OCF fell 34.5% and leverage rose to 1.8x as inventories built $140m
EBITDA rose 4.8% but operating cash fell 34.5% on a $140.3m inventory build, leaving the lifted 57.0c dividend uncovered by free cash flow.
Published 22 April 2026
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EBITDA rose 4.8% but operating cash fell 34.5% on a $140.3m inventory build, leaving the lifted 57.0c dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingHeadline NPAT declines just 3.8% on a 30.2% tax credit, but underlying profit is flat and pre-lease cash flow sits well below the historical range.
Published 28 April 2026
Read briefingThe 29.5% headline revenue drop reflects the Community Health divestment, but continuing operations show eroding margins and a balance sheet that no
Published 22 April 2026
Read briefingRevenue grew 16.4% and PBT 23.0%, but a doubled capex bill drove pre-lease FCF NZ$258.5m below the historical mean and left the dividend uncovered.
Published 22 April 2026
Read briefingPromisia's aged-care operations grew the top line solidly, but earnings turned negative as cost growth absorbed the revenue gain, leaving a NPAT loss
Published 19 May 2026
Read briefingThe NZ$19m disclosed value from the asset sale is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 23 April 2026
Read briefingUnderlying EBITDA held near NZ$37.6m, but receivables expanded NZ$110.5m and debtor days hit 168.5 against a historical mean of 22.7 days.
Published 22 April 2026
Read briefingRevenue grew 11.4% yet receivables almost doubled and debtor days hit 37.9, well above the historical mean of 28.7.
Published 22 April 2026
Read briefingHeadline revenue of $6.5m is dominated by fair value gains on contingent consideration; commercial revenue remains immaterial against ongoing burn.
Published 23 April 2026
Read briefingUnderlying profit lifted 5.7% to $87.2m but reported NPAT slipped 1.1% as fair-value gains shrank and capex climbed 24.9%.
Published 23 April 2026
Read briefingA 25.5% revenue uplift was more than consumed by higher operating costs, lifting net debt to EBITDA to 8.0x and compressing PBT to NZ$0.5m.
Published 18 May 2026
Read briefingThe discontinued operation supplied two-thirds of reported NPAT while operating cash flow fell 30.3% and continuing EBIT dropped 29%.
Published 22 April 2026
Read briefingDebt-funded property purchases pushed leverage to 7.0x EBITDA while operating cash flow fell 59% and the result swung to a $2.1m loss.
Published 22 April 2026
Read briefingEffective tax rate jumped from 24.9% to 43.5%, deepening the NPAT decline to 67% while operating cash flow held essentially flat at $1.1m.
Published 28 April 2026
Read briefingH2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.
Published 22 April 2026
Read briefingOperating cash flow flipped positive and H2 turned profitable, yet the cash balance fell $4.2m versus only $0.1m of OCF — a reconciliation gap that
Published 22 April 2026
Read briefingRevenue grew 6.9% and care swung to profit, but borrowings rose $177.9m and a $86.9m receivables build absorbed underlying cash generation.
Published 22 April 2026
Read briefingNon-cash items drove the swing to NPAT while operating cash outflow held near prior levels and the cash balance fell 24.5%.
Published 23 April 2026
Read briefingDevelopment capex of $633.8m pushed gross borrowings to $1.07b and free cash flow to -$14.7m, with operating cash flow still near prior-year levels.
Published 22 April 2026
Read briefingOperating cash outflow narrowed 29.3% to $1.2m, but at $0.74m half-year revenue, runway is now the central question.
Published 28 April 2026
Read briefingRevenue fell 23.3% on post-COVID normalisation, but a NZ$58.7m working-capital build left the lifted dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingIntegration and consolidation costs for acquired GP practices absorbed the acquired revenue and roughly halved earnings to $0.3m.
Published 22 April 2026
Read briefingThe dominant pharmacy segment lost revenue share and earnings while a 30.3% effective tax rate clipped NPAT growth to 17.5%.
Published 22 April 2026
Read briefingUnderlying profit rose 44.8% but reported NPAT fell 31.1% as receivables expanded and capex jumped 56%, draining cash flow despite revenue growth.
Published 28 April 2026
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