Prior Expectations
HY24
From EBITDA down 43.9% but pre-lease FCF held as capex fell from NZ$13.0m to NZ$1.4m
No formal FY24 revenue or EBITDA target was supplied. Against the FY23 shape — where HY23 was 48.8% of full-year revenue and 46.3% of full-year EBITDA — simple annualisation of HY24 revenue gives ~NZ$316.5m, roughly 7.9% below FY23's NZ$343.9m. If the second-half skew holds, implied 2H24 EBITDA would need to exceed HY24 to match FY23, which management's Project Blueprint commentary implicitly underwrites but does not quantify. The only hard yardstick passed is the December 2023 normalised EBITDA guidance range, which the result exceeded by NZ$0.7m at the midpoint.