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SCT · NZX

Scott Technology (SCT)

Industrials / Automation and robotics•Covered: FY21 - HY26•10 published briefings

Scott Technology is an NZX-listed industrials / automation and robotics company with FY21 - HY26 of published result briefings.

Latest briefing

HY26 · Released 15 April 2026

Working capital absorbed $13.0m as debtor and inventory days hit new highs

PBT grew 18.0% and forward work climbed to $177m, but operating cash fell 58% on a working-capital build more than double the historical norm.

Market data

As at close
Close price
NZD 2.68
Market cap
$227.5m
Dividend yield
3.4%

as at close, 16 June 2026. Source: yfinance.

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

Snapshot

Latest metrics

HY26, released 15 April 2026

← Swipe to view more
SCT latest metrics
MetricValueChange
Revenue$128.2m↑ +5.3%
EBITDA$13m↑ +7.0%
NPAT$4.3m↓ -2.3%
Operating cash flow$6.1m↓ -57.9%
OCF / EBITDA %46.9%↓ -72.4pp
Net debt$13.1m↓ -0.5%
Net debt / EBITDA1x↓ -7.4%
ROE %3.3%↓ -0.3pp
DPS4.0c↑ +33.3%
Payout ratio vs NPAT %76.9%↑ +21.3pp

Source: latest published briefing (HY26, released 15 April 2026). Change compares against the prior equivalent period: HY25, released 16 April 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, 16 June 2026

Price and market cap

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

Market cap

$227.5m

i

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

15.91x

i

Recent market cap compared with trailing earnings.

EPS

0.17

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

7.43x

i

Enterprise value compared with recent EBITDA.

P/FCF

23.05x

i

Market cap compared with recent free cash flow.

P/B

1.74x

i

Market value compared with latest reported equity.

Income and fund shape

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

Dividend yield

3.4%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

Ask about SCT

Ask follow-up questions about Scott Technology's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about SCT

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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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SCT metric history
MetricHY266 MONTHS15 April 2026FY2512 MONTHS21 October 2025HY256 MONTHS16 April 2025FY2412 MONTHS17 October 2024HY246 MONTHS16 April 2024FY2312 MONTHS18 October 2023HY236 MONTHS12 April 2023FY2212 MONTHS18 October 2022HY226 MONTHS7 April 2022FY2112 MONTHS21 October 2021Trend
Revenue$128.2m$275.3m$121.7m$276.1m$140.9m$267.5m$126.5m$221.8m$118.4m$216.2m
Chart
Revenue growth %5.3%-0.3%Outside range lowOutside range low revenue growth. -0.3%; 4-period range 2.6% to 20.6%. Revenue growth: -0.3%, below normal range; 4-period mean 10.7%, range 2.6%-20.6%.-13.6%Unprecedented lowUnprecedented low revenue growth. -13.6%; 4-period range 5.3% to 13.3%. Revenue growth: -13.6%, unprecedented low; 4-period mean 9.2%, range 5.3%-13.3%.3.2%11.3%20.6%Unprecedented highUnprecedented high revenue growth. 20.6%; 4-period range -0.3% to 16.2%. Revenue growth: 20.6%, unprecedented high; 4-period mean 5.4%, range -0.3%-16.2%.6.9%2.6%13.3%Outside range highOutside range high revenue growth. 13.3%; 4-period range -13.6% to 11.3%. Revenue growth: 13.3%, above normal range; 4-period mean 2.5%, range -13.6%-11.3%.16.2%
Chart
  • HY25 Revenue growth %: Unprecedented low revenue growth. -13.6%; 4-period range 5.3% to 13.3%. Revenue growth: -13.6%, unprecedented low; 4-period mean 9.2%, range 5.3%-13.3%.
  • FY25 Revenue growth %: Outside range low revenue growth. -0.3%; 4-period range 2.6% to 20.6%. Revenue growth: -0.3%, below normal range; 4-period mean 10.7%, range 2.6%-20.6%.
EBITDA$13m$31.5m$12.2m$30.2m$16.6m$30.4m$14.6m$23.9m$12.2m$22.1m
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EBITDA margin %10.2%11.5%Outside range highOutside range high ebitda margin. 11.5%; 4-period range 10.2% to 11.3%. EBITDA margin: 11.5%, above normal range; 4-period mean 10.8%, range 10.2%-11.3%.10.0%Outside range lowOutside range low ebitda margin. 10%; 4-period range 10.2% to 11.8%. EBITDA margin: 10.0%, below normal range; 4-period mean 10.9%, range 10.2%-11.8%.10.9%11.8%Unprecedented highUnprecedented high ebitda margin. 11.8%; 4-period range 10% to 11.5%. EBITDA margin: 11.8%, unprecedented high; 4-period mean 10.5%, range 10.0%-11.5%.11.4%11.5%10.8%10.3%10.2%Unprecedented lowUnprecedented low ebitda margin. 10.2%; 4-period range 10.8% to 11.5%. EBITDA margin: 10.2%, unprecedented low; 4-period mean 11.1%, range 10.8%-11.5%.
Chart
  • HY24 EBITDA margin %: Unprecedented high ebitda margin. 11.8%; 4-period range 10% to 11.5%. EBITDA margin: 11.8%, unprecedented high; 4-period mean 10.5%, range 10.0%-11.5%.
  • HY25 EBITDA margin %: Outside range low ebitda margin. 10%; 4-period range 10.2% to 11.8%. EBITDA margin: 10.0%, below normal range; 4-period mean 10.9%, range 10.2%-11.8%.
  • FY25 EBITDA margin %: Outside range high ebitda margin. 11.5%; 4-period range 10.2% to 11.3%. EBITDA margin: 11.5%, above normal range; 4-period mean 10.8%, range 10.2%-11.3%.
PBT$5.9m$17.4m$5m$11m$6.1m$19.2m$9.7m$14.9m$7.4m$12m
Chart
PBT growth %18.0%58.2%-18.0%-42.7%Unprecedented lowUnprecedented low pbt growth. -42.7%; 4-period range 24.2% to 151.2%. PBT growth: -42.7%, unprecedented low; 4-period mean 65.6%, range 24.2%-151.2%.-37.1%Unprecedented lowUnprecedented low pbt growth. -37.1%; 4-period range -18% to 31.1%. PBT growth: -37.1%, unprecedented low; 4-period mean 13.1%, range -18.0%-31.1%.28.9%31.1%Outside range highOutside range high pbt growth. 31.1%; 4-period range -37.1% to 21.3%. PBT growth: 31.1%, above normal range; 4-period mean -3.9%, range -37.1%-21.3%.24.2%21.3%—
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  • HY24 PBT growth %: Unprecedented low pbt growth. -37.1%; 4-period range -18% to 31.1%. PBT growth: -37.1%, unprecedented low; 4-period mean 13.1%, range -18.0%-31.1%.
  • FY24 PBT growth %: Unprecedented low pbt growth. -42.7%; 4-period range 24.2% to 151.2%. PBT growth: -42.7%, unprecedented low; 4-period mean 65.6%, range 24.2%-151.2%.
NPAT$4.3m$14.4m$4.4m$7.9m$4.4m$15.4m$7.9m$0.1m$4.7m$9.6m
Chart
NPAT growth %0.0%82.3%0.0%-48.7%-44.3%Unprecedented lowUnprecedented low npat growth. -44.3%; 4-period range 0% to 68.1%. NPAT growth: -44.3%, unprecedented low; 4-period mean 17.0%, range 0.0%-68.1%.n/m68.1%Unprecedented highUnprecedented high npat growth. 68.1%; 4-period range -44.3% to 0%. NPAT growth: 68.1%, unprecedented high; 4-period mean -11.1%, range -44.3%-0.0%.-99.0%0.0%—
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  • HY24 NPAT growth %: Unprecedented low npat growth. -44.3%; 4-period range 0% to 68.1%. NPAT growth: -44.3%, unprecedented low; 4-period mean 17.0%, range 0.0%-68.1%.
Operating cash flow$6.1m$22.3m$14.5m$6m-$7.7m$20.2m$26m$6.3m-$8.8m$13.4m
Chart
OCF / EBITDA %46.9%70.7%Outside range highOutside range high ocf / ebitda cash conversion. 70.7%; 4-period range 19.8% to 66.6%. OCF / EBITDA cash conversion: 70.7%, above normal range; 4-period mean 43.4%, range 19.8%-66.6%.119.3%19.8%Unprecedented lowUnprecedented low ocf / ebitda cash conversion. 19.8%; 4-period range 26.4% to 70.7%. OCF / EBITDA cash conversion: 19.8%, unprecedented low; 4-period mean 56.1%, range 26.4%-70.7%.-46.5%66.6%178.7%Unprecedented highUnprecedented high ocf / ebitda cash conversion. 178.8%; 4-period range -72.7% to 119.3%. OCF / EBITDA cash conversion: 178.8%, unprecedented high; 4-period mean 11.7%, range -72.7%-119.3%.26.4%-72.7%60.7%
Chart
  • FY24 OCF / EBITDA %: Unprecedented low ocf / ebitda cash conversion. 19.8%; 4-period range 26.4% to 70.7%. OCF / EBITDA cash conversion: 19.8%, unprecedented low; 4-period mean 56.1%, range 26.4%-70.7%.
  • FY25 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 70.7%; 4-period range 19.8% to 66.6%. OCF / EBITDA cash conversion: 70.7%, above normal range; 4-period mean 43.4%, range 19.8%-66.6%.
FCF pre-lease$4.4m$18.2m$12.7m-$4.4m-$12.8m$14.7m$24.5m-$2.6m-$10m$8.9m
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FCF post-lease———-$4.4m——————
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DPS4.0c5.0c3.0c3.0c5.0c4.0c4.0c4.0c4.0c4.0c
Chart
Payout ratio vs NPAT %76.9%46.0%55.6%82.5%Unprecedented highUnprecedented high payout ratio versus npat. 82.5%; 4-period range 41.5% to 50.3%. Payout ratio versus NPAT: 82.5%, unprecedented high; 4-period mean 46.7%, range 41.5%-50.3%.90.9%Unprecedented highUnprecedented high payout ratio versus npat. 90.9%; 4-period range 40.8% to 76.9%. Payout ratio versus NPAT: 90.9%, unprecedented high; 4-period mean 60.0%, range 40.8%-76.9%.41.5%Outside range lowOutside range low payout ratio versus npat. 41.5%; 4-period range 46% to 82.5%. Payout ratio versus NPAT: 41.5%, below normal range; 4-period mean 56.9%, range 46.0%-82.5%.40.8%Unprecedented lowUnprecedented low payout ratio versus npat. 40.8%; 4-period range 55.6% to 90.9%. Payout ratio versus NPAT: 40.8%, unprecedented low; 4-period mean 72.5%, range 55.6%-90.9%.50.3%66.7%48.8%
Chart
  • HY24 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 90.9%; 4-period range 40.8% to 76.9%. Payout ratio versus NPAT: 90.9%, unprecedented high; 4-period mean 60.0%, range 40.8%-76.9%.
  • FY24 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 82.5%; 4-period range 41.5% to 50.3%. Payout ratio versus NPAT: 82.5%, unprecedented high; 4-period mean 46.7%, range 41.5%-50.3%.
Annual payout ratio vs EPS %—46.0%—82.5%—41.5%—50.3%—48.8%
Chart
ROE %3.3%11.1%3.6%Outside range lowOutside range low roe. 3.6%; 3-period range 3.9% to 14.9%. ROE: 3.6%, below normal range; 3-period mean 7.8%, range 3.9%-14.9%.7.0%3.9%13.5%Outside range highOutside range high roe. 13.5%; 4-period range 0.1% to 11.1%. ROE: 13.5%, above normal range; 4-period mean 7.0%, range 0.1%-11.1%.14.9%Outside range highOutside range high roe. 14.9%; 3-period range 3.6% to 4.5%. ROE: 14.9%, above normal range; 3-period mean 4.0%, range 3.6%-4.5%.0.1%Unprecedented lowUnprecedented low roe. 0.1%; 4-period range 7% to 13.5%. ROE: 0.1%, unprecedented low; 4-period mean 10.3%, range 7.0%-13.5%.4.5%9.8%
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  • HY25 ROE %: Outside range low roe. 3.6%; 3-period range 3.9% to 14.9%. ROE: 3.6%, below normal range; 3-period mean 7.8%, range 3.9%-14.9%.
Net debt$13.1m$12.3m$13.2m$20.1m$20.7m-$79m-$12.8m$8m$12.9m-$1.3m
Chart
Net debt / EBITDA1x0.39x1.08x0.66xUnprecedented highUnprecedented high net debt / ebitda. 0.66x; 4-period range -0.06x to 0.4x. Net debt / EBITDA: 0.66x, unprecedented high; 4-period mean 0.16x, range -0.06x-0.40x.1.25xOutside range highOutside range high net debt / ebitda. 1.2x; 4-period range -0.88x to 1.1x. Net debt / EBITDA: 1.20x, above normal range; 4-period mean 0.57x, range -0.88x-1.10x.-2.6x-0.88x0.34x1.06x-0.06x
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  • HY24 Net debt / EBITDA: Outside range high net debt / ebitda. 1.2x; 4-period range -0.88x to 1.1x. Net debt / EBITDA: 1.20x, above normal range; 4-period mean 0.57x, range -0.88x-1.10x.
  • FY24 Net debt / EBITDA: Unprecedented high net debt / ebitda. 0.66x; 4-period range -0.06x to 0.4x. Net debt / EBITDA: 0.66x, unprecedented high; 4-period mean 0.16x, range -0.06x-0.40x.
Debtor days64Unprecedented highUnprecedented high debtor days. 64d; 4-period range 46d to 60d. Debtor days: 64.4 days, unprecedented high; 4-period mean 51.7 days, range 46.4 days-60.2 days.79Unprecedented highUnprecedented high debtor days. 79d; 4-period range 46d to 66d. Debtor days: 79.0 days, unprecedented high; 4-period mean 56.2 days, range 46.4 days-65.8 days.605346Outside range lowOutside range low debtor days. 46d; 4-period range 49d to 64d. Debtor days: 46.4 days, below normal range; 4-period mean 56.2 days, range 48.8 days-64.4 days.6051664946Outside range lowOutside range low debtor days. 46d; 4-period range 53d to 79d. Debtor days: 46.4 days, below normal range; 4-period mean 64.4 days, range 53.2 days-79.0 days.
Chart
  • HY24 Debtor days: Outside range low debtor days. 46d; 4-period range 49d to 64d. Debtor days: 46.4 days, below normal range; 4-period mean 56.2 days, range 48.8 days-64.4 days.
  • FY25 Debtor days: Unprecedented high debtor days. 79d; 4-period range 46d to 66d. Debtor days: 79.0 days, unprecedented high; 4-period mean 56.2 days, range 46.4 days-65.8 days.
  • HY26 Debtor days: Unprecedented high debtor days. 64d; 4-period range 46d to 60d. Debtor days: 64.4 days, unprecedented high; 4-period mean 51.7 days, range 46.4 days-60.2 days.
Inventory days64Unprecedented highUnprecedented high inventory days. 64d; 4-period range 44d to 55d. Inventory days: 64.4 days, unprecedented high; 4-period mean 48.3 days, range 43.8 days-55.4 days.5255494752Outside range highOutside range high inventory days. 52d; 4-period range 39d to 52d. Inventory days: 52.2 days, above normal range; 4-period mean 47.7 days, range 39.0 days-51.6 days.475244Outside range lowOutside range low inventory days. 44d; 4-period range 47d to 64d. Inventory days: 43.8 days, below normal range; 4-period mean 53.5 days, range 46.9 days-64.4 days.39Unprecedented lowUnprecedented low inventory days. 39d; 4-period range 49d to 52d. Inventory days: 39.0 days, unprecedented low; 4-period mean 51.0 days, range 48.8 days-52.2 days.
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  • HY26 Inventory days: Unprecedented high inventory days. 64d; 4-period range 44d to 55d. Inventory days: 64.4 days, unprecedented high; 4-period mean 48.3 days, range 43.8 days-55.4 days.
Total assets$268m$269.6m$244.4m$244m$255.8m$253.1m$241.6m$206.9m$210.8m$194.5m
Chart

Reference: annolyse.ai/companies/sct

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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  • FY23 SCT FY: Unprecedented high revenue growth. 20.6%; 4-period range -0.3% to 16.2%. Revenue growth: 20.6%, unprecedented high; 4-period mean 5.4%, range -0.3%-16.2%.
  • FY25 SCT FY: Outside range low revenue growth. -0.3%; 4-period range 2.6% to 20.6%. Revenue growth: -0.3%, below normal range; 4-period mean 10.7%, range 2.6%-20.6%.
  • HY22 SCT HY: Outside range high revenue growth. 13.3%; 4-period range -13.6% to 11.3%. Revenue growth: 13.3%, above normal range; 4-period mean 2.5%, range -13.6%-11.3%.
  • HY25 SCT HY: Unprecedented low revenue growth. -13.6%; 4-period range 5.3% to 13.3%. Revenue growth: -13.6%, unprecedented low; 4-period mean 9.2%, range 5.3%-13.3%.

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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  • FY21 SCT FY: Unprecedented low ebitda margin. 10.2%; 4-period range 10.8% to 11.5%. EBITDA margin: 10.2%, unprecedented low; 4-period mean 11.1%, range 10.8%-11.5%.
  • FY25 SCT FY: Outside range high ebitda margin. 11.5%; 4-period range 10.2% to 11.3%. EBITDA margin: 11.5%, above normal range; 4-period mean 10.8%, range 10.2%-11.3%.
  • HY24 SCT HY: Unprecedented high ebitda margin. 11.8%; 4-period range 10% to 11.5%. EBITDA margin: 11.8%, unprecedented high; 4-period mean 10.5%, range 10.0%-11.5%.
  • HY25 SCT HY: Outside range low ebitda margin. 10%; 4-period range 10.2% to 11.8%. EBITDA margin: 10.0%, below normal range; 4-period mean 10.9%, range 10.2%-11.8%.

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.

OCF / EBITDA

Cash conversion against earnings.

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  • FY24 SCT FY: Unprecedented low ocf / ebitda cash conversion. 19.8%; 4-period range 26.4% to 70.7%. OCF / EBITDA cash conversion: 19.8%, unprecedented low; 4-period mean 56.1%, range 26.4%-70.7%.
  • FY25 SCT FY: Outside range high ocf / ebitda cash conversion. 70.7%; 4-period range 19.8% to 66.6%. OCF / EBITDA cash conversion: 70.7%, above normal range; 4-period mean 43.4%, range 19.8%-66.6%.
  • HY23 SCT HY: Unprecedented high ocf / ebitda cash conversion. 178.8%; 4-period range -72.7% to 119.3%. OCF / EBITDA cash conversion: 178.8%, unprecedented high; 4-period mean 11.7%, range -72.7%-119.3%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • FY22 SCT FY: Unprecedented low roe. 0.1%; 4-period range 7% to 13.5%. ROE: 0.1%, unprecedented low; 4-period mean 10.3%, range 7.0%-13.5%.
  • FY23 SCT FY: Outside range high roe. 13.5%; 4-period range 0.1% to 11.1%. ROE: 13.5%, above normal range; 4-period mean 7.0%, range 0.1%-11.1%.
  • HY23 SCT HY: Outside range high roe. 14.9%; 3-period range 3.6% to 4.5%. ROE: 14.9%, above normal range; 3-period mean 4.0%, range 3.6%-4.5%.
  • HY25 SCT HY: Outside range low roe. 3.6%; 3-period range 3.9% to 14.9%. ROE: 3.6%, below normal range; 3-period mean 7.8%, range 3.9%-14.9%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • FY24 SCT FY: Unprecedented high net debt / ebitda. 0.66x; 4-period range -0.06x to 0.4x. Net debt / EBITDA: 0.66x, unprecedented high; 4-period mean 0.16x, range -0.06x-0.40x.
  • HY24 SCT HY: Outside range high net debt / ebitda. 1.2x; 4-period range -0.88x to 1.1x. Net debt / EBITDA: 1.20x, above normal range; 4-period mean 0.57x, range -0.88x-1.10x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY23 SCT FY: Outside range low payout ratio versus npat. 41.5%; 4-period range 46% to 82.5%. Payout ratio versus NPAT: 41.5%, below normal range; 4-period mean 56.9%, range 46.0%-82.5%.
  • FY24 SCT FY: Unprecedented high payout ratio versus npat. 82.5%; 4-period range 41.5% to 50.3%. Payout ratio versus NPAT: 82.5%, unprecedented high; 4-period mean 46.7%, range 41.5%-50.3%.
  • HY23 SCT HY: Unprecedented low payout ratio versus npat. 40.8%; 4-period range 55.6% to 90.9%. Payout ratio versus NPAT: 40.8%, unprecedented low; 4-period mean 72.5%, range 55.6%-90.9%.
  • HY24 SCT HY: Unprecedented high payout ratio versus npat. 90.9%; 4-period range 40.8% to 76.9%. Payout ratio versus NPAT: 90.9%, unprecedented high; 4-period mean 60.0%, range 40.8%-76.9%.

Debtor days

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

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  • FY21 SCT FY: Outside range low debtor days. 46d; 4-period range 53d to 79d. Debtor days: 46.4 days, below normal range; 4-period mean 64.4 days, range 53.2 days-79.0 days.
  • FY25 SCT FY: Unprecedented high debtor days. 79d; 4-period range 46d to 66d. Debtor days: 79.0 days, unprecedented high; 4-period mean 56.2 days, range 46.4 days-65.8 days.
  • HY24 SCT HY: Outside range low debtor days. 46d; 4-period range 49d to 64d. Debtor days: 46.4 days, below normal range; 4-period mean 56.2 days, range 48.8 days-64.4 days.
  • HY26 SCT HY: Unprecedented high debtor days. 64d; 4-period range 46d to 60d. Debtor days: 64.4 days, unprecedented high; 4-period mean 51.7 days, range 46.4 days-60.2 days.

Inventory days

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

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  • FY21 SCT FY: Unprecedented low inventory days. 39d; 4-period range 49d to 52d. Inventory days: 39.0 days, unprecedented low; 4-period mean 51.0 days, range 48.8 days-52.2 days.
  • FY23 SCT FY: Outside range high inventory days. 52d; 4-period range 39d to 52d. Inventory days: 52.2 days, above normal range; 4-period mean 47.7 days, range 39.0 days-51.6 days.
  • HY22 SCT HY: Outside range low inventory days. 44d; 4-period range 47d to 64d. Inventory days: 43.8 days, below normal range; 4-period mean 53.5 days, range 46.9 days-64.4 days.
  • HY26 SCT HY: Unprecedented high inventory days. 64d; 4-period range 44d to 55d. Inventory days: 64.4 days, unprecedented high; 4-period mean 48.3 days, range 43.8 days-55.4 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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  • FY21 SCT: Outside range low operating working-capital movement. $6.3m; 4-period range $7.2m to $18.1m. Operating working-capital movement: NZ$6.3m, below normal range; 4/4 prior periods had builds averaging NZ$10.9m, and none had a working-capital release.
  • HY23 SCT: Unprecedented low operating working-capital movement. $-4.9m; 4-period range $4.6m to $25.9m. Operating working-capital movement: NZ$-4.9m, unprecedented low; 4/4 prior periods had builds averaging NZ$14.6m, and none had a working-capital release.
  • HY24 SCT: Unprecedented high operating working-capital movement. $25.9m; 4-period range $-4.9m to $14.9m. Operating working-capital movement: NZ$25.9m, unprecedented high; 3/4 prior periods had builds averaging NZ$10.8m, and 1 had releases averaging NZ$-4.9m.
  • FY25 SCT: Unprecedented high operating working-capital movement. $18.1m; 4-period range $6.3m to $10.7m. Operating working-capital movement: NZ$18.1m, unprecedented high; 4/4 prior periods had builds averaging NZ$8.0m, and none had a working-capital release.

The setup & the reality

FY25 → HY26 Follow-through

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

Current result now available

HY26 · Released 15 April 2026

Working capital absorbed $13.0m as debtor and inventory days hit new highs

PBT grew 18.0% and forward work climbed to $177m, but operating cash fell 58% on a working-capital build more than double the historical norm.

Read latest briefing→

Historical setup

What FY25 said to watch

From PBT up 58% on margin lift, but receivable days stretched to 79

Forward work of $169m is up from $160m and represents roughly 61% of FY25 revenue, slightly better cover than a year ago. The release frames FY25 as second-half weighted: HY25 carried 44.2% of revenue, 38.6% of EBITDA and only 30.3% of NPAT, so the FY25 result leans heavily on H2 execution that may or may not annualise.

Against the stated Destination 2030 target of $530m revenue by FY30, the required revenue CAGR is around 14%, which is materially above what FY25 delivered. The release does not provide FY26 numerical guidance, so this briefing focuses on what the result does and does not support: it supports the margin-lift narrative, but it does not yet evidence the top-line acceleration the 2030 target implies.

Open questions

Open questions from FY25

  • What drove receivable days from 53 to 79 — was it a few large late-FY25 deliveries, slower customer sign-off, or a change in billing milestones across the project book?
  • Is the 60.2% drop in capex a deliberate reset or deferred spend that will return in FY26, and what does the Destination 2030 plan imply for medium-term capital intensity?
  • How much of the Materials Handling 4ppt gross-margin lift is contract mix versus modular delivery efficiency, and is that level repeatable?
  • Why did Appliances revenue fall to $31.4m from $40.1m with margin also softening, and is that a cyclical or structural shift?
  • What revenue trajectory does management see between FY25's $275m base and the $530m FY30 target, given the ~14% CAGR implied?

This briefing cannot assess customer-specific receivable ageing, the timing of post-year-end cash collection on the $59.6m debtor book, or the durability of the FY25 segment-margin mix without segment commentary on contract pipeline composition.

Archive

Briefing archive

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

HY26 · Released 15 April 2026

Working capital absorbed $13.0m as debtor and inventory days hit new highs

PBT grew 18.0% and forward work climbed to $177m, but operating cash fell 58% on a working-capital build more than double the historical norm.

Read briefing→

FY25 · Released 21 October 2025

PBT up 58% on margin lift, but receivable days stretched to 79

Materials Handling and Protein margins drove earnings on flat revenue, yet trade debtors absorbed $19.4m as days outstanding lengthened.

Read briefing→

HY25 · Released 16 April 2025

Revenue fell 13.6% and PBT 18% but tax rate halved kept NPAT flat

Operating earnings dropped below their historical range while an unusually low tax charge and a smaller working-capital build lifted reported cash.

Read briefing→

FY24 · Released 17 October 2024

Net debt swung to $20.1m as cash conversion collapsed to 19.8%

Operating cash fell 70.5% to $6.0m on essentially flat EBITDA, turning free cash flow negative and pushing leverage off a near-zero base.

Read briefing→

HY24 · Released 16 April 2024

PBT fell 37.1% on 11.3% revenue growth as working capital absorbed NZ$25.9m

Strong EBITDA and revenue growth were overwhelmed by an unprecedented working-capital build and one-off costs that collapsed pre-tax profit

Read briefing→

FY23 · Released 18 October 2023

Revenue +20.6% drives PBT +28.9% as net debt clears and margins expand

Strong full-year cash conversion masks a second-half operating cash outflow as contract assets and inventory built.

Read briefing→

HY23 · Released 12 April 2023

PBT up 31.1% on margin highs, but working-capital release flatters cash

Margins reached an unprecedented 7.7% but the OCF swing leans on a working-capital release that breaks a three-period pattern of builds.

Read briefing→

FY22 · Released 18 October 2022

PBT up 24.2% but cash conversion fell to 26.4% on working-capital build

Continuing operations strengthened, yet operating cash flow fell 53% and a $12.6m discontinued-operation loss wiped headline NPAT to near zero.

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HY22 · Released 7 April 2022

Cash flow flipped to -NZ$8.8m on a NZ$14.9m working-capital build

Revenue rose 13.3% and PBT 21.3%, but inventory absorption and a doubled dividend pushed net debt/EBITDA to 1.06x from 0.26x.

Read briefing→

FY21 · Released 21 October 2021

EBITDA swung to $22.1m on a 1,000bps gross margin gain, but OCF fell 31.4%

Revenue rose 16.2% and gross margin doubled to 23%, yet $6.3m working-capital absorption masked the underlying cash translation.

Read briefing→

Related insights

Compare this company

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

Insight

Cash conversion quality

This result converted 46.9% of EBITDA to operating cash flow, -72.3pp versus the prior comparable period.

Open insight→

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 18.0pp, with a distortion flag in the result.

Open insight→

Insight

Dividend coverage and payout pressure

Dividend payout versus pre-lease FCF is 34.7%, with NPAT payout at 76.9%.

Open insight→

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 1.00x, -0.10x versus the prior comparable period.

Open insight→

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