Delegat Group

No quantitative guidance, forward-work backlog, or stated target was disclosed in the supplied excerpt, so the result can only be judged against the FY24 shape. Against that shape, HY24 already represented ~34.5% of FY24 revenue and ~450% of FY24 NPAT (implying a negative second half of approximately –NZ$26.0m in FY24). Annualising HY25 revenue gives NZ$357.3m, ~39% below the FY24 base of NZ$588.9m, so the current run rate does not support a return to the FY24 top line absent a meaningfully larger 2H. There is no basis in the release to judge whether the 2H mix will repeat the FY24 loss or recover.

• What drove the sharp margin compression in the Delegat Limited segment — price, cost of goods, inventory write-downs, or mix — is not disclosed in the supplied excerpt.
• Whether the FY25 second half will repeat the FY24 loss-making shape, and whether inventory at NZ$137.7m is being carried at realisable value, is not addressed.
• Quantified FX sensitivity is not disclosed, despite material US, European and Australian exposure and an FX effect on cash in the period.
• Trade payables were not provided, so the full working-capital bridge and the sustainability of the cash release cannot be fully verified.
• The interim dividend of 5.39 cps is disclosed, but no prior-period comparator or full-period dividend total is supplied, so payout trend and cash coverage cannot be assessed.

This briefing cannot assess whether management has issued or reaffirmed any internal FY25 profit or volume guidance, as none was provided in the supplied materials.