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Showing 25-48 of 55 published briefings.

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

PBT loss narrowed 62% but NPAT widened 21% as T&G Fresh flipped to loss

Apples segment recovery and a lower capex bill are offset by a tax-distorted NPAT, weaker operating cash, and a NZ$50m rise in net debt.

Published 21 April 2026

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ArborGen Holdings (ARB)FY24Released 30 May 2024

Revenue up 20.7% but PBT swung to a US$1.6m loss as opex outran a 300bps...

Operating cash flow jumped 80% to US$11.7m and gross margin widened, yet cash halved to US$5.6m and only a tax benefit kept reported NPAT flat.

Published 22 April 2026

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Synlait Milk (SML)HY24Released 2 April 2024

Synlait PBT swung to a NZ$94.9m loss with net debt at 28x EBITDA

Both operating segments turned loss-making on a 15.2% revenue decline, and a flagged deleveraging review has no stated outcome or timeline.

Published 23 April 2026

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

NZK FY24 EBITDA reached $24.5m but 75% landed in H1

The turnaround is real on a full-year basis, yet implied 2H EBITDA of just $6.0m sets a softer base against FY25 guidance of $26m-$32m.

Published 21 April 2026

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

T&G Global swings to NZ$45.6m operating loss as weather adds 18 months to...

Revenue grew 2.3% but every profit line went deeply negative, net debt nearly doubled, and a NZ$17.7m tax credit is the only thing keeping the...

Published 21 April 2026

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Seeka (SEK)FY23Released 28 February 2024

FY23 pre-tax loss of $21.0m met guidance but H2 alone lost $24.9m NPAT

A kiwifruit volume collapse cut gross profit 29% and turned the second half deeply loss-making, leaving gross borrowings at ~6.8x EBITDA.

Published 23 April 2026

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Scales Corporation (SCL)FY23Released 22 February 2024

Scales NPAT down 73% to $5.2m while operating cash flow jumped 44%

Revenue fell 8.7% and PBT 34.7%, but a sharp working-capital release lifted cash, as gross borrowings rose 59.7% to $65.6m.

Published 22 April 2026

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PGG Wrightson (PGW)HY24Released 19 January 2024

EBITDA halved to $25.1m despite revenue up 16.7%

Top-line growth masked a sharp margin compression, a leverage spike to 6.7x net debt/EBITDA, and a 42% cut to the interim dividend.

Published 22 April 2026

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ArborGen Holdings (ARB)HY24Released 13 December 2023

ArborGen revenue up 78% but PBT barely moved, NPAT flattered by tax benefit

A US$1.4m tax credit masks a near-flat pre-tax loss, while the annualised first-half run-rate sits 53% below the FY23 base in what is a...

Published 22 April 2026

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Synlait Milk (SML)FY23Released 25 September 2023

Synlait FY23: PBT swings to $20.3m loss, leverage leaps to 4.6x EBITDA

A 20.5% revenue decline and an 83% collapse in operating cash flow pushed net debt/EBITDA from 2.6x to 4.6x, ahead of a stated divestment plan.

Published 23 April 2026

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

EBITDA swings NZ$36.4m as post-mortality recovery drives guidance upgrade

Revenue up 14.4% and gross margin up ~40 points, but the comparison laps a mortality-impacted half and guidance remains on a pro-forma basis.

Published 21 April 2026

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Seeka (SEK)HY23Released 23 August 2023

Seeka HY23: PBT halved and leverage climbs to 4.9x EBITDA on weak harvest

Post-harvest margins held near 24.5%, but orchard losses, a 77% drop in operating cash and rising debt reshape the balance-sheet trajectory.

Published 23 April 2026

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Scales Corporation (SCL)HY23Released 23 August 2023

EBITDA down 46% on flat revenue as Horticulture swung to a loss

Headline NPAT fell 85% but the cleaner read is PBT down 59.6%, with net debt rising from near-zero to about 1.0x EBITDA.

Published 22 April 2026

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

Apples segment profit collapsed from $28.0m to break-even, dragging PBT to a...

Revenue rose 18.6% but the largest segment's earnings evaporated, net debt climbed to $189.7m, and the group remained cash-consumptive.

Published 21 April 2026

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ArborGen Holdings (ARB)FY23Released 30 May 2023

PBT swung positive on 17.9% revenue growth but tax charge drove NPAT to a...

Operating cash flow jumped to $6.5m and net debt more than halved, but a $3.4m tax line flipped continuing earnings back into the red.

Published 22 April 2026

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Synlait Milk (SML)HY23Released 27 March 2023

NPAT collapsed 82.8% and operating cash swung $241.9m negative on inventory...

Gross margin actually widened 188bps, but a $132.1m inventory build drove a $124.7m operating cash outflow and lifted net debt to $516.9m.

Published 23 April 2026

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T&G Global Limited and subsidiary companies (TGG)FY22Released 28 February 2023

T&G swung to a $5.5m NPAT loss as operating cash flow collapsed and net debt...

A 4.4% revenue decline and a pre-tax swing to loss coincided with capex doubling to $100m, moving the group from net cash to materially geared in...

Published 21 April 2026

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Scales Corporation (SCL)FY22Released 23 February 2023

H2 NPAT turned negative despite 20% revenue growth as China lockdowns hit

Attributable NPAT fell 27.9% to $19.4m and the final-instalment dividend was cut to 3.5c from 9.5c, even as the group moved to $24.7m net cash.

Published 22 April 2026

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Seeka (SEK)FY22Released 23 February 2023

Seeka FY22: H2 swung to EBITDA loss, PBT down 68%, leverage up to 3.2x

Revenue grew 12.5% but kiwifruit yield and labour pressures drove a negative second half, negative free cash flow and a jump in net debt to NZD...

Published 21 April 2026

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ArborGen Holdings (ARB)HY23Released 29 November 2022

ArborGen H1 revenue up 60.9% and gross margin doubled, but cash burn...

A structurally small first half (HY22 was only 9.7% of FY22 revenue) complicates the read, but operating cash flow turned sharply negative while...

Published 22 April 2026

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Scales Corporation (SCL)HY22Released 24 August 2022

Revenue jumped 21.9% but Horticulture margin halved and NPAT fell 8%

Global Proteins now carries the group as Horticulture earnings collapsed, while a near-debt-free balance sheet offsets weak operating leverage.

Published 22 April 2026

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T&G Global Limited and subsidiary companies (TGG)HY22Released 5 August 2022

T&G HY22: operating profit up 37.8% but operating cash flow swung $67.8m...

PBT rose 53.7% on a slightly lower revenue base, yet working capital and capex turned pre-lease FCF from +$20.9m to -$62.3m.

Published 21 April 2026

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ArborGen Holdings (ARB)FY22Released 30 May 2022

Continuing-ops NPAT +13% but statutory PBT swung to a $3.0m loss

Net debt nearly halved to $11.5m and inventory unwound, yet headline earnings fell 47% as the divested ANZ business flattered the prior year.

Published 22 April 2026

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Synlait Milk (SML)HY22Released 1 April 2022

PBT up 267% to $31.1m as inventory unwind drives $186m cash swing

Recovery is real against a depressed HY21 base, but a low 10.2% tax rate, one-off working-capital release, and still-elevated 5.7x leverage temper...

Published 22 April 2026

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