Revenue fell 27% but NPAT margin hit an unprecedented 46.5%
Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
Published 22 April 2026
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Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
Published 22 April 2026
Read briefingHeadline earnings fell on a portfolio-basis change; the read now sits with leverage trajectory and timing of development completion.
Published 22 April 2026
Read briefingInvestment-property revaluation effects drove an unprecedented statutory loss while rental cash earnings grew, but a halved dividend and rising
Published 22 April 2026
Read briefingThe period-shape mismatch makes the headline declines non-comparable, while FY23 dividend guidance of 6.65 cents per share is reiterated.
Published 22 April 2026
Read briefingRent reviews delivered 4.8% uplifts and new leases ran 15.6% above prior contracts, but operating cash flow fell 34.4% to $26.2m.
Published 22 April 2026
Read briefingLot-mix margin expansion lifted profit while a $75.9m cash drain into a Hamilton land acquisition and inventory build reset balance-sheet liquidity.
Published 22 April 2026
Read briefingStatutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.
Published 22 April 2026
Read briefingRental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather than
Published 22 April 2026
Read briefingHY21 was pre-operational so the headline growth rates are not informative; the real read is a leveraged rural land portfolio at $1.35 NTA per share.
Published 28 April 2026
Read briefingRevaluation lifted NPAT to $452.8m and NTA to 303.4 cents per share, while cash earnings rose modestly and gearing eased to 27.7%.
Published 22 April 2026
Read briefingResidential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.
Published 22 April 2026
Read briefingInterim profit halved against an unusually strong prior comparable, but rental cash flow, gearing and NTA all moved in the right direction.
Published 22 April 2026
Read briefingThe headline -27.1% NPAT move reflects a non-comparable prior period, while debtor days hit an unprecedented 19.2 and pre-lease FCF strengthened
Published 22 April 2026
Read briefingHeadline growth reflects fair value gains and a revenue-base shift; FFO, 22.9% NTA growth, and 30% gearing are the real operating read.
Published 22 April 2026
Read briefingRental revenue rose 6.9% and operating cash flow climbed 47.9%, but the profit jump reflects valuation gains rather than rental growth.
Published 22 April 2026
Read briefingTrade receivables tripled to NZ$22.2m against a revenue decline, signalling rent-collection stress that the headline PBT recovery does not resolve.
Published 22 April 2026
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