CMO · NZX

The Colonial Motor Company (CMO)

Consumer / Automotive retailCovered: FY21 - HY2610 published briefings

The Colonial Motor Company is an NZX-listed consumer / automotive retail company with FY21 - HY26 of published result briefings.

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Snapshot

Latest metrics

HY26, released 26 February 2026

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CMO latest metrics
Metric	Value	Change
Revenue	$552.4m	↑ +8.8%
Operating profit	$15.3m	—
NPAT	$10.7m	↑ +55.1%
Operating cash flow	$42.9m	↑ +118.9%
OCF / Operating profit %	280.5%	—
Net debt	$36.4m	↓ -76.4%
Net debt / Operating profit	2.38x	—
ROE %	3.4%	↑ +1.1pp
DPS	15.0c	— Flat
Payout ratio vs NPAT %	45.7%	↓ -25.1pp

Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 19 February 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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CMO metric history
Metric	HY266 MONTHS26 February 2026	FY2512 MONTHS21 August 2025	HY256 MONTHS19 February 2025	FY2412 MONTHS20 August 2024	HY246 MONTHS21 February 2024	FY2312 MONTHS22 August 2023	HY236 MONTHS22 February 2023	FY2212 MONTHS17 August 2022	HY226 MONTHS17 February 2022	FY2112 MONTHS13 August 2021	Trend
Revenue	$552.4m	$1b	$507.9m	$1b	$494.9m	$997.2m	$500.9m	$1b	$535.7m	$898.5m	Chart
Revenue growth %	8.8%	-1.1%Outside range low revenue growth. -1.1%; 4-period range -0.6% to 11.3%. Revenue growth: -1.1%, below normal range; 4-period mean 3.1%, range -0.6%-11.3%.	2.6%	1.6%	-1.2%	-0.6%	-6.5%Outside range low revenue growth. -6.5%; 4-period range -1.2% to 22.4%. Revenue growth: -6.5%, below normal range; 4-period mean 8.2%, range -1.2%-22.4%.	11.3%Unprecedented high revenue growth. 11.3%; 4-period range -1.1% to 1.6%. Revenue growth: 11.3%, unprecedented high; 4-period mean 0.0%, range -1.1%-1.6%.	22.4%Unprecedented high revenue growth. 22.4%; 4-period range -6.5% to 8.8%. Revenue growth: 22.4%, unprecedented high; 4-period mean 0.9%, range -6.5%-8.8%.	0.0%	Chart FY25 Revenue growth %: Outside range low revenue growth. -1.1%; 4-period range -0.6% to 11.3%. Revenue growth: -1.1%, below normal range; 4-period mean 3.1%, range -0.6%-11.3%.
Operating profit	$15.3m	—	—	$27.7m	—	—	$20.9m	—	$32.7m	—	Chart
Operating profit margin %	2.8%	—	—	2.7%	—	—	4.2%	—	6.1%	—	Chart
PBT	$15.3m	$27.8m	$11.3m	$27.7m	$13.9m	$45.1m	$20.9m	$49.4m	$26.5m	$37.4m	Chart
PBT growth %	35.4%	—	-18.7%	-38.6%Unprecedented low pbt growth. -38.6%; 4-period range -8.7% to 21.4%. PBT growth: -38.6%, unprecedented low; 4-period mean 3.2%, range -8.7%-21.4%.	-33.5%Outside range low pbt growth. -33.5%; 4-period range -21.1% to 45.6%. PBT growth: -33.5%, below normal range; 4-period mean 10.3%, range -21.1%-45.6%.	-8.7%	-21.1%	21.4%Unprecedented high pbt growth. 21.4%; 4-period range -38.6% to 0%. PBT growth: 21.4%, unprecedented high; 4-period mean -11.8%, range -38.6%-0.0%.	45.6%Unprecedented high pbt growth. 45.6%; 4-period range -33.5% to 35.4%. PBT growth: 45.6%, unprecedented high; 4-period mean -9.5%, range -33.5%-35.4%.	0.0%	Chart HY24 PBT growth %: Outside range low pbt growth. -33.5%; 4-period range -21.1% to 45.6%. PBT growth: -33.5%, below normal range; 4-period mean 10.3%, range -21.1%-45.6%. FY24 PBT growth %: Unprecedented low pbt growth. -38.6%; 4-period range -8.7% to 21.4%. PBT growth: -38.6%, unprecedented low; 4-period mean 3.2%, range -8.7%-21.4%.
NPAT	$10.7m	$18.3m	$6.9m	$4.5m	$9.3m	$27.8m	$14.3m	$33.2m	$18.1m	$24.8m	Chart
NPAT growth %	55.1%Unprecedented high npat growth. 55.1%; 4-period range -35% to 41.4%. NPAT growth: 55.1%, unprecedented high; 4-period mean -10.1%, range -35.0%-41.4%.	306.7%Unprecedented high npat growth. 306.7%; 4-period range -83.8% to 33.9%. NPAT growth: 306.7%, unprecedented high; 4-period mean -16.5%, range -83.8%-33.9%.	-25.8%	-83.8%Outside range low npat growth. -83.8%; 4-period range -16.3% to 306.7%. NPAT growth: -83.8%, below normal range; 4-period mean 81.1%, range -16.3%-306.7%.	-35.0%Outside range low npat growth. -35%; 4-period range -25.8% to 55.1%. NPAT growth: -35.0%, below normal range; 4-period mean 12.4%, range -25.8%-55.1%.	-16.3%	-21.0%	33.9%	41.4%	0.0%	Chart HY24 NPAT growth %: Outside range low npat growth. -35%; 4-period range -25.8% to 55.1%. NPAT growth: -35.0%, below normal range; 4-period mean 12.4%, range -25.8%-55.1%. FY24 NPAT growth %: Outside range low npat growth. -83.8%; 4-period range -16.3% to 306.7%. NPAT growth: -83.8%, below normal range; 4-period mean 81.1%, range -16.3%-306.7%. FY25 NPAT growth %: Unprecedented high npat growth. 306.7%; 4-period range -83.8% to 33.9%. NPAT growth: 306.7%, unprecedented high; 4-period mean -16.5%, range -83.8%-33.9%. HY26 NPAT growth %: Unprecedented high npat growth. 55.1%; 4-period range -35% to 41.4%. NPAT growth: 55.1%, unprecedented high; 4-period mean -10.1%, range -35.0%-41.4%.
Operating cash flow	$42.9m	$45.3m	$19.6m	-$41m	-$48.4m	-$10.2m	-$50.7m	$67.3m	-$1.5m	$24m	Chart
OCF / Operating profit %	280.5%	—	—	-148.1%	—	—	-242.4%	—	-4.5%	—	Chart
FCF pre-lease	—	—	—	—	—	—	—	—	—	$4.6m	—
DPS	15.0c	20.0c	15.0c	20.0c	15.0c	42.0c	15.0c	47.0c	15.0c	55.0c	Chart
Payout ratio vs NPAT %	45.7%	—	70.8%Unprecedented high payout ratio versus npat. 70.8%; 4-period range 27.1% to 53%. Payout ratio versus NPAT: 70.8%, unprecedented high; 4-period mean 40.0%, range 27.1%-53.0%.	251.8%Outside range high payout ratio versus npat. 251.8%; 3-period range 61.1% to 72.4%. Payout ratio versus NPAT: 251.8%, above normal range; 3-period mean 66.8%, range 61.1%-72.4%.	53.0%	66.9%	34.3%	61.1%Outside range low payout ratio versus npat. 61.1%; 3-period range 66.9% to 251.8%. Payout ratio versus NPAT: 61.1%, below normal range; 3-period mean 130.4%, range 66.9%-251.8%.	27.1%Outside range low payout ratio versus npat. 27.1%; 4-period range 34.3% to 70.8%. Payout ratio versus NPAT: 27.1%, below normal range; 4-period mean 51.0%, range 34.3%-70.8%.	72.4%	Chart FY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 251.8%; 3-period range 61.1% to 72.4%. Payout ratio versus NPAT: 251.8%, above normal range; 3-period mean 66.8%, range 61.1%-72.4%. HY25 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 70.8%; 4-period range 27.1% to 53%. Payout ratio versus NPAT: 70.8%, unprecedented high; 4-period mean 40.0%, range 27.1%-53.0%.
Annual payout ratio vs EPS %	—	—	—	251.8%	—	66.9%	—	61.1%	—	72.4%	Chart
ROE %	3.4%	6.0%	2.3%	1.5%Unprecedented low roe. 1.5%; 4-period range 6% to 10.8%. ROE: 1.5%, unprecedented low; 4-period mean 8.7%, range 6.0%-10.8%.	3.0%	8.8%	4.7%	10.8%Outside range high roe. 10.8%; 4-period range 1.5% to 9.3%. ROE: 10.8%, above normal range; 4-period mean 6.4%, range 1.5%-9.3%.	13.4%	9.3%	Chart FY24 ROE %: Unprecedented low roe. 1.5%; 4-period range 6% to 10.8%. ROE: 1.5%, unprecedented low; 4-period mean 8.7%, range 6.0%-10.8%.
Net debt	$36.4m	$151.3m	$153.8m	$171.2m	—	$91.1m	$109.9m	—	$75.8m	$88.4m	Chart
Net debt / Operating profit	2.38x	—	—	6.19x	—	—	5.26x	—	2.32x	—	Chart
Debtor days	—	—	—	—	—	—	—	—	—	17	—
Inventory days	146	88	90	90	199	75	144	50	70	66	Chart
Total assets	$570.2m	$586.5m	$596.6m	$598.5m	$625.5m	$548.4m	$527.1m	$458.2m	$462.6m	$447.7m	Chart

Reference: annolyse.ai/companies/cmo

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.

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

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

From Headline NPAT tripled on base effect; underlying earnings flat as revenue

No formal FY25 targets were supplied. The HY25 release indicated the second half was "shaping to contribute to a more positive outcome for the full year trading profit after tax" than the first, and that direction was delivered: HY25 NPAT of NZ$6.9m represented only 37.7% of the full-year NZ$18.3m, implying a NZ$11.4m second-half result. The shape is therefore second-half weighted.

What the release does not support is a clean read on demand recovery. With revenue below normal range and PBT margin at the lower edge of the historical band, the more important forward question is whether 2H momentum carries into FY26 or whether it reflects timing of vehicle deliveries and floorplan dynamics rather than a turn in dealership economics.

Open questions

Open questions from FY25

What drove the roughly NZ$13m gap between FY24 profit from ordinary activities and reported NPAT — was it a discontinued operation, impairment, or tax distortion, and is any residual exposure carried into FY25?
Why did revenue contract 1.1% when only one of the prior four years was negative, and which franchise or product mix segments led the decline?
Is the 31.5% effective tax rate the new run-rate, given the historical mean is 39.6% and the range stretches to 74.7%?
How much of the NZ$8.0m inventory reduction reflects deliberate stocking discipline versus weaker dealer sell-through?
What is the FY26 outlook for PBT margin given it is sitting at the lower edge of the four-year historical range?

This briefing cannot assess franchise-level revenue mix, dealership margin contribution, or property revaluation effects from the materials supplied.

Briefing archive

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

HY26 · Released 26 February 2026

PBT up 35.4% with operating cash doubled to $42.9m on inventory release

A tax tailwind lifts headline NPAT to +55.1%, but a $29.6m inventory drawdown is doing much of the cash work.

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FY25 · Released 21 August 2025

Headline NPAT tripled on base effect; underlying earnings flat as revenue

The 306.7% NPAT rebound reflects the absence of a prior-year below-the-line loss while profit from ordinary activities was unchanged.

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HY25 · Released 19 February 2025

PBT down 18.7% as margin slipped below historical range

Revenue grew 2.6% but PBT margin fell to 2.2%, with gross borrowings up 40.6% and the dividend payout reaching an unprecedented 70.8%.

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FY24 · Released 20 August 2024

Operating cash outflow hit -$41.0m as inventory pushed debt up 81.0%

Revenue rose 1.6% to $1,012.9m but a $44.2m inventory build lifted net debt to $171.2m and left dividends at 251.8% of a depressed NPAT.

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HY24 · Released 21 February 2024

PBT fell 33.5% on a 1.2% revenue dip as inventory ballooned 36.8%

Demand deferral and inventory carrying costs in a high-rate environment compressed margins while total assets swelled to NZ$625.5m.

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FY23 · Released 22 August 2023

Inventory build flipped operating cash flow to -$10.2m at CMO

Revenue slipped 0.6% but a $69.0m inventory build swung operating cash to -$10.2m and pushed gross borrowings up 60.4%.

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HY23 · Released 22 February 2023

NPAT down 21.0% but a NZ$49.2m operating cash swing is the bigger issue

Margins held at the upper edge of their historical range, yet a NZ$27.8m inventory build pushed operating cash outflow to NZ$50.7m and lifted

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FY22 · Released 17 August 2022

FY22 NPAT up 33.9% but a 133% cash surge was inventory-led

Operating cash flow jumped to $67.3m as inventories unwound by $26.4m, masking a softer second-half earnings profile.

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HY22 · Released 17 February 2022

PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory build

Unprecedented revenue and margin strength was offset by working-capital absorption that pushed operating cash flow to -NZ$1.5m.

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FY21 · Released 13 August 2021

Dividend 392% of pre-lease FCF as borrowings climb to NZ$103.2m

FY21 full-year dividend of 55cps sat at 72.4% of NPAT but 392.0% of pre-lease FCF as gross borrowings rose 45.6% to NZ$103.2m.

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The Colonial Motor Company (CMO)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT up 35.4% with operating cash doubled to $42.9m on inventory release

Headline NPAT tripled on base effect; underlying earnings flat as revenue

PBT down 18.7% as margin slipped below historical range

Operating cash outflow hit -$41.0m as inventory pushed debt up 81.0%

PBT fell 33.5% on a 1.2% revenue dip as inventory ballooned 36.8%

Inventory build flipped operating cash flow to -$10.2m at CMO

NPAT down 21.0% but a NZ$49.2m operating cash swing is the bigger issue

FY22 NPAT up 33.9% but a 133% cash surge was inventory-led

PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory build

Dividend 392% of pre-lease FCF as borrowings climb to NZ$103.2m

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The Colonial Motor Company (CMO)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT up 35.4% with operating cash doubled to $42.9m on inventory release

Headline NPAT tripled on base effect; underlying earnings flat as revenue

PBT down 18.7% as margin slipped below historical range

Operating cash outflow hit -$41.0m as inventory pushed debt up 81.0%

PBT fell 33.5% on a 1.2% revenue dip as inventory ballooned 36.8%

Inventory build flipped operating cash flow to -$10.2m at CMO

NPAT down 21.0% but a NZ$49.2m operating cash swing is the bigger issue

FY22 NPAT up 33.9% but a 133% cash surge was inventory-led

PBT up 45.6% but operating cash flow swung negative on NZ$39.7m inventory build

Dividend 392% of pre-lease FCF as borrowings climb to NZ$103.2m

Compare this company

Get notified when CMO publishes