Sector archive

Published briefings for one sector.

Sector archive pages keep the briefing corpus grouped by the broad Annolyse coverage taxonomy instead of one giant client-side filter list.

Archive navigation

Browse by route, not by shipped payload.

Company and sector routes have dedicated HTML, while the archive stays ordered by publication date.

All briefings Consumer Transport & Infrastructure Property Healthcare Primary Industries Investment Companies Construction & Materials Energy & Utilities

Company archive

Sector archive

Clear filters

Showing 1-24 of 26 published briefings.

Heartland Group Holdings (HGH)HY26Released 26 February 2026

HGH PBT surged 1,175% but driven by prior-period reset, not new growth

HY26's NZD68.1m PBT recovery looks dramatic only because HY25 absorbed heavy provisioning and impairments; the real test is durability into 2H.

Published 21 April 2026

Read briefing

Tower (TWR)FY25Released 27 November 2025

Tower FY25 PBT up 14.7% but profit was first-half-weighted

Record reported NPAT of NZ$83.7m rests on low large-event costs and a softer H2, with cash conversion quietly easing.

Published 21 April 2026

Read briefing

General Capital (GEN)HY26Released 21 November 2025

Revenue up 19% but NPAT fell 35% and the interim dividend was cut 40%

Around NZ$0.6m of flagged exceptional costs absorbs most of the earnings miss, yet the balance sheet expanded 47% and leverage is undisclosed.

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)FY25Released 21 August 2025

Reported NPAT nearly halved to $38.8m but underlying result met the $45m floor

Net operating income grew 10.5% yet PBT fell 45.3%; a strong H2 ($35.2m NPAT) rescued a $3.6m H1, and the final dividend was cut by a third.

Published 22 April 2026

Read briefing

General Capital (GEN)FY25Released 26 May 2025

Book grows 34% to $218.2m but NPAT growth slows to 6.6% on tax drag

Net revenue jumped 21.3% and PBT 9.8%, yet a higher effective tax rate and a loss-making Corporate segment compressed the bottom-line lift.

Published 22 April 2026

Read briefing

Tower (TWR)HY25Released 20 May 2025

Tower HY25 PBT jumps 46.8% on 9.8% revenue growth, but $12m of provisions...

Operating leverage and near-complete cash conversion drove a 167% dividend lift, yet over-cap claim provisions keep the underlying-to-reported gap...

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)HY25Released 27 February 2025

HGH NPAT collapsed 90% as a $59.5m 'Other' segment loss swamped 10% NOI growth

Net operating income and the core lending segments held up, but a large residual loss line and a halved dividend signal the strain is operational,...

Published 22 April 2026

Read briefing

Tower (TWR)FY24Released 28 November 2024

Tower swings to $74.3m profit as PBT jumps 13x and OCF hits $145.2m

A clean rebound from FY23's weather-event drag, but total revenue fell 22% and the underlying-to-reported bridge is not fully disclosed.

Published 22 April 2026

Read briefing

General Capital (GEN)HY25Released 22 November 2024

General Capital PBT up 41% but 97% of NPAT routed to first interim dividend

Revenue grew 39% to $10.8m and PBT outpaced NPAT on a higher tax rate, while a maiden 0.55c interim absorbs almost all of the half's earnings.

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)FY24Released 29 August 2024

Heartland NPAT down 22.2% as late provisions break guidance and dividend halves

Receivables grew 6.4% and the balance sheet expanded sharply, but ROE fell to 6.0% and the final dividend was cut from 6.0 to 3.0 cps.

Published 22 April 2026

Read briefing

Tower (TWR)HY24Released 28 May 2024

Tower swings to $47.8m PBT as catastrophe claims normalise

HY24 profit, cash flow and segment margins all rebuilt off a weather-distorted HY23 base, leaving durability the central question.

Published 22 April 2026

Read briefing

General Capital (GEN)FY24Released 27 May 2024

NPAT +16.6% flattered by tax rate drop; PBT growth just 7.2%

Finance segment margin compressed from 23.9% to 17.2% even as loan-book funding (term deposits) grew 23% to $135.1m.

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)HY24Released 27 February 2024

Heartland HY24: PBT down 23.8% and interim dividend cut 27%

Reported NPAT of $37.6m sits well below underlying NPAT of $52.7m, while leverage rose and the interim payout was rebased.

Published 22 April 2026

Read briefing

General Capital (GEN)HY24Released 28 November 2023

Revenue jumped 127% but PBT barely moved and NPAT growth was tax-driven

Finance-segment margin compression and a fall in the effective tax rate from 32.5% to 23.1% explain the gap between top-line and bottom-line reads.

Published 22 April 2026

Read briefing

Tower (TWR)FY23Released 23 November 2023

Tower swings to NPAT loss as catastrophe costs crush PBT 70%

Revenue jumped 60% to NZ$725.2m on premium growth and reinsurance recoveries, but weather claims, a higher tax rate and a discontinued-operation...

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)FY23Released 29 August 2023

PBT down 2.2% as NIM compresses; NPAT flatters only on lower tax rate

Receivables grew 10.1% to $6.8bn but NIM slipped 8bps and ROE fell to 9.3% from 11.8% as the equity raise diluted returns.

Published 22 April 2026

Read briefing

General Capital (GEN)FY23Released 29 May 2023

PBT up 77.1% but ROE slipped to 9.3% as equity raise outpaced earnings

Finance book growth drove strong top-line and profit gains, but a larger equity base, higher net debt, and a loss-making advisory unit complicate...

Published 21 April 2026

Read briefing

Tower (TWR)HY23Released 25 May 2023

PBT swung to a $8.3m loss on catastrophe costs even as underlying NPAT...

Reported earnings and cash conversion both deteriorated sharply, but management's preferred underlying measure moved the other way, leaving the...

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)HY23Released 28 February 2023

Revenue up 10.2% but NPAT held to 2.4% as tax rate jumps to 29.5%

A 6.4% PBT gain and a 16.2% lift in underlying NPAT diverge from the statutory 2.4%, while ROE slips despite a materially larger balance sheet.

Published 21 April 2026

Read briefing

General Capital (GEN)HY23Released 29 November 2022

Swung to NZ$1.0m profit as net revenue nearly doubled and assets grew 53%

Finance segment now carries ~95% of revenue and all the profit, while the balance sheet expanded faster than equity on a liabilities-led funding base.

Published 21 April 2026

Read briefing

Tower (TWR)FY22Released 23 November 2022

PBT down 11.4% and operating cash down 39% despite 9.1% revenue growth

Flat NPAT masks a weaker underlying result, with a lower effective tax rate and a heavily second-half-weighted profit doing most of the lifting.

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)FY22Released 23 August 2022

Record PBT up 15.6% but final dividend cut 21% as equity raise flagged

Loan book growth of 15.3% drove earnings, yet a bridge-debt-funded balance sheet, a 19bp NIM squeeze, and a higher tax rate are pulling capital...

Published 21 April 2026

Read briefing

Tower (TWR)HY22Released 26 May 2022

Large events cut reported NPAT 74.5% while underlying NPAT edged up 6.4%

Gross written premium grew 11.1% and guidance was held, but statutory earnings and cash conversion fell sharply, loading the FY22 target into the...

Published 22 April 2026

Read briefing

Heartland Group Holdings (HGH)HY22Released 22 February 2022

Heartland operating profit +24.6% but NPAT growth limited to 7.8% as...

Pre-impairment earnings surged on loan-book growth and a recovering Australia result, yet a sharply weaker Personal Lending contribution and...

Published 21 April 2026

Read briefing

Email updates

Get new briefings delivered to your inbox.

Get full analytical briefings by email as new coverage is published.

Preparing the next Annolyse view.