FY23 NPAT swung to a $3.2m loss as below-EBITDA charges crushed thin trading
Positive EBITDA of $0.75m was overwhelmed by impairments, D&A and interest, leaving cash at $0.4m and equity halved to $1.4m.
Published 28 April 2026
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Positive EBITDA of $0.75m was overwhelmed by impairments, D&A and interest, leaving cash at $0.4m and equity halved to $1.4m.
Published 28 April 2026
Read briefingCash conversion jumped to 93.8% of EBITDA and ROE climbed to 7.6%, but prior-period comparability is distorted by unit-scale reporting differences.
Published 22 April 2026
Read briefingAn unprecedented revenue rebound and a working-capital release shrank losses 93.9%, but equity fell 82.8% and the company carries new debt.
Published 23 April 2026
Read briefingOperating cash fell 67% on a 9.4% revenue decline, leaving the interim dividend absorbing 390% of free cash flow.
Published 22 April 2026
Read briefingMargins normalised rather than expanded, working capital absorbed NZ$5.9m and capex tripled, leaving free cash flow below the multi-year average.
Published 22 April 2026
Read briefingRevenue grew 5.6% but a 174 bps gross-margin contraction kept earnings flat, even as inventory release and lower capex lifted cash conversion
Published 21 April 2026
Read briefingInventories rose 38% to NZ$29.0m, lifting inventory days to 224.6, while PBT swung to -NZ$0.6m and cash fell 44% to NZ$10.4m.
Published 22 April 2026
Read briefingHoney-led top-line growth produced negative operating leverage as the EBITDA loss widened and equity fell 32.4% to NZ$19.0m.
Published 22 April 2026
Read briefingCash conversion dropped from 86.9% to 54.5% as Australia carried group earnings while Canada and New Zealand segment results fell.
Published 22 April 2026
Read briefingMargins held at the upper edge of their historical range, yet a NZ$27.8m inventory build pushed operating cash outflow to NZ$50.7m and lifted
Published 23 April 2026
Read briefingReported profit barely moved but cash generation evaporated, even as the balance sheet flipped from negative to positive equity.
Published 22 April 2026
Read briefingOperating revenue lifted to $10.7m with EBITDA margin steady at 15.3% and $7.4m of cash held against no material debt.
Published 22 April 2026
Read briefingOperating cash turned positive to NZ$0.1m, but a NZ$0.4m inventory build leaves AFC holding just NZ$1.6k of cash with borrowings up to NZ$0.1m.
Published 28 April 2026
Read briefingRevenue rose 20.7% but EBITDA fell 33.6%, cash turned net negative and gearing moved well above the historical range as venue capex doubled.
Published 23 April 2026
Read briefingRevenue rose to $185.0m but PBT barely advanced from $23.2m, with operating working capital absorbing $5.8m versus a $0.3m historical norm.
Published 23 April 2026
Read briefingNPAT fell 37.2% on a 4.1% revenue decline, with an 8x capex step-up and working-capital build leaving the maintained interim dividend uncovered.
Published 22 April 2026
Read briefingBremworth's wool-focused pivot lifted earnings despite a deliberate revenue retreat, but a NZ$7.7m working-capital build turned operating cash flow
Published 22 April 2026
Read briefingGross margin held at 57.6% and Australia kept growing, but New Zealand segment results fell from $16.1m to $4.1m and operating cash flow dropped
Published 22 April 2026
Read briefingReported pre-lease FCF hit an unprecedented NZ$39.4m, but a 34.3% capex cut and a record 55.9 inventory days complicate the read.
Published 22 April 2026
Read briefingRevenue rose 14.7% but a NZ$14.1m honey segment deterioration drove the PBT loss to NZ$22.1m even as a capital raise rebuilt cash.
Published 22 April 2026
Read briefingOperating cash flow jumped to $67.3m as inventories unwound by $26.4m, masking a softer second-half earnings profile.
Published 23 April 2026
Read briefingRevenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.
Published 22 April 2026
Read briefingNarrower losses and a positive gross margin show some progress, but the equity base has been heavily consumed and cash stands at just NZ$14k.
Published 28 April 2026
Read briefingProfit and net debt both improved, yet operating cash flow turned negative as a second-half cash burn reversed a strong first half.
Published 22 April 2026
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