Revenue up 18.2% but development margin slid to 28.3% from 33.5%
Volume did the heavy lifting as 588 occupation right sales lifted the top line, but unit economics compressed and net debt climbed to NZ$1.52b.
Published 22 April 2026
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Showing 25-48 of 57 published briefings.
Volume did the heavy lifting as 588 occupation right sales lifted the top line, but unit economics compressed and net debt climbed to NZ$1.52b.
Published 22 April 2026
Read briefingHeadline earnings grew on a slightly lower tax rate, but cash conversion weakened sharply and gross borrowings jumped 26.3% to fund growth.
Published 22 April 2026
Read briefingContinuing earnings softened on retail pressure while a $34.8m cash drawdown and rising borrowings shifted the balance-sheet direction.
Published 22 April 2026
Read briefingUnderlying EBITDA rose 47% to $20.9m and net debt fell 26.5%, yet a large unexplained tax expense pushed the statutory bottom line deeper into the...
Published 23 April 2026
Read briefingHeadline 104% NPAT growth hides a second-half earnings reversal, a scrapped dividend, and a 6.9x prior-year net debt load that is not refreshed in...
Published 22 April 2026
Read briefingA HY24 loss of $0.7m flipped to an implied H2 profit of $1.3m, lifting NPAT and OCF but leaving durability of the second-half step-up unproven.
Published 21 April 2026
Read briefingTop-line growth and a lower capex bill did not slow the operating burn, leaving $29.3m of cash against roughly $27m of annual pre-lease free cash...
Published 22 April 2026
Read briefingStatutory earnings flatter the picture: operating cash flow grew only 7.9% while gross borrowings rose 31.4% and cash halved.
Published 22 April 2026
Read briefingHeadline growth and a lifted dividend mask a sharp step-down in operating cash flow, a capex surge and net debt to EBITDA rising from 2.9x to 3.6x.
Published 22 April 2026
Read briefingHeadline 29.5% revenue drop is largely a segment-exit optical, but Pharmacy and Medical margins compressed and net cash of $18.9m flipped to net...
Published 22 April 2026
Read briefingRevenue momentum and a PBT recovery are offset by capex-led cash burn, doubled gross borrowings and a dividend no longer covered by free cash flow.
Published 22 April 2026
Read briefingCash conversion sharply improved on a small capex base, but leverage drifted to 9.2x EBITDA and the prior interim dividend was not repeated.
Published 23 April 2026
Read briefingHeadline return to profit is driven by property-value swings rather than operating gains, while net debt of $611.1m pushes leverage to roughly 16x...
Published 22 April 2026
Read briefingOperating cash inflow collapsed to NZ$0.006m as receivable days jumped 16, leaving the net-cash balance sheet materially thinner despite a better P&L.
Published 21 April 2026
Read briefingRevenue leapt 14-fold off a tiny base and the PBT loss narrowed 20%, but H2 swung to a $6.7m NPAT loss and FCF stayed at -$6.0m.
Published 23 April 2026
Read briefingRevenue grew 12.4% and underlying earnings advanced, but PBT slipped 5% and net debt rose by more than NZ$400m as the build programme scaled.
Published 22 April 2026
Read briefingHeadline profit is flattered by the Community Health discontinued-operation gain, while continuing-operation earnings and cash conversion both...
Published 21 April 2026
Read briefingA strong H1 masked a materially weaker second half, with implied H2 NPAT of -$3.8m against H1 NPAT of +$1.7m.
Published 21 April 2026
Read briefingA 14% H2 revenue rebound partially masks a post-COVID reset in hospital hardware, a working-capital build, and capex that lifted to 13.4% of revenue.
Published 21 April 2026
Read briefingA second-half swing to a small NPAT profit validates the B2B strategy shift, but the cash base shrank by $4.2m despite near-breakeven operating...
Published 21 April 2026
Read briefingUnderlying EBITDA edged up 5% on 6.9% revenue growth, but operating cash fell a third and gross debt net of cash climbed to $550.3m.
Published 22 April 2026
Read briefingHeadline swing from loss to profit sits alongside an unchanged operating cash outflow and a 24.5% drawdown in the cash balance, pointing to a...
Published 23 April 2026
Read briefingRevenue and cash trading strengthened, but reported earnings now lean heavily on the fair-value line while gross borrowings jumped 42%.
Published 21 April 2026
Read briefingHospital revenue normalised, inventory days nearly doubled, operating cash fell to NZ$1.9m, yet the interim dividend still edged up.
Published 21 April 2026
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