FCF hit unprecedented -NZ$100.4m as capex doubled and debtors surged
Operating profit rose 20.9% but a NZ$123.7m working-capital absorption pushed T&G from net cash to NZ$89.0m of net debt.
Published 22 April 2026
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Operating profit rose 20.9% but a NZ$123.7m working-capital absorption pushed T&G from net cash to NZ$89.0m of net debt.
Published 22 April 2026
Read briefingLogistics expansion drove the top line while China lockdowns crushed apple realisations, with minority-interest growth deepening the gap between PBT
Published 22 April 2026
Read briefingRevenue grew 12.5% but a loss-making second half, NZ$17.6m of pre-lease cash burn and leverage at 3.2x EBITDA dominate the read.
Published 22 April 2026
Read briefingStrong gross-margin expansion was overshadowed by negative operating cash flow in a seasonally light half, with NPAT optics distorted by the
Published 23 April 2026
Read briefingGlobal Proteins now leads the revenue mix at 49%, doubling its result, but expanded minority interests captured most of the upside.
Published 22 April 2026
Read briefingPre-lease free cash flow fell to NZ$-62.3m and debtor days hit an unprecedented 61.9, undercutting the headline operating-profit recovery.
Published 22 April 2026
Read briefingA 47.3% dividend lift rests on a one-off automation disposal gain and a lower tax rate as continuing operations earnings dropped sharply.
Published 18 May 2026
Read briefingContinuing-ops revenue grew 11.2%, but a 156.7% effective tax rate flipped a PBT loss to US$1.7m NPAT while inventories built US$27.3m.
Published 23 April 2026
Read briefingEBITDA rose 43.4% to NZ$68.4m but the unprecedented NZ$117.3m operating cash flow leans on a working-capital release that may not repeat.
Published 23 April 2026
Read briefingApples earnings dropped on COVID labour and supply chain pressures while deleveraging moved T&G into a net cash position.
Published 22 April 2026
Read briefingStrong revenue and earnings growth contrasts with operating cash flow down 25.1%, leaving pre-lease FCF below the historical range.
Published 22 April 2026
Read briefingA $15.2m discontinued-operations gain drove the headline jump, while underlying cash generation strengthened independently with OCF up 102.6%.
Published 29 April 2026
Read briefingContinuing-operations revenue lifted but a NZ$0.6m discontinued-operation gain is the only reason headline NPAT stayed positive at NZ$0.1m.
Published 23 April 2026
Read briefingRevenue rose 5.0% but H2 EBITDA turned negative and operating cash flow fell 85%, leaving net debt at 12.8x EBITDA.
Published 23 April 2026
Read briefingApples and International Trading margins eroded and inventory days climbed to 53.3, while a NZ$14.5m receivables-led release lifted operating cash
Published 22 April 2026
Read briefingContinuing-operations revenue grew 3.4% after the farm automation exit, while cash conversion weakened as capex more than doubled to $15.5m.
Published 23 April 2026
Read briefingHeadline growth reflects the Dairyworks acquisition while infant formula volumes fell 16% and inventory days reached 111.4, above the historical
Published 23 April 2026
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