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Showing 25-48 of 65 published briefings.

Scales Corporation (SCL)FY24Released 26 February 2025

FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m

The reported rebound was front-loaded into the first half while capex tripled to NZ$54.9m and the announced dividend fell to 4.25c.

Published 22 April 2026

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PGG Wrightson (PGW)HY25Released 25 February 2025

PGW EBITDA up 13% like-for-like as receivable days jump to 100

Headline 65% EBITDA gain and 16.6% revenue decline both reflect a portfolio change, while receivables ballooned $114m and the dividend was cut 64%.

Published 21 April 2026

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Fonterra Co-operative Group (FCG)FY24Released 25 September 2024

Continuing NPAT fell 6%; total NPAT down 28% on discontinued operation

Strong $1.6b free cash flow funded a 15c special dividend on top of the 40c ordinary payout for FY24.

Published 22 April 2026

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New Zealand King Salmon Investments (NZK)HY25Released 24 September 2024

NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing

A $7.7m non-cash biological-asset/inventory swing pulled GAAP earnings down even as volumes, revenue and the company's guided pro-forma measure

Published 23 April 2026

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Scales Corporation (SCL)HY24Released 28 August 2024

PBT up 166.7% on Horticulture recovery as capex surge lifts leverage to 1.33x

Earnings rebounded from a cyclone-impacted base, but capex jumped 828% and net debt/EBITDA at 1.33x sits above its historical range.

Published 22 April 2026

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PGG Wrightson (PGW)FY24Released 13 August 2024

PBT down 78% and the dividend cancelled at PGW

FY24 met the $43m EBITDA guide but H2 NPAT turned negative and the cash rebound was driven by a $17.4m working-capital release.

Published 21 April 2026

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T&G Global Limited and subsidiary companies (TGG)HY24Released 9 August 2024

PBT improved 61.6% but NPAT fell 20.9% on a -126.7% tax rate

Apples drove the operating recovery, but tax distortion, a NZ$50.0m rise in net debt and weaker operating cash cloud the read.

Published 22 April 2026

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Livestock Improvement Corporation (LIC)FY24Released 19 July 2024

PBT down 61.7% and H2 swung to a $21.2m NPAT loss

Operating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.

Published 18 May 2026

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ArborGen Holdings (ARB)FY24Released 30 May 2024

Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains

NPAT looks 92.0% better on a tax swing while receivable days jumped 47 days and cash halved to $5.6m.

Published 23 April 2026

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Synlait Milk (SML)HY24Released 2 April 2024

Net debt/EBITDA hit 28.1x as $514m of debt falls due within 12 months

EBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.

Published 23 April 2026

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New Zealand King Salmon Investments (NZK)FY24Released 27 March 2024

NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap

Reported NPAT of $28.5m is flattered by a $15.8m fair value uplift and cash conversion ran at just 28.1% as working capital absorbed $12.3m.

Published 22 April 2026

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T&G Global Limited and subsidiary companies (TGG)FY23Released 29 February 2024

Operating profit swung to a $45.6m loss; PBT margin hit unprecedented -4.8%

Weather-driven volume damage pushed PBT to -$64.2m as gross borrowings rose 33.9% and equity fell 10.0%.

Published 22 April 2026

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Seeka (SEK)FY23Released 28 February 2024

$14.5m loss and 6.63x leverage trigger dividend suspension

A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.

Published 23 April 2026

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Scales Corporation (SCL)FY23Released 22 February 2024

NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit

A working-capital release flattered cash conversion to 120.5% and funded the increase, masking margin pressure from Cyclone Gabrielle.

Published 22 April 2026

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Livestock Improvement Corporation (LIC)HY24Released 24 January 2024

OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale

The 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not

Published 18 May 2026

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PGG Wrightson (PGW)HY24Released 19 January 2024

EBITDA fell 23.5% and interim dividend cut to zero; FY24 guide ~$50m

Cash conversion improved sharply but earnings power weakened, leverage rose to 2.6x net debt/EBITDA, and FY24 guidance trails FY23's $61.2m.

Published 22 April 2026

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ArborGen Holdings (ARB)HY24Released 13 December 2023

Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut

A strong first half driven by record Brazil volumes is shadowed by a downward revision to US seedling sales in the heavier second half.

Published 23 April 2026

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Synlait Milk (SML)FY23Released 25 September 2023

Cash conversion fell to 43% and net debt/EBITDA jumped to 4.6x

Continuing operations swung to a $14.1m loss as a Dairyworks discontinued-operation gain partly cushioned reported NPAT.

Published 23 April 2026

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New Zealand King Salmon Investments (NZK)HY24Released 21 September 2023

NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m

Recovery from the FY23 mortality event delivered a $36.4m EBITDA swing, but reported EBITDA of $18.5m sits well above pro-forma EBITDA of $10.7m.

Published 22 April 2026

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Seeka (SEK)HY23Released 23 August 2023

PBT fell 54.8% and leverage rose to 4.9x EBITDA

Cash conversion collapsed from 38.8% to 12.3% in Seeka's seasonally strong half, with orchard and Australian operations swinging to losses.

Published 23 April 2026

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Scales Corporation (SCL)HY23Released 23 August 2023

Horticulture swing drives PBT down 59.6% on flat revenue

Headline NPAT to shareholders fell 85.1% as the Horticulture segment swung from a NZ$15.2m profit to a NZ$2.1m loss after cyclone disruption.

Published 22 April 2026

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T&G Global Limited and subsidiary companies (TGG)HY23Released 4 August 2023

Apples result swung NZ$28.6m to a loss, dragging group to a PBT loss

Revenue rose 18.6% to NZ$765.3m but PBT fell to negative NZ$21.4m as a cyclone-hit apples crop and net debt up 57% strained the balance sheet.

Published 22 April 2026

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ArborGen Holdings (ARB)FY23Released 30 May 2023

ArborGen FY23: $11.3m working-capital release drove the cash uplift

PBT swung to US$0.9m and EBITDA rose 35%, but an unusually favourable working-capital release supplied most of the cash flow lift.

Published 23 April 2026

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Synlait Milk (SML)HY23Released 27 March 2023

Working capital absorbed NZ$132.2m, flipping OCF to a NZ$124.7m outflow

FY23 NPAT guidance cut to a NZ$(5)m–NZ$5m range as inventory build pushes net debt/EBITDA to 10.04x and Advanced Nutrition demand softens.

Published 23 April 2026

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