Savor (SVR)•FY22•Released 27 May 2022Revenue up 89.5% on acquisition, but leverage hit an unprecedented 4.0xHipgroup lifted topline but EBITDA margin slipped to 9.8% and net debt/EBITDA reached 4.03x, while reported NPAT improvement reflects last year'sPublished 23 April 2026Read briefing→
Turners Automotive Group (TRA)•FY22•Released 24 May 2022FY22 NPAT $31.3m as operating cash swung to a $43.9m outflowEarnings growth was funded by a $73.2m rise in gross borrowings to $412.8m as finance-book expansion absorbed operating cash.Published 23 April 2026Read briefing→
My Food Bag Group (MFB)•FY22•Released 20 May 2022PBT up 208.9% on 1.7% revenue growth as margins hit recordsEBITDA 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 2026Read briefing→
Hallenstein Glasson (HLG)•HY22•Released 25 March 2022NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin liftOperating 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 2026Read briefing→
Briscoe Group (BGP)•FY22•Released 16 March 2022PBT up 20.7% on margin expansion, but inventory build cut cash flowA 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 2026Read briefing→
Bremworth (BRW)•HY22•Released 25 February 2022Operating 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 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•FY21•Released 18 February 2022PBT 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 2026Read briefing→
The Colonial Motor Company (CMO)•HY22•Released 17 February 2022PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory buildUnprecedented revenue and margin strength was offset by working-capital absorption that pushed operating cash flow to -NZ$1.5m.Published 23 April 2026Read briefing→
AFC Group Holdings (AFC)•HY22•Released 29 November 2021AFC HY22: loss widened 42.3% as revenue fell 61.3% to NZ$111kOperating 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 2026Read briefing→
Me Today (MEE)•HY22•Released 29 November 2021Honey pivot absorbed $14.7m of working capital and added $13.2m debtRevenue 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 2026Read briefing→
Burger Fuel Group (BFG)•HY22•Released 26 November 2021Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record highStrong system-sales growth failed to translate into cash, with inventory days hitting an unprecedented 13.3 days against a historical mean of 9.7Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•HY21•Released 18 November 2021NPAT rose 26.1% but operating cash flow swung NZ$50.4m negativeReported 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 2026Read briefing→
Savor (SVR)•HY22•Released 18 November 2021Acquisition 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 liftedPublished 22 April 2026Read briefing→
Hallenstein Glasson (HLG)•FY21•Released 30 September 2021PBT up 28.1% as Glassons Australia drives unprecedented margin expansionTax 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 2026Read briefing→
Briscoe Group (BGP)•HY22•Released 14 September 2021NPAT 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 2026Read briefing→
The Colonial Motor Company (CMO)•FY21•Released 13 August 2021Dividend 392% of pre-lease FCF as borrowings climb to NZ$103.2mFY21 full-year dividend of 55cps sat at 72.4% of NPAT but 392.0% of pre-lease FCF as gross borrowings rose 45.6% to NZ$103.2m.Published 22 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•HY21•Released 2 August 2021PBT up 57.4% on CDL and property sales while hotels yielded $33kPre-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 2026Read briefing→
AFC Group Holdings (AFC)•FY21•Released 28 May 2021Cash fell 98.5% to NZ$3K as revenue halved on COVID-19A narrower headline loss is overshadowed by near-empty cash, operating cash burn tripling, and equity down 36.1%.Published 23 April 2026Read briefing→
Savor (SVR)•FY21•Released 28 May 2021Cash conversion collapsed to 0.7% as brewery exit drove FCF to -NZ$1.3mContinuing-operations PBT improved 23.6% but operating cash fell 99.5% and FCF pre-lease turned negative despite a NZ$3.1m working-capital release.Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•FY20•Released 25 May 2021Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubledMargin expansion across three of four segments lifted earnings, but borrowings rose 94.3% and cash fell 63.8% as inventory more than doubled.Published 22 April 2026Read briefing→
Millennium & Copthorne Hotels New Zealand (MCK)•FY20•Released 17 February 2021Hotel PBT collapsed 94% as CDL and a 10.6% tax rate held group NPAT at -7.4%Revenue fell 25.1% and PBT fell 40.4%, but reported NPAT looks resilient because non-hotel segments and an unusually low tax rate carried the result.Published 22 April 2026Read briefing→
Savor (SVR)•HY21•Released 27 November 2020Revenue down 45%; $8m working-capital release flatters cashAn issuer transition and prior-period acquisition leave the HY20 comparison non-comparable, while the working-capital release reflects contractionPublished 22 April 2026Read briefing→