor Company (CMO)HY24Released 21 February 2024
PBT fell 33.5% on a 1.2% revenue dip as inventory ballooned 36.8%
Demand deferral and inventory carrying costs in a high-rate environment compressed margins while total assets swelled to NZ$625.5m.
Published 23 April 2026
Read briefingTourism Holdings (THL)HY24Released 20 February 2024
NPAT up 57.5% but operating cash flow reversed $85m to -$78.8m
Reported earnings growth was funded by a $64m working-capital build and $146m more borrowings, leaving net debt near 3.4x EBITDA.
Published 23 April 2026
Read briefingTourism Holdings (THL)FY24Released 11 January 2024
PBT fell 12.8% as USA segment result collapsed
Revenue grew 38.8% to $921.7M but operating earnings declined and net debt rose to $445.9M against EBITDA of $194.4M.
Published 23 April 2026
Read briefingCooks Coffee Company (CCC)HY24Released 30 November 2023
Equity turned negative as discontinued unit booked NZ$5.3m loss
UK & Ireland franchising profit rose to NZ$0.8m, but reported revenue fell 34.2% and shareholders' equity swung to -NZ$3.6m.
Published 23 April 2026
Read briefingSavor (SVR)HY24Released 28 November 2023
EBITDA up 130% on 40.4% revenue growth, leverage halved to 4.4x
Operating leverage drove margin expansion and deleveraging, but the group remained loss-making and HY23 was only 26% of FY23 EBITDA.
Published 23 April 2026
Read briefingBurger Fuel Group (BFG)HY24Released 24 November 2023
Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%
An unusual $0.7M working-capital release pushed cash conversion to 87.0% while the effective tax rate climbed from 26.0% to 31.0%, holding NPAT
Published 22 April 2026
Read briefingMy Food Bag Group (MFB)HY24Released 23 November 2023
NPAT fell 57.6% as net debt/EBITDA jumped to 1.91x, dividend suspended
Revenue down 11.2% and 140bps of gross margin loss have pushed leverage above its historical 0.51x-1.20x range and ended the interim dividend.
Published 22 April 2026
Read briefingMy Food Bag Group (MFB)FY24Released 23 November 2023
PBT fell 68.2% but NPAT held flat on a zero-tax bridge
Operating earnings collapsed against the company's historical range while a 0.0% effective tax rate masked the deterioration in headline net profit.
Published 22 April 2026
Read briefingTurners Automotive Group (TRA)HY22Released 22 November 2023
Record PBT up 9.8% as Finance segment result halved and Auto Retail surged
Revenue grew 15.6% but PBT margin slipped to 12.0%, below the 12.7–14.1% historical range, as segment economics rotated sharply.
Published 28 April 2026
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