Hallenstein Glasson (HLG)•FY21•Released 30 September 2021PBT up 27.8% on 21.9% sales growth, but operating cash fell 13.9% and final...Glassons Australia overtook New Zealand as the largest segment, yet a 144bps gross margin compression and weaker cash conversion sit alongside the...Published 21 April 2026Read briefing→
Briscoe Group (BGP)•HY22•Released 14 September 2021Record HY NPAT up 69.6% but operating cash flow slipped as inventory rose 16.6%Briscoe delivered record sales and profit, yet cash conversion weakened and the first half still sits below the historical second-half weighting.Published 21 April 2026Read briefing→
The Colonial Motor Company (CMO)•FY21•Released 13 August 2021PBT jumped 66% on a 21% revenue lift, but operating cash fell 55%Trading recovery is real, yet a NZ$35.3m drop in operating cash and a normalised tax charge complicate the read on headline NPAT.Published 21 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•HY21•Released 2 August 2021PBT up 57.5% but NPAT down 25.7% as tax line swings from benefit to 38.7%CDL Investments property sales drove a cash-rich half while hotel operations remained depressed, masking the real operating read at the headline...Published 21 April 2026Read briefing→
AFC Group Holdings (AFC)•FY21•Released 28 May 2021Cash reserves depleted to NZ$3.4k as operating outflow tripledFY21 losses narrowed 21.0% at the PBT line, but operating cash outflow more than tripled and liquid reserves are effectively exhausted against...Published 22 April 2026Read briefing→
Savor (SVR)•FY21•Released 28 May 2021Brewing exit flips EBITDA positive but drives NPAT loss to $6.6mContinuing-ops PBT loss narrowed 23.5% and net debt nearly halved, but a $3.5m discontinued-operation charge and near-zero operating cash flow...Published 21 April 2026Read briefing→
Turners Automotive Group (TRA)•FY20•Released 25 May 2021Revenue fell 10.7% but PBT rose 28.6% as finance and insurance margins expandedEarnings mix shifted toward higher-margin finance and insurance, while the balance sheet roughly doubled and cash dropped two-thirds.Published 21 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•FY20•Released 17 February 2021Hotel PBT collapsed 94% but residential land gains held NPAT down just 7.5%A 31-point effective tax rate swing and a Residential Land Development result of $41.8m disguised a 40.4% PBT decline and a devastated hotel book.Published 21 April 2026Read briefing→
Savor (SVR)•HY21•Released 27 November 2020Revenue halved to NZ$9.9m but EBITDA doubled as losses narrowed 74%Cash lifted to NZ$3.7m via fresh equity, yet operating cash flow turned negative despite positive EBITDA, raising a cash-conversion flag.Published 21 April 2026Read briefing→