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Hallenstein Glasson (HLG)FY22Released 30 September 2022
NPAT fell 23.1% on flat revenue as NZ segment profits collapsed
Gross 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 briefingBriscoe Group (BGP)HY23Released 14 September 2022
Inventory build absorbed NZ$11.9m as PBT slipped 4.1%
Reported 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 briefingMe Today (MEE)FY21Released 29 August 2022
Honey segment loss blew out to NZ$15.3m on 630-tonne stock overhang
Revenue 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 briefingThe Colonial Motor Company (CMO)FY22Released 17 August 2022
FY22 NPAT up 33.9% but a 133% cash surge was inventory-led
Operating cash flow jumped to $67.3m as inventories unwound by $26.4m, masking a softer second-half earnings profile.
Published 23 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY22Released 10 August 2022
Land sales drove 99% of PBT as hotels lost NZ$3.9m and NPAT fell 39.1%
Revenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.
Published 22 April 2026
Read briefingAFC Group Holdings (AFC)FY22Released 30 May 2022
Equity eroded 66% to NZ$0.6m on continued losses and a NZ$0.4m revenue base
Narrower 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 briefingCooks Coffee Company (CCC)FY22Released 30 May 2022
Revenue tripled on UK reopening but H2 burned $1.5m of cash
Profit 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
Read briefingSavor (SVR)FY22Released 27 May 2022
Revenue up 89.5% on acquisition, but leverage hit an unprecedented 4.0x
Hipgroup lifted topline but EBITDA margin slipped to 9.8% and net debt/EBITDA reached 4.03x, while reported NPAT improvement reflects last year's
Published 23 April 2026
Read briefingTurners Automotive Group (TRA)FY22Released 24 May 2022
FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow
Earnings growth was funded by a $73.2m rise in gross borrowings to $412.8m as finance-book expansion absorbed operating cash.
Published 23 April 2026
Read briefingMy Food Bag Group (MFB)FY22Released 20 May 2022
PBT up 208.9% on 1.7% revenue growth as margins hit records
EBITDA margin of 17.6% sits well above the 10.0% historical baseline, and PBT is the cleaner read because a 72.8% prior tax rate normalised to 28.1%.
Published 22 April 2026
Read briefingHallenstein Glasson (HLG)HY22Released 25 March 2022
NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin lift
Operating deleverage on a 6.2% revenue decline cut PBT margin to an unprecedented 9.9% and pushed the NPAT payout ratio to 90.1%.
Published 22 April 2026
Read briefingBriscoe Group (BGP)FY22Released 16 March 2022
PBT up 20.7% on margin expansion, but inventory build cut cash flow
A 200bp gross margin lift carried earnings well ahead of revenue, while a 30.7% inventory build pulled operating cash flow down 9.4%.
Published 22 April 2026
Read briefingBremworth (BRW)HY22Released 25 February 2022
Operating cash swung NZ$18.9m negative as revenue fell 19.2%
Reported NPAT of $1.0m masks a near $19m operating cash reversal driven by a 45.9% jump in receivables and a higher capex spend.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY21Released 18 February 2022
PBT up 26.9% but operating cash flow fell 66.3%
A one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.
Published 22 April 2026
Read briefingThe Colonial Motor Company (CMO)HY22Released 17 February 2022
PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory build
Unprecedented revenue and margin strength was offset by working-capital absorption that pushed operating cash flow to -NZ$1.5m.
Published 23 April 2026
Read briefingAFC Group Holdings (AFC)HY22Released 29 November 2021
AFC HY22: loss widened 42.3% as revenue fell 61.3% to NZ$111k
Operating cash outflow of NZ$71.5k against just NZ$4.6k of cash and NZ$53.4k of borrowings tightens the funding runway materially.
Published 28 April 2026
Read briefingMe Today (MEE)HY22Released 29 November 2021
Honey pivot absorbed $14.7m of working capital and added $13.2m debt
Revenue grew 469.6% on a new honey segment, but inventory days hit 1,658 and operating cash outflow widened to $4.6m.
Published 22 April 2026
Read briefingBurger Fuel Group (BFG)HY22Released 26 November 2021
Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high
Strong system-sales growth failed to translate into cash, with inventory days hitting an unprecedented 13.3 days against a historical mean of 9.7
Published 22 April 2026
Read briefingTurners Automotive Group (TRA)HY21Released 18 November 2021
NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative
Reported earnings reached historical highs while pre-lease free cash flow ran NZ$31.2m negative, funded by NZ$59.9m of additional borrowings.
Published 22 April 2026
Read briefingSavor (SVR)HY22Released 18 November 2021
Acquisition lifted revenue 73.3% and tripled EBITDA, but loss widened 81.4%
The Hipgroup hospitality acquisition rebased Savor's top line and EBITDA above historical ranges, yet finance costs deepened the loss and lifted
Published 22 April 2026
Read briefingHallenstein Glasson (HLG)FY21Released 30 September 2021
PBT up 28.1% as Glassons Australia drives unprecedented margin expansion
Tax normalising from 24.4% to 29.0% understates the operating gain in NPAT, while operating cash flow fell 13.9% on working-capital build.
Published 22 April 2026
Read briefingBriscoe Group (BGP)HY22Released 14 September 2021
NPAT jumped 69.6% on a 22.6% rebound, but $17.4m WC build cut OCF 6.9%
Operating cash flow fell despite earnings nearly doubling, as a NZ$17.4m working-capital absorption dwarfed the NZ$3.5m historical average.
Published 22 April 2026
Read briefingThe Colonial Motor Company (CMO)FY21Released 13 August 2021
Gross borrowings rose 45.6% while FY21 figures compare against themselves
The supplied prior period is also FY21, so 0.0% growth is a duplication artifact, not stability, while net debt climbed to NZ$88.4m.
Published 22 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY21Released 2 August 2021
PBT up 57.4% on CDL and property sales while hotels yielded $33k
Pre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.
Published 22 April 2026
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