TRA

No FY22 target, forward-work metric, or formal guidance was disclosed in the provided excerpts. The prior-year commentary referenced a pre-COVID NPBT guidance range of NZ$28m–NZ$30m, and FY21 PBT of NZ$37.4m sits well above that prior band. Seasonality context from HY21 (labelled HY20 in the extraction) shows 47.6% of revenue and 50.0% of NPAT fell in the first half, so the year was only modestly second-half weighted; there is no hidden late-year acceleration to rely on.

• What drove the near-doubling of total assets, borrowings, and equity? The excerpts do not name an acquisition, consolidation of a previously equity-accounted finance vehicle, or a capital raise, yet the scale of change implies one of these.
• Why did Credit management revenue fall 28.9% while other segments were broadly resilient?
• What is the composition of the NZ$339.6m borrowings — operating funding versus finance-receivables funding — and therefore the true economic net debt against shareholders rather than against a match-funded receivables book?
• Why did inventory build to NZ$30.2m, and is this positioning for demand or a sell-through issue?
• Total net profit of NZ$27.5m exceeds continuing NPAT of NZ$26.9m, but no breakdown of the NZ$0.6m difference was provided.

This briefing cannot assess whether the balance-sheet expansion reflects an acquisition, a finance-book consolidation, or organic funding growth, because the driver is not disclosed in the supplied excerpts.