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Hallenstein Glasson (HLG)FY23Released 29 September 2023
NPAT up 25.0% but Glassons Australia profit fell as H2 momentum faded
Revenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.
Published 22 April 2026
Read briefingMe Today (MEE)FY23Released 29 August 2023
Cash fell 83% to $0.9m despite PBT loss narrowing 41%
Losses narrowed materially, but a $5.6m operating cash burn left only $0.9m of cash against $12.4m of borrowings.
Published 22 April 2026
Read briefingMichael Hill International (MHJ)FY23Released 25 August 2023
FY23 free cash flow at 152.4% of NPAT on NZD80.1m operating cash
Cash conversion stayed strong but management commentary points to a marked H2 trading slowdown from +6.0% to -0.8%.
Published 22 April 2026
Read briefingSkyCity Entertainment Group (SKC)FY23Released 23 August 2023
Auckland's $177m segment recovery masked by Adelaide's $94m loss
EBITDA rose 71% on Auckland's rebound, but the Adelaide casino licence impairment kept NPAT at $8.0m and lifted the effective tax rate to 84.6%.
Published 22 April 2026
Read briefingThe Colonial Motor Company (CMO)FY23Released 22 August 2023
Inventory build flipped operating cash flow to -$10.2m at CMO
Revenue slipped 0.6% but a $69.0m inventory build swung operating cash to -$10.2m and pushed gross borrowings up 60.4%.
Published 23 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY23Released 8 August 2023
NZ$22.7m unprecedented working-capital build absorbed nearly all cash flow
Hotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.
Published 22 April 2026
Read briefingAFC Group Holdings (AFC)FY23Released 30 May 2023
AFC revenue tripled to NZ$1.1m but H2 reversed and cash hit NZ$5,000
Headline 159% revenue growth masks a sharply weaker second half, equity down 32.4%, and an almost-exhausted cash balance against rising borrowings.
Published 28 April 2026
Read briefingCooks Coffee Company (CCC)FY23Released 30 May 2023
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
Read briefingBurger Fuel Group (BFG)FY23Released 30 May 2023
BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels
Cash 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 briefingSavor (SVR)FY23Released 25 May 2023
Revenue up 71.3% but comparison base was reshaped by acquisition and disposal
EBITDA margin slipped to 10.0% against a historical average of 12.4% even as revenue rose 71.3% off a non-comparable prior year.
Published 23 April 2026
Read briefingMy Food Bag Group (MFB)FY23Released 19 May 2023
Net cash swung to $15.3m net debt as FCF collapsed to $2.0m
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 22 April 2026
Read briefingHallenstein Glasson (HLG)HY23Released 31 March 2023
HLG NPAT jumped 74.8% off a weak base, but FCF sat below historical mean
Margins 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 briefingBriscoe Group (BGP)FY23Released 15 March 2023
FCF jumped to a record NZ$129.1m while NPAT held flat at +0.6%
Revenue 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 briefingBremworth (BRW)FY23Released 1 March 2023
NZ$6.3m working-capital drain and inventory build swung HY23 to loss
Inventories 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 briefingMe Today (MEE)HY23Released 1 March 2023
Revenue rose 49% but PBT loss doubled to NZ$5.8m
Honey-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 briefingMichael Hill International (MHJ)HY23Released 27 February 2023
Operating cash fell 33% on inventory build despite 11.1% revenue growth
Cash 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 briefingThe Colonial Motor Company (CMO)HY23Released 22 February 2023
NPAT down 21.0% but a NZ$49.2m operating cash swing is the bigger issue
Margins 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 briefingCooks Coffee Company (CCC)HY23Released 29 November 2022
Operating cash swung to outflow as headline PBT held flat
Reported profit barely moved but cash generation evaporated, even as the balance sheet flipped from negative to positive equity.
Published 22 April 2026
Read briefingBurger Fuel Group (BFG)HY23Released 25 November 2022
Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery
Operating 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 briefingAFC Group Holdings (AFC)HY23Released 23 November 2022
AFC swings to profit but cash falls to NZ$1.6k as inventory hits NZ$0.4m
Operating 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 briefingSavor (SVR)HY23Released 23 November 2022
Savor's PBT swings to a $2.1m loss as leverage climbs to 9.8x EBITDA
Revenue rose 20.7% but PBT fell 183.1% and net debt to EBITDA rose to 9.8x, testing balance-sheet flexibility.
Published 23 April 2026
Read briefingTurners Automotive Group (TRA)HY23Released 22 November 2022
Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption
Revenue 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 briefingMy Food Bag Group (MFB)HY23Released 18 November 2022
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
NPAT 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 (BRW)FY22Released 30 September 2022
PBT rose 30% on 14.4% lower revenue as margins expanded
Bremworth'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
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