T&G Global Limited and subsidiary companies (TGG)•FY21•Released 28 February 2022PBT fell 55.5% as apples margin squeezed and International Trading swung to lossA net-debt-to-net-cash swing and flat operating cash flow sit against a sharp earnings decline and heavier capex, leaving FCF thin.Published 21 April 2026Read briefing→
Scales Corporation (SCL)•FY21•Released 24 February 2022Scales FY21 PBT up 37.7% but second-half NPAT turned negativeFood Ingredients drove the full-year uplift while a weaker H2 and a 38pp fall in cash conversion complicate the read.Published 21 April 2026Read briefing→
ArborGen Holdings (ARB)•HY22•Released 24 November 2021ArborGen posts HY22 continuing-ops loss as revenue falls 61% but FY22 EBITDA...Headline NPAT was rescued by a $0.6m discontinued-operations gain in a seasonally second-half-weighted business that now carries reiterated FY22...Published 22 April 2026Read briefing→
Synlait Milk (SML)•FY21•Released 27 September 2021Synlait swings to $28.5m loss as EBITDA falls 78% and leverage jumps to 12.8xRevenue grew 5% but a weak second half turned EBITDA negative, collapsed cash conversion, and pushed net debt/EBITDA from 3.1x to 12.8x.Published 22 April 2026Read briefing→
T&G Global Limited and subsidiary companies (TGG)•HY21•Released 5 August 2021PBT fell 63% as International Trading swung to loss, yet net debt dropped NZ$48mEarnings quality deteriorated across every segment, but sharply stronger operating cash flow and a NZ$48m cut in net debt reshape the...Published 21 April 2026Read briefing→
Livestock Improvement Corporation (LIC)•FY20•Released 22 July 2021LIC PBT up 58.5% on a 2.0% revenue decline, but operating cash fell 22.2%A stronger headline earnings print alongside a NZD 11.6m drop in operating cash flow and slower debtor collection raises questions about how...Published 22 April 2026Read briefing→
Synlait Milk (SML)•HY21•Released 29 March 2021NPAT collapsed 76% and operating cash swung to -$69m despite 19% revenue growthDairyworks added $112.6m of consolidated revenue but gross margin halved to 9.0%, infant formula volumes fell 16% and leverage stretched to...Published 22 April 2026Read briefing→