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Showing 1-24 of 30 published briefings.
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Showing 1-24 of 30 published briefings.
PBT grew 18.0% and forward work climbed to $177m, but operating cash fell 58% on a working-capital build more than double the historical norm.
Published 17 April 2026
Read briefingOperating leverage and a working-capital release drove record cash flow even as capex nearly doubled and Agri carried the mix shift.
Published 21 April 2026
Read briefingOperating burn moderated, but a year on the company remains a pre-deal cash shell with no announced reverse-takeover target.
Published 19 May 2026
Read briefingMaterials Handling and Protein margins drove earnings on flat revenue, yet trade debtors absorbed $19.4m as days outstanding lengthened.
Published 20 April 2026
Read briefingRevenue grew 6.9% and PBT 9.7%, but a lower effective tax rate flattered NPAT to +16.2% while inventory build pulled operating cash flow lower.
Published 23 April 2026
Read briefingBlackwell Global reported a smaller full-year loss, but a severe H2 reversal and deepening cash burn raise questions about near-term survival runway.
Published 19 May 2026
Read briefingOperating earnings dropped below their historical range while an unusually low tax charge and a smaller working-capital build lifted reported cash.
Published 21 April 2026
Read briefingEarnings expanded on essentially flat revenue, but inventory days rose to 94.5 as working capital absorbed $6.9m of cash.
Published 23 April 2026
Read briefingBorrowings fell to nil and equity nearly doubled, but cash dropped 34.6% to NZ$0.5m as the shell continues searching for an acquisition target.
Published 18 May 2026
Read briefingOperating cash fell 70.5% to $6.0m on essentially flat EBITDA, turning free cash flow negative and pushing leverage off a near-zero base.
Published 21 April 2026
Read briefingA name change to RTO Limited signals intent, but the shell has yet to announce a reverse-takeover target while cash and equity continue to erode.
Published 19 May 2026
Read briefingStrong EBITDA and revenue growth were overwhelmed by an unprecedented working-capital build and one-off costs that collapsed pre-tax profit
Published 22 April 2026
Read briefingFY23 inventory build unwinds at the half, driving the cash uplift; management still guides FY24 NPAT similar to prior year.
Published 23 April 2026
Read briefingStrong full-year cash conversion masks a second-half operating cash outflow as contract assets and inventory built.
Published 22 April 2026
Read briefingNPAT up 6.5% benefited from a lower effective tax rate, while working-capital release rather than margin expansion drove the cash flow improvement.
Published 22 April 2026
Read briefingMargins reached an unprecedented 7.7% but the OCF swing leans on a working-capital release that breaks a three-period pattern of builds.
Published 22 April 2026
Read briefingRevenue grew 15.7% to a record NZ$74.3m, but a NZ$9.8m working-capital build—well above the historical average build of NZ$3.2m—turned operating cash
Published 28 April 2026
Read briefingPayout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 22 April 2026
Read briefingThe shell carries $1.0m of cash and $0.9m of borrowings after a capitalisation, but operations burned $0.1m of cash with no acquisition target
Published 23 April 2026
Read briefingContinuing operations strengthened, yet operating cash flow fell 53% and a $12.6m discontinued-operation loss wiped headline NPAT to near zero.
Published 22 April 2026
Read briefingNet debt rose from $0.4m to $0.8m despite the debt paydown, leaving the shell with thin liquidity ahead of any reverse takeover.
Published 23 April 2026
Read briefingRevenue rose 13.3% and PBT 21.3%, but inventory absorption and a doubled dividend pushed net debt/EBITDA to 1.06x from 0.26x.
Published 22 April 2026
Read briefingA large tax benefit produced the headline turnaround on 74.1% revenue growth, but underlying operations remained loss-making at PBT level.
Published 28 April 2026
Read briefingOperations are effectively wound down so HY21 comparatives are non-comparable, leaving shareholder value contingent on reverse takeover execution.
Published 23 April 2026
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