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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
Read briefingScales 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
Read briefingT&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
Read briefingArborGen 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
Read briefingSynlait 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
Read briefingT&G Global Limited and subsidiary companies (TGG)FY22Released 28 February 2023
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
Read briefingScales Corporation (SCL)FY22Released 23 February 2023
Revenue up 20.3% but NPAT fell 27.9% on horticulture margin collapse
Logistics 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 briefingSeeka (SEK)FY22Released 23 February 2023
Dividend cut to zero as cash conversion fell to 26.3% and FCF turned negative
Revenue 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 briefingArborGen Holdings (ARB)HY23Released 29 November 2022
Continuing-ops revenue up 60.9% but FCF burn widened to NZ$4.8m
Strong 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 briefingScales Corporation (SCL)HY22Released 24 August 2022
Revenue +21.9% but attributable NPAT fell 7.8% as minorities doubled
Global 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 briefingT&G Global Limited and subsidiary companies (TGG)HY22Released 5 August 2022
Operating cash swung NZ$67.8m negative as PBT improved 52.9%
Pre-lease free cash flow fell to NZ$-62.3m and debtor days hit an unprecedented 61.9, undercutting the headline operating-profit recovery.
Published 22 April 2026
Read briefingLivestock Improvement Corporation (LIC)FY22Released 21 July 2022
Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%
A 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 briefingArborGen Holdings (ARB)FY22Released 30 May 2022
Working capital absorbed US$25.6m as PBT swung to a US$3.0m loss
Continuing-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 briefingSynlait Milk (SML)HY22Released 1 April 2022
Inventory release of NZ$70.8m powered Synlait's cash flow recovery
EBITDA rose 43.4% to NZ$68.4m, while the NZ$117.3m operating cash flow figure is denominator-distorted relative to EBITDA and reflects a working-capital release that may not repeat.
Published 23 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY21Released 28 February 2022
PBT fell 55.5% on a 3.3% revenue decline as trading swung to loss
Apples earnings dropped on COVID labour and supply chain pressures while deleveraging moved T&G into a net cash position.
Published 22 April 2026
Read briefingScales Corporation (SCL)FY21Released 24 February 2022
PBT up 37.8% but cash conversion fell from 93.8% to 55.6%
Strong 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 briefingLivestock Improvement Corporation (LIC)HY22Released 26 January 2022
NPAT up 52.1% on Automation divestment; continuing operations grew just 6.2%
A $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 briefingArborGen Holdings (ARB)HY22Released 24 November 2021
Revenue fell 61% as a discontinued ANZ operation reshaped the result
Continuing-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 briefingSynlait Milk (SML)FY21Released 27 September 2021
Synlait swung to a $28.5m NPAT loss after a2 Milk volume reset
Revenue 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 briefingT&G Global Limited and subsidiary companies (TGG)HY21Released 5 August 2021
PBT fell 63% on -2.9% revenue while cash flow was flattered by working-capital
Apples 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 briefingLivestock Improvement Corporation (LIC)FY20Released 22 July 2021
PBT up 58% on continuing ops, but operating cash flow fell 22%
Continuing-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 briefingSynlait Milk (SML)HY21Released 29 March 2021
Revenue +18.8% on Dairyworks but PBT -77.0% as infant formula slid 16%
Headline 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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