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BGP · NZX

Briscoe Group (BGP)

Consumer / Retail generalCovered: HY22 - FY269 published briefings

Briscoe Group is an NZX-listed consumer / retail general company with HY22 - FY26 of published result briefings.

Sections

Snapshot

Latest metrics

FY26, released 11 March 2026

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BGP latest metrics
MetricValueChange
Revenue$798.8m↑ +0.9%
Operating profit$95.8m↓ -8.3%
NPAT$59.2m↓ -2.3%
Operating cash flow$102.4m↓ -6.7%
OCF / Operating profit %106.9%↑ +1.8pp
Net debt-$145.6m↓ -2.2%
Net debt / Operating profitn/m—
ROE %19.4%↓ -0.3pp
DPS10.0c— Flat
Payout ratio vs NPAT %75.2%↑ +1.7pp

Source: latest published briefing (FY26, released 11 March 2026). Change compares against the prior equivalent period: FY25, released 12 March 2025.

Valuation

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 29 July 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1b

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

17.01x

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Recent market cap compared with trailing earnings.

EPS

0.27

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Recent filing-derived earnings per share.

PEG

Not available

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Not meaningful without positive comparable earnings growth.

EV/EBITDA

8.99x

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Enterprise value compared with recent EBITDA.

P/FCF

19.38x

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Market cap compared with recent free cash flow.

P/B

3.29x

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Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

4.4%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask about BGP

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Longitudinal view

Performance over time

The latest period is shown first.

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BGP metric history
MetricFY2612 MONTHS11 March 2026HY266 MONTHS10 September 2025FY2512 MONTHS12 March 2025HY246 MONTHS11 September 2024FY2412 MONTHS13 March 2024FY2312 MONTHS15 March 2023HY236 MONTHS14 September 2022FY2212 MONTHS16 March 2022HY226 MONTHS14 September 2021Trend
Revenue$798.8m$371.3m$791.5m$372.1m$792m$785.9m$367.9m$744.5m$358.4m
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Revenue growth %0.9%0.0%Outside range low revenue growth. 0%; 3-period range 1.1% to 22.6%. Revenue growth: 0.0%, below normal range; 3-period mean 8.8%, range 1.1%-22.6%.-0.1%Outside range low revenue growth. -0.1%; 4-period range 0.8% to 6.1%. Revenue growth: -0.1%, below normal range; 4-period mean 3.3%, range 0.8%-6.1%.1.1%0.8%5.6%2.7%6.1%Outside range high revenue growth. 6.1%; 4-period range -0.1% to 5.6%. Revenue growth: 6.1%, above normal range; 4-period mean 1.8%, range -0.1%-5.6%.22.6%Outside range high revenue growth. 22.6%; 3-period range 0% to 2.7%. Revenue growth: 22.6%, above normal range; 3-period mean 1.3%, range 0.0%-2.7%.
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  • FY25 Revenue growth %: Outside range low revenue growth. -0.1%; 4-period range 0.8% to 6.1%. Revenue growth: -0.1%, below normal range; 4-period mean 3.3%, range 0.8%-6.1%.
  • HY26 Revenue growth %: Outside range low revenue growth. 0%; 3-period range 1.1% to 22.6%. Revenue growth: 0.0%, below normal range; 3-period mean 8.8%, range 1.1%-22.6%.
Operating profit$95.8m$46.9m$104.4m$60.5m$126.3m$135.5m$70m$136.5m$73m
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Operating profit margin %12.0%12.6%13.2%16.3%15.9%17.2%19.0%18.3%20.4%
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PBT$82.9m$41m$95.1m$56.6m$117.3m$123.1m$63.4m$122.4m$66.1m
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PBT growth %-12.8%0.0%-18.9%Outside range low pbt growth. -18.9%; 4-period range -12.8% to 20.7%. PBT growth: -18.9%, below normal range; 4-period mean 1.0%, range -12.8%-20.7%.-10.7%Outside range low pbt growth. -10.7%; 3-period range -4.1% to 70.8%. PBT growth: -10.7%, below normal range; 3-period mean 22.2%, range -4.1%-70.8%.-4.7%0.6%-4.1%20.7%Unprecedented high pbt growth. 20.7%; 4-period range -18.9% to 0.6%. PBT growth: 20.7%, unprecedented high; 4-period mean -8.9%, range -18.9%-0.6%.70.8%Outside range high pbt growth. 70.8%; 3-period range -10.7% to 0%. PBT growth: 70.8%, above normal range; 3-period mean -4.9%, range -10.7%-0.0%.
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  • HY24 PBT growth %: Outside range low pbt growth. -10.7%; 3-period range -4.1% to 70.8%. PBT growth: -10.7%, below normal range; 3-period mean 22.2%, range -4.1%-70.8%.
  • FY25 PBT growth %: Outside range low pbt growth. -18.9%; 4-period range -12.8% to 20.7%. PBT growth: -18.9%, below normal range; 4-period mean 1.0%, range -12.8%-20.7%.
NPAT$59.2m$29.3m$60.6m$33.2m$84.2m$88.4m$45.6m$87.9m$47.5m
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NPAT growth %-2.3%0.0%-28.0%Unprecedented low npat growth. -28%; 4-period range -4.8% to 20.1%. NPAT growth: -28.0%, unprecedented low; 4-period mean 3.4%, range -4.8%-20.1%.-27.2%Outside range low npat growth. -27.2%; 3-period range -4% to 69.6%. NPAT growth: -27.2%, below normal range; 3-period mean 21.9%, range -4.0%-69.6%.-4.8%0.6%-4.0%20.1%Unprecedented high npat growth. 20.1%; 4-period range -28% to 0.6%. NPAT growth: 20.1%, unprecedented high; 4-period mean -8.6%, range -28.0%-0.6%.69.6%Outside range high npat growth. 69.6%; 3-period range -27.2% to 0%. NPAT growth: 69.6%, above normal range; 3-period mean -10.4%, range -27.2%-0.0%.
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  • HY24 NPAT growth %: Outside range low npat growth. -27.2%; 3-period range -4% to 69.6%. NPAT growth: -27.2%, below normal range; 3-period mean 21.9%, range -4.0%-69.6%.
  • FY25 NPAT growth %: Unprecedented low npat growth. -28%; 4-period range -4.8% to 20.1%. NPAT growth: -28.0%, unprecedented low; 4-period mean 3.4%, range -4.8%-20.1%.
Operating cash flow$102.4m$24.6m$109.7m$38m$123.3m$144.4m$47m$96.5m$45.5m
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OCF / Operating profit %106.9%52.5%105.1%62.9%97.6%106.6%67.2%70.7%62.3%
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FCF pre-lease$52m$9.8m$51.5m$3m$108.2m$129.1m$39.4m$76.6m$33.8m
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DPS10.0c10.0c10.0c12.5c16.5c16.0c12.0c15.5c11.5c
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Payout ratio vs NPAT %75.2%76.0%73.5%83.8%76.7%Outside range high payout ratio versus npat. 76.7%; 4-period range 40.3% to 75.2%. Payout ratio versus NPAT: 76.7%, above normal range; 4-period mean 64.4%, range 40.3%-75.2%.40.3%Unprecedented low payout ratio versus npat. 40.3%; 4-period range 68.4% to 76.7%. Payout ratio versus NPAT: 40.3%, unprecedented low; 4-period mean 73.5%, range 68.4%-76.7%.58.6%68.4%—
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  • FY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 76.7%; 4-period range 40.3% to 75.2%. Payout ratio versus NPAT: 76.7%, above normal range; 4-period mean 64.4%, range 40.3%-75.2%.
Annual payout ratio vs EPS %75.2%—73.5%—76.7%——68.4%—
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ROE %19.4%19.8%19.7%Outside range low roe. 19.7%; 3-period range 26.7% to 29.4%. ROE: 19.7%, below normal range; 3-period mean 28.3%, range 26.7%-29.4%.11.1%Outside range low roe. 11.1%; 3-period range 15.3% to 36.2%. ROE: 11.1%, below normal range; 3-period mean 23.8%, range 15.3%-36.2%.26.7%28.7%15.3%29.4%Outside range high roe. 29.4%; 3-period range 19.7% to 28.7%. ROE: 29.4%, above normal range; 3-period mean 25.0%, range 19.7%-28.7%.36.2%Outside range high roe. 36.2%; 3-period range 11.1% to 19.8%. ROE: 36.2%, above normal range; 3-period mean 15.4%, range 11.1%-19.8%.
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  • HY24 ROE %: Outside range low roe. 11.1%; 3-period range 15.3% to 36.2%. ROE: 11.1%, below normal range; 3-period mean 23.8%, range 15.3%-36.2%.
  • FY25 ROE %: Outside range low roe. 19.7%; 3-period range 26.7% to 29.4%. ROE: 19.7%, below normal range; 3-period mean 28.3%, range 26.7%-29.4%.
Net debt-$145.6m—-$142.4m——-$149.9m———
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Net debt / Operating profitn/m—n/m——n/m———
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Debtor days133Unprecedented high debtor days. 3d; 4-period range 1d to 2d. Debtor days: 3.2 days, unprecedented high; 4-period mean 1.1 days, range 0.7 days-2.5 days.2Outside range low debtor days. 2d; 3-period range 3d to 3d. Debtor days: 1.8 days, below normal range; 3-period mean 2.7 days, range 2.6 days-2.8 days.1Outside range low debtor days. 1d; 4-period range 1d to 3d. Debtor days: 0.7 days, below normal range; 4-period mean 1.8 days, range 0.7 days-3.2 days.1323Outside range high debtor days. 3d; 3-period range 2d to 3d. Debtor days: 2.8 days, above normal range; 3-period mean 2.3 days, range 1.8 days-2.6 days.
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  • FY24 Debtor days: Outside range low debtor days. 1d; 4-period range 1d to 3d. Debtor days: 0.7 days, below normal range; 4-period mean 1.8 days, range 0.7 days-3.2 days.
  • HY24 Debtor days: Outside range low debtor days. 2d; 3-period range 3d to 3d. Debtor days: 1.8 days, below normal range; 3-period mean 2.7 days, range 2.6 days-2.8 days.
  • FY25 Debtor days: Unprecedented high debtor days. 3d; 4-period range 1d to 2d. Debtor days: 3.2 days, unprecedented high; 4-period mean 1.1 days, range 0.7 days-2.5 days.
Inventory days42524652485556Outside range high inventory days. 56d; 3-period range 51d to 52d. Inventory days: 55.9 days, above normal range; 3-period mean 51.8 days, range 51.3 days-52.0 days.5951Outside range low inventory days. 51d; 3-period range 52d to 56d. Inventory days: 51.3 days, below normal range; 3-period mean 53.3 days, range 52.0 days-55.9 days.
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Total assets$697.1m$671.5m$692.5m$680.2m$721.2m$717.4m$661.5m$688.5m$653.6m
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Reference: annolyse.ai/companies/bgp

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • HY22 BGP HY: Outside range high revenue growth. 22.6%; 3-period range 0% to 2.7%. Revenue growth: 22.6%, above normal range; 3-period mean 1.3%, range 0.0%-2.7%.
  • HY26 BGP HY: Outside range low revenue growth. 0%; 3-period range 1.1% to 22.6%. Revenue growth: 0.0%, below normal range; 3-period mean 8.8%, range 1.1%-22.6%.
  • FY22 BGP FY: Outside range high revenue growth. 6.1%; 4-period range -0.1% to 5.6%. Revenue growth: 6.1%, above normal range; 4-period mean 1.8%, range -0.1%-5.6%.
  • FY25 BGP FY: Outside range low revenue growth. -0.1%; 4-period range 0.8% to 6.1%. Revenue growth: -0.1%, below normal range; 4-period mean 3.3%, range 0.8%-6.1%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • HY22 BGP HY: Outside range high roe. 36.2%; 3-period range 11.1% to 19.8%. ROE: 36.2%, above normal range; 3-period mean 15.4%, range 11.1%-19.8%.
  • HY24 BGP HY: Outside range low roe. 11.1%; 3-period range 15.3% to 36.2%. ROE: 11.1%, below normal range; 3-period mean 23.8%, range 15.3%-36.2%.
  • FY22 BGP FY: Outside range high roe. 29.4%; 3-period range 19.7% to 28.7%. ROE: 29.4%, above normal range; 3-period mean 25.0%, range 19.7%-28.7%.
  • FY25 BGP FY: Outside range low roe. 19.7%; 3-period range 26.7% to 29.4%. ROE: 19.7%, below normal range; 3-period mean 28.3%, range 26.7%-29.4%.

Net debt

Borrowings less cash; negative values indicate net cash.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY23 BGP FY: Unprecedented low payout ratio versus npat. 40.3%; 4-period range 68.4% to 76.7%. Payout ratio versus NPAT: 40.3%, unprecedented low; 4-period mean 73.5%, range 68.4%-76.7%.
  • FY24 BGP FY: Outside range high payout ratio versus npat. 76.7%; 4-period range 40.3% to 75.2%. Payout ratio versus NPAT: 76.7%, above normal range; 4-period mean 64.4%, range 40.3%-75.2%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • HY22 BGP HY: Outside range high debtor days. 3d; 3-period range 2d to 3d. Debtor days: 2.8 days, above normal range; 3-period mean 2.3 days, range 1.8 days-2.6 days.
  • HY24 BGP HY: Outside range low debtor days. 2d; 3-period range 3d to 3d. Debtor days: 1.8 days, below normal range; 3-period mean 2.7 days, range 2.6 days-2.8 days.
  • FY24 BGP FY: Outside range low debtor days. 1d; 4-period range 1d to 3d. Debtor days: 0.7 days, below normal range; 4-period mean 1.8 days, range 0.7 days-3.2 days.
  • FY25 BGP FY: Unprecedented high debtor days. 3d; 4-period range 1d to 2d. Debtor days: 3.2 days, unprecedented high; 4-period mean 1.1 days, range 0.7 days-2.5 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • HY22 BGP HY: Outside range low inventory days. 51d; 3-period range 52d to 56d. Inventory days: 51.3 days, below normal range; 3-period mean 53.3 days, range 52.0 days-55.9 days.
  • HY23 BGP HY: Outside range high inventory days. 56d; 3-period range 51d to 52d. Inventory days: 55.9 days, above normal range; 3-period mean 51.8 days, range 51.3 days-52.0 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From Margins compressed to historical floor while dividend exceeds free cash flow

No FY26 target or earnings shape guidance was disclosed. Annolyse's seasonality reference from FY25 shows HY contributes 46.9% of full-year revenue and 48.3% of NPAT, implying a slightly second-half-weighted profile. Annualised on the current run-rate, revenue would land near $742.5m against FY25's $791.5m — a meaningfully softer trajectory.

What this release does not support is any inference that margin compression is transitory. Management commentary points to an improving sales trend (Q2 +2.07% versus Q1 -2.58%) and online sales growth of +2.92%, but provides no quantitative outlook on margin recovery. The gap matters because typical second-half strength is required merely to hold the historical full-year shape, not to recover the margin loss flagged here.

Open questions

Open questions from HY26

  • What is driving PBT margin compression to the historical floor — gross margin, operating cost, or product mix?
  • Why did ROE reach an unprecedented 19.8% while NPAT margin fell to its historical low, and what is the intended equity base going forward?
  • Is the 10cps interim dividend sustainable when pre-lease FCF covers less than half of it, and at what point does the $119.8m cash balance become a constraint?
  • How does the segment-level performance in homeware and sporting goods reconcile with the group-level margin compression flagged here?
  • What sales trajectory does management need in the second half to avoid extending the margin contraction into FY26?

This briefing cannot assess management's qualitative outlook on cost trends or competitive intensity beyond what the disclosed sales-trend metrics imply.

Archive

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 11 March 2026

PBT fell 12.8% on 114bp gross margin squeeze; tax rate masked NPAT

Record sales hide a 114bp gross margin contraction, with the effective tax rate dropping from 36.2% to 28.6% to keep NPAT only 2.3% lower.

Read briefing

HY26 · Released 10 September 2025

Margins compressed to historical floor while dividend exceeds free cash flow

PBT margin at 11.0% sits at the bottom of the four-year range and the interim dividend consumes 227.8% of $9.8m pre-lease free cash flow.

Read briefing

FY25 · Released 12 March 2025

Gross margin fell 203bps, driving PBT down 18.9% on flat revenue

A higher effective tax rate widened NPAT's decline to 28.0%, capex stepped up nearly fourfold, and the final dividend was reduced to 10.0 cps

Read briefing

HY24 · Released 11 September 2024

Gross margin compressed 264bps and pre-lease FCF fell to $3.0m

Operating profit declined 13.6% as capex jumped 4.5x to $35.0m and a 41.3% effective tax rate widened the NPAT decline.

Read briefing

FY24 · Released 13 March 2024

Gross margin compressed 162bps, cutting NPAT 4.8% on flat revenue

Operating profit fell 6.8% as gross margin moved to 42.4%, while operating cash flow fell 14.6% despite an 11% inventory drawdown.

Read briefing

FY23 · Released 15 March 2023

FCF jumped to a record NZ$129.1m while NPAT held flat at +0.6%

Revenue grew 5.6% but a 174 bps gross-margin contraction kept earnings flat, even as inventory release and lower capex lifted cash conversion

Read briefing

HY23 · Released 14 September 2022

Inventory build absorbed NZ$11.9m as PBT slipped 4.1%

Reported pre-lease FCF hit an unprecedented NZ$39.4m, but a 34.3% capex cut and a record 55.9 inventory days complicate the read.

Read briefing

FY22 · Released 16 March 2022

PBT up 20.7% on margin expansion, but inventory build cut cash flow

A 200bp gross margin lift carried earnings well ahead of revenue, while a 30.7% inventory build pulled operating cash flow down 9.4%.

Read briefing

HY22 · Released 14 September 2021

NPAT jumped 69.6% on a 22.6% rebound, but $17.4m WC build cut OCF 6.9%

Operating cash flow fell despite earnings nearly doubling, as a NZ$17.4m working-capital absorption dwarfed the NZ$3.5m historical average.

Read briefing

Related insights

Compare this company

The latest BGP metrics also appear in these cross-company views.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 10.5pp, with a distortion flag in the result.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 75.2%.

Open insight

Insight

Revenue growth context

Revenue growth was 0.9% for this reporting period.

Open insight

Insight

Working-capital pressure

Inventory days were 42 days, -4 days versus the prior comparable period.

Open insight

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