Burger Fuel Group (BFG)•HY23•Released 25 November 2022BurgerFuel HY23: PBT up 41.5% on 13.9% revenue growth, but prior-year shape...Royalty-led recovery and strong cash conversion lift the interim result, while FY22 seasonality warns that nearly all profit tends to land in H1.Published 22 April 2026Read briefing→
Burger Fuel Group (BFG)•HY22•Released 25 November 2022NPAT up 36.5% as NZ margin doubles, but International segment swings to...Royalty-driven New Zealand recovery delivers strong operating leverage, offset by a small international operation now losing roughly nine times...Published 21 April 2026Read briefing→
Savor (SVR)•HY23•Released 23 November 2022Revenue up 20.7% but EBITDA fell 36% as leverage hit 10.2xSavor's top-line growth did not translate into operating earnings, and a swing from NZ$2.7m cash to a small overdraft left the balance sheet...Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•HY23•Released 22 November 2022Revenue up 12.4% but PBT essentially flat as finance margins squeezeAuto Retail and Insurance carried growth while Finance net interest margin compression and a larger balance sheet diluted earnings leverage.Published 22 April 2026Read briefing→
My Food Bag Group (MFB)•HY23•Released 18 November 2022MFB holds 3c dividend at 150% of NPAT as PBT falls 36% and OCF halvesA 120bps gross margin gain was overwhelmed by operating deleverage, a capex step-up and a near-empty cash balance.Published 22 April 2026Read briefing→
Hallenstein Glasson (HLG)•FY22•Released 30 September 2022Flat revenue masks a 25.3% PBT fall and visible margin compressionTop-line held at NZ$351.2m but earnings rebased lower, with a 20% inventory build and no disclosed FY22 operating cash flow in the release.Published 21 April 2026Read briefing→
Briscoe Group (BGP)•HY23•Released 14 September 2022NPAT fell 3.9% as gross margin gave back 86bps on 2.7% sales growthEarnings slipped despite record sales, but lower capex lifted pre-lease free cash flow to NZ$39.4m and funded a higher dividend.Published 21 April 2026Read briefing→
Me Today (MEE)•FY21•Released 29 August 2022Honey segment loss blew out to NZ$15.3m as PBT deficit widened 24%Revenue rose 14.6% but the honey division's result deteriorated twelvefold, while operating cash burn widened to NZ$11.7m on 630 tonnes of stock.Published 21 April 2026Read briefing→
The Colonial Motor Company (CMO)•FY22•Released 17 August 2022CMO FY22: NPAT up 33.6% on $1.0b revenue, but inventory drawdown signals...A record result delivered on shrinking stock and a weaker second half leaves the durability of earnings an open question.Published 22 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•HY22•Released 10 August 2022PBT fell 22.5% as land development carried a still-loss-making hotel bookResidential Land Development supplied essentially all of segment profit while cash halved and Hotel Operations stayed loss-making despite reopening.Published 21 April 2026Read briefing→
Cooks Coffee Company (CCC)•FY22•Released 30 May 2022Cooks swung to $0.3m NPAT on UK reopening, but operating cash turned negativeRevenue nearly quadrupled to $6.6m as UK & Ireland franchising drove the profit swing, yet operating cash flow flipped from a $0.04m inflow to a...Published 21 April 2026Read briefing→
Savor (SVR)•FY22•Released 27 May 2022Savor FY22 EBITDA swung to -$27.6m as H2 revenue collapsed to $1.5mA capital injection lifted cash to $92.6m and cleared borrowings, but the operating result and $30.0m cash burn set a hard reset baseline.Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•FY22•Released 24 May 2022NPAT up 16.4% but operating cash swung to a $43.9m outflow as borrowings...Reported earnings growth is clean on tax, but cash generation inverted and leverage funded the dividend and balance sheet expansion.Published 22 April 2026Read briefing→
My Food Bag Group (MFB)•FY22•Released 20 May 2022PBT tripled to $27.8m on 1.7% revenue growth, but tax normalisation inflates...Pro forma EBITDA1 rose 18.1% to $34.2m and the group swung to a small net cash position, but a stock build and soft HY22 revenue temper the read.Published 21 April 2026Read briefing→
Hallenstein Glasson (HLG)•HY22•Released 25 March 2022HLG HY22: PBT down 39.7% on 6.2% revenue decline as NZ and Hallenstein...Glassons Australia lifted mix to 42.1% of revenue but could not offset margin compression across the New Zealand-facing banners.Published 21 April 2026Read briefing→
Briscoe Group (BGP)•FY22•Released 16 March 2022Briscoe's record NPAT of $87.9m masks a 9.4% drop in operating cash flowA 200bps gross margin gain drove 20% earnings growth, but a 30.7% inventory build cut cash conversion even as the balance sheet strengthened.Published 21 April 2026Read briefing→
Bremworth (BRW)•FY22•Released 25 February 20221H22: PBT down 35.6% as operating cash swings from +$16.2m to -$1.4mWool-only strategy held margins, but inventory and receivable build reversed prior-year cash generation despite EBITDA still positive.Published 22 April 2026Read briefing→
Bremworth (BRW)•HY22•Released 25 February 2022Bremworth HY22: revenue down 19% and operating cash flow swings to a NZ$1.4m...First half under the all-wool strategy delivers a NZ$1.0m NPAT, but receivables jumped 46% and free cash flow turned NZ$3.0m negative.Published 21 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•FY21•Released 18 February 2022PBT up 26.9% but NPAT fell 12.9% as tax rate doubled and OCF dropped 66%Property-led profit lift and a move to net cash sit against sharply weaker cash conversion and a first-half-weighted earnings shape.Published 21 April 2026Read briefing→
The Colonial Motor Company (CMO)•HY22•Released 17 February 2022Record NPAT up 42% but operating cash swung to a NZ$1.5m outflowTrading profit hit a first-half high as margin widened, yet a 30.6% inventory build absorbed cash and drove net debt near NZ$95.7m.Published 22 April 2026Read briefing→
Me Today (MEE)•HY22•Released 29 November 2021Revenue up 5.7x on honey acquisition but cash burn nearly tripledHY22 scale-up delivered a step-change in run-rate, yet gross margin halved, inventory ballooned to NZ$14.1m and net debt swung from net cash to...Published 21 April 2026Read briefing→
Turners Automotive Group (TRA)•HY22•Released 18 November 2021Continuing NPAT up 26% while operating cash flow swung NZD49.6m negativeStrong P&L growth on 17% revenue uplift is offset by a sharp cash reversal and borrowings climbing NZD34.7m against the FY21 balance.Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•HY21•Released 18 November 2021NPAT up 25.6% but operating cash swung to a NZ$22.7m outflowHeadline earnings growth is undercut by a NZ$50.4m negative swing in operating cash flow and a NZ$64.6m rise in net debt.Published 21 April 2026Read briefing→
Savor (SVR)•HY22•Released 18 November 2021EBITDA tripled on the Hipgroup acquisition but the NPAT loss still widened 81%Acquisition-led revenue and EBITDA gains are real, but below-EBITDA costs and a near-doubling of gross borrowings keep the bottom line in loss.Published 21 April 2026Read briefing→