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MCK · NZX

Millennium & Copthorne Hotels New Zealand (MCK)

Consumer / Hotels and tourism•Covered: FY20 - FY25•9 published briefings

Millennium & Copthorne Hotels New Zealand is an NZX-listed consumer / hotels and tourism company with FY20 - FY25 of published result briefings.

Latest briefing

FY25 · Released 24 February 2026

PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.

Market data

Latest available
Price
NZD 3.41
Mkt cap
$359.7m
Yield
0.9%

Quote as of 05-06-2026 10:00am NZT

Sections⌄
  1. Snapshot
  2. Chat
  3. Longitudinal View
  4. Follow-through
  5. Archive
  6. Related Insights
  1. Snapshot
  2. Chat
  3. Longitudinal View
  4. Follow-through
  5. Archive
  6. Related Insights

Snapshot

Latest metrics

FY25, released 24 February 2026

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MCK latest metrics
MetricValueChange
Revenue$186.7m↑ +6.0%
Operating profit$30.6m↓ -40.1%
NPAT$20.2m↑ +621.4%
Operating cash flow$25.7m↑ +88.2%
OCF / Operating profit %84.0%↑ +57.2pp
Net debt-$0.36m↑ +99.0%
Net debt / Operating profit-0.01x↑ +98.6%
ROE %3.0%↑ +2.6pp
DPS3.0c↓ -99.1%
Payout ratio vs NPAT %23.5%—

Source: latest published briefing (FY25, released 24 February 2026). Change compares against the prior equivalent period: FY24, released 24 February 2025.

Chat

Ask about MCK

Ask follow-up questions about Millennium & Copthorne Hotels New Zealand's latest result and company history.

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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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MCK metric history
MetricFY2512 MONTHS24 February 2026HY256 MONTHS12 August 2025FY2412 MONTHS24 February 2025HY246 MONTHS7 August 2024HY236 MONTHS8 August 2023HY226 MONTHS10 August 2022FY2112 MONTHS18 February 2022HY216 MONTHS2 August 2021FY2012 MONTHS17 February 2021Trend
Revenue$186.7m$79.3m$176.2m$85.3m$60m$83.7m$164.8m$98.4m$172m
Chart
Revenue growth %6.0%-7.1%6.9%Outside range highOutside range high revenue growth. 6.9%; 3-period range -25.1% to 6%. Revenue growth: 6.9%, above normal range; 3-period mean -7.8%, range -25.1%-6.0%.42.1%Unprecedented highUnprecedented high revenue growth. 42.1%; 4-period range -28.2% to 16.1%. Revenue growth: 42.1%, unprecedented high; 4-period mean -8.5%, range -28.2%-16.1%.-28.2%Outside range lowOutside range low revenue growth. -28.2%; 4-period range -15% to 42.1%. Revenue growth: -28.2%, below normal range; 4-period mean 9.0%, range -14.9%-42.1%.-14.9%-4.2%16.1%-25.1%Outside range lowOutside range low revenue growth. -25.1%; 3-period range -4.2% to 6.9%. Revenue growth: -25.1%, below normal range; 3-period mean 2.9%, range -4.2%-6.9%.
Chart
  • HY23 Revenue growth %: Outside range low revenue growth. -28.2%; 4-period range -15% to 42.1%. Revenue growth: -28.2%, below normal range; 4-period mean 9.0%, range -14.9%-42.1%.
  • HY24 Revenue growth %: Unprecedented high revenue growth. 42.1%; 4-period range -28.2% to 16.1%. Revenue growth: 42.1%, unprecedented high; 4-period mean -8.5%, range -28.2%-16.1%.
  • FY24 Revenue growth %: Outside range high revenue growth. 6.9%; 3-period range -25.1% to 6%. Revenue growth: 6.9%, above normal range; 3-period mean -7.8%, range -25.1%-6.0%.
Operating profit$30.6m$17m$51.1m$24.1m$13.1m$32.2m$72.8m$41.2m$60.4m
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Operating profit margin %16.4%21.4%29.0%28.3%21.8%38.5%44.2%41.9%35.1%
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PBT$33m$11.3m$47.1m$21.5m$11.5m$32.1m$64.6m$41.4m$50.9m
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PBT growth %-29.9%-47.4%-27.1%87.0%Unprecedented highUnprecedented high pbt growth. 87%; 4-period range -64.2% to 57.4%. PBT growth: 87.0%, unprecedented high; 4-period mean -19.2%, range -64.2%-57.4%.-64.2%Outside range lowOutside range low pbt growth. -64.2%; 4-period range -47.4% to 87%. PBT growth: -64.2%, below normal range; 4-period mean 18.6%, range -47.4%-87.0%.-22.5%26.9%Outside range highOutside range high pbt growth. 26.9%; 3-period range -40.4% to -27.1%. PBT growth: 26.9%, above normal range; 3-period mean -32.5%, range -40.4%--27.1%.57.4%-40.4%Outside range lowOutside range low pbt growth. -40.4%; 3-period range -29.9% to 26.9%. PBT growth: -40.4%, below normal range; 3-period mean -10.0%, range -29.9%-26.9%.
Chart
  • HY23 PBT growth %: Outside range low pbt growth. -64.2%; 4-period range -47.4% to 87%. PBT growth: -64.2%, below normal range; 4-period mean 18.6%, range -47.4%-87.0%.
  • HY24 PBT growth %: Unprecedented high pbt growth. 87%; 4-period range -64.2% to 57.4%. PBT growth: 87.0%, unprecedented high; 4-period mean -19.2%, range -64.2%-57.4%.
NPAT$20.2m$6.7m$2.8m-$11.7m$6.2m$15.4m$40m$25.3m$46m
Chart
NPAT growth %621.4%—-93.0%—-59.7%-39.1%-13.0%-25.8%-7.4%
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Operating cash flow$25.7m$4.3m$13.7m$15.3m$4.2m$24.4m$29m$55.1m$86.1m
Chart
OCF / Operating profit %84.0%25.6%26.8%63.3%32.5%75.8%39.9%133.6%142.5%
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FCF pre-lease-$26.5m-$39.6m-$14.8m$7.6m-$1.1m$20.8m$25m$53.9m$80.1m
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DPS3.0c—346.0c——300.0c3.5c400.0c0.0c
Chart
Payout ratio vs NPAT %23.5%—————13.8%——
Chart
Annual payout ratio vs EPS %23.5%————————
—
ROE %3.0%1.0%0.4%Outside range lowOutside range low roe. 0.4%; 3-period range 3% to 6.5%. ROE: 0.4%, below normal range; 3-period mean 5.0%, range 3.0%-6.5%.-1.8%Unprecedented lowUnprecedented low roe. -1.8%; 4-period range 1% to 3%. ROE: -1.8%, unprecedented low; 4-period mean 1.8%, range 1.0%-3.0%.1.0%2.4%6.5%Outside range highOutside range high roe. 6.5%; 3-period range 0.4% to 5.5%. ROE: 6.5%, above normal range; 3-period mean 2.9%, range 0.4%-5.5%.3.0%Outside range highOutside range high roe. 3%; 4-period range -1.8% to 2.4%. ROE: 3.0%, above normal range; 4-period mean 0.6%, range -1.8%-2.4%.5.5%
Chart
  • HY24 ROE %: Unprecedented low roe. -1.8%; 4-period range 1% to 3%. ROE: -1.8%, unprecedented low; 4-period mean 1.8%, range 1.0%-3.0%.
  • FY24 ROE %: Outside range low roe. 0.4%; 3-period range 3% to 6.5%. ROE: 0.4%, below normal range; 3-period mean 5.0%, range 3.0%-6.5%.
Net debt-$0.36m$13.9m-$36.7m-$35.4m—-$23m-$57.1m-$91.4m$17.2m
Chart
Net debt / Operating profit-0.01x0.82x-0.72x-1.47x—-0.71x-0.79x-2.22x0.29x
Chart
Debtor days20Outside range highOutside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days.29203368Unprecedented highUnprecedented high debtor days. 68d; 4-period range 0d to 33d. Debtor days: 68.2 days, unprecedented high; 4-period mean 15.5 days, range 0.0 days-32.9 days.0Outside range lowOutside range low debtor days. 0d; 4-period range 0d to 68d. Debtor days: 0.0 days, below normal range; 4-period mean 32.5 days, range 0.0 days-68.2 days.16015Outside range lowOutside range low debtor days. 15d; 3-period range 16d to 20d. Debtor days: 15.4 days, below normal range; 3-period mean 18.6 days, range 16.1 days-20.0 days.
Chart
  • HY23 Debtor days: Unprecedented high debtor days. 68d; 4-period range 0d to 33d. Debtor days: 68.2 days, unprecedented high; 4-period mean 15.5 days, range 0.0 days-32.9 days.
  • FY25 Debtor days: Outside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days.
Inventory days2Outside range lowOutside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days.44Outside range highOutside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days.44Outside range highOutside range high inventory days. 4d; 4-period range 2d to 4d. Inventory days: 4.2 days, above normal range; 4-period mean 3.0 days, range 2.2 days-3.7 days.332Unprecedented lowUnprecedented low inventory days. 2d; 4-period range 3d to 4d. Inventory days: 2.2 days, unprecedented low; 4-period mean 3.5 days, range 2.7 days-4.2 days.3
Chart
  • HY23 Inventory days: Outside range high inventory days. 4d; 4-period range 2d to 4d. Inventory days: 4.2 days, above normal range; 4-period mean 3.0 days, range 2.2 days-3.7 days.
  • FY24 Inventory days: Outside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days.
  • FY25 Inventory days: Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days.
Total assets$800.5m$787.3m$762.3m$738.5m$713.1m$700m$680.8m$984.3m$987.9m
Chart

Reference: annolyse.ai/companies/mck

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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Loading chart...
  • FY21 MCK: Outside range high operating working-capital movement. $-0.1m; 3-period range $-5.3m to $-0.2m. Operating working-capital movement: NZ$-0.1m, above normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-3.4m.
  • HY22 MCK: Unprecedented low operating working-capital movement. $-1,356.8m; 4-period range $-6.8m to $22.7m. Operating working-capital movement: NZ$-1356.8m, unprecedented low; 1/4 prior periods had builds averaging NZ$22.7m, and 3 had releases averaging NZ$-3.3m.
  • HY23 MCK: Outside range high operating working-capital movement. $22.7m; 4-period range $-1,356.8m to $-0.1m. Operating working-capital movement: NZ$22.7m, above normal range; 0/4 prior periods had builds, and 4 had releases averaging NZ$-341.6m.
  • FY24 MCK: Outside range low operating working-capital movement. $-5.3m; 3-period range $-4.8m to $-0.1m. Operating working-capital movement: NZ$-5.3m, below normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-1.7m.

The setup & the reality

HY25 → FY25 Follow-through

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

Current result now available

FY25 · Released 24 February 2026

PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.

Read latest briefing→

Historical setup

What HY25 said to watch

From Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m

No forward targets or guidance were disclosed in the release. The supplied second-half shape context is distorted: HY24 NPAT was a NZ$11.7m loss against an FY24 result of NZ$2.8m, implying NZ$14.5m of H2 NPAT, but that pattern reflected the unusual deferred tax adjustment rather than a clean seasonal shape.

Management commentary points to "further gains" when domestic and corporate travel recover and continued cooldown in property sales, but does not quantify either. With capex still in flight and property revenue at NZ$1.4m versus NZ$12.8m, a second-half rebuild depends on Hotels carrying the group while refurbishment activity continues to absorb cash.

Open questions

Open questions from HY25

  • What is the expected capex profile for H2 and FY26, and at what point does refurbishment spend revert to maintenance levels?
  • How does management expect the new NZ$30.0m borrowing facility to be repaid, and what is the available headroom?
  • What revenue and margin uplift is targeted from the refurbished room inventory, and over what timeframe?
  • Is the property sales weakness viewed as cyclical or structural, and what is the remaining inventory pipeline?
  • Why was no interim dividend declared, and does the board's policy change while leverage is rebuilding?

This briefing cannot assess the expected return on the refurbishment capex or management's internal hurdle rates, as no project-level economics or stabilised yield targets were disclosed.

Archive

Briefing archive

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

FY25 · Released 24 February 2026

PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.

Read briefing→

HY25 · Released 12 August 2025

Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m

Hotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.

Read briefing→

FY24 · Released 24 February 2025

PBT down 27.1% as property cooldown overwhelms hotel revenue surge

Hotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.

Read briefing→

HY24 · Released 7 August 2024

PBT jumped 87% but NPAT swung to a $11.7m loss on tax distortion

A 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.

Read briefing→

HY23 · Released 8 August 2023

NZ$22.7m unprecedented working-capital build absorbed nearly all cash flow

Hotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.

Read briefing→

HY22 · Released 10 August 2022

Land sales drove 99% of PBT as hotels lost NZ$3.9m and NPAT fell 39.1%

Revenue fell 14.9% and operating cash halved, with hotel reopening yet to translate into segment profitability.

Read briefing→

FY21 · Released 18 February 2022

PBT up 26.9% but operating cash flow fell 66.3%

A one-off land sale gain lifted hotel PBT and the dividend resumed, but cash conversion fell from 142.5% to 39.9% of EBITDA.

Read briefing→

HY21 · Released 2 August 2021

PBT up 57.4% on CDL and property sales while hotels yielded $33k

Pre-lease FCF hit an unprecedented $53.9m and net debt swung to net cash, but hotel operations remain near zero and reported NPAT fell 25.8%.

Read briefing→

FY20 · Released 17 February 2021

Hotel PBT collapsed 94% as CDL and a 10.6% tax rate held group NPAT at -7.4%

Revenue fell 25.1% and PBT fell 40.4%, but reported NPAT looks resilient because non-hotel segments and an unusually low tax rate carried the result.

Read briefing→

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

This result includes a statutory earnings-quality distortion flag.

Open insight→

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 23.5%.

Open insight→

Insight

Revenue growth context

Revenue growth was 6.0% for this reporting period.

Open insight→

Insight

ROE and capital efficiency

ROE was 3.0%, +2.5pp versus the prior comparable period.

Open insight→

Get notified when MCK publishes

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