27.9.22 Scales Corporation has entered into two agreements to expand its Global Proteins division in Australia. The agreements are: • The subscription for a 33% interest in a newly established petfood processing operation to be based in Melbourne. Scales will be partnering with two recognised industry participants who bring extensive supply relationships • Concurrently, Scales has entered into an agreement to purchase 50% of the Australian operations of Fayman International, including a 42.5%...

27.9.22  Synlait Milk marked a return to “robust profitability on track: with FY22 EBITDA up $91.8m to $129.1m and NPAT up $67.0m to $38.5m. Revenue is up 21% to $1.66 billion. The balance sheet returned to normal metrics (net debt to EBITDA ratio of 2.6x) enabled by strong operating cashflows and inventory reduction. Operating cash flows are up $214.5m to $232.9m. The only blemish on a big recovery is the Impairment charge of $12.2m due to continued idling of Temuka cheese plant. FY22 also...

The New Zealand sharemarket resisted the temptation to follow the US markets into a sharp decline when it opened today. Overnight events in the geopolitical situation over Ukraine led to a rise in risk sentiment, while the higher interest rates set by the US Federal washed through the US market. The Dow Jones sank 522.45 to 30,183.78. In New Zealand the market held firm and after a quiet session with few movements up or down, the market index NZX50 gained 19.37 at 11,518.32. Mainfreight fell...

Air New Zealand has continued to see strong forward sales over the first three months of the financial year, particularly for travel through to January 2023. The airline said it continues to operate approximately 70 percent of FY19 capacity. On the basis that this forward sales strength continues over the coming quarter, with similar capacity and assuming an average jet fuel price of approximately US $130/bbl, the airline currently expects earnings before taxation and other significant items...

20.9.22 NZX-listed transport and logistics group, MOVE Logistics Group has terminated the proposed acquisition of the business and assets of bulk fluids and dry powder transport firm Fluidex Transport. Move told NZX that the $15.2 million sale and purchase agreement is now at an end. MOVE’s explanation to the market is that the vendors had sought to vary certain commercial terms of the transaction under their shareholder approval condition. “The variations sought are not acceptable to MOVE,”...

20.9.22   KMD sales up but COVID impactsThe adventure outdoor clothing and equipment retailer KMD Brands has posted COVID-impacted profitability for the year ended 31 July 2022 but a highlight of the year is a record level of dividends.  FY22 key highlights (vs FY21): Group sales up 6.2% to $979.8m, a record for KMD Brands o Continued growth in Rip Curl sales, highest-ever Kathmandu sales in Q4, and record order demand for Oboz products “Although impacted substantially by COVID lockdowns and...

16.9.22 My Food Bag Group shares were unchanged on NZX today after the company told the market that overnight it has received notice of resignation from the company's Chief Executive Officer, Kevin Bowler. The shares sat at 64c. Mr Bowler joined My Food Bag in June 2018 as its first independent CEO and has overseen a period of significant change. Only last week, Bowler had appeared on an NZX webinar outlining the business growth strategy – and The Headliner reports on that briefing in our...

16.9.22 Air New Zealand spent part of the morning batting back speculation out of Australian media that it had entered into some form of merger talks with Virgin Australia. The airline advised NZX that it has not been approached, “and is not in discussions with any parties, regarding a potential merger transaction,” said chair Dame Therese Walsh Air New Zealand stated that it remains in compliance with its NZX continuous disclosure obligations.

14.9.22 Auckland International Airport (AIA) has released its August monthly traffic update, showing total passengers (international and domestic) at 1,124,343 was 38,164 lower than in July. The international passenger recovery continued in August with passenger movements for the month recovering to 54% of the pre-COVID equivalent, an increase from 50% in July 2022. Compared to the prior month, passenger movements were marginally down in August reflecting the school holidays falling in the...

1.9.22   8.46am Third Age Health Services confirms the acquisition of a majority share of EastMed Doctors (“EastMed”), a medium sized family general practice in Saint Heliers Bay Road, East Auckland. TAH had announced on 4 August 2022 that it had entered into a conditional contract to purchase a majority interest which had been subject to due diligence and Board approval. These conditions have been met. EastMed is an established and professional general practice with an experienced and...

1.9.22 AFT Pharmaceuticals has reached agreement with Massey Ventures, the commercialisation company of Massey University, and the Gillies McIndoe Research Institute, to license intellectual property to allow the development of a topical treatment for strawberry birthmarks (infantile haemangiomas) in children. The agreement covers the intellectual property emerging from Massey Ventures and Gillies McIndoe research that demonstrated the synergistic action of two well-known heart medicines (beta...

29.8.22 Carpet and rug manufacturer, Bremworth has emerged from a “transformational” year with a 29% increase in NPAT to $2.2m  in the June year. Total revenue for FY22 was $95.5m, down 14% on the prior year which benefitted from the sell down of synthetic inventory. Wool carpet and rugs revenue of $73.0m was in line with the prior year, and comprised 100% of Bremworth’s FY22 carpet and rug sales, compared to 79% in FY21. The flat year-on-year sales were mainly due to the exit from the low...

29.8.22 Restaurant Brands New Zealand’s group net profit of $15.3 million for the six months ended 30 June 2022 (1H 2022) is down $19.2 million on the last half-year’s reported result. Group sales were $584.9m, up $44.3m on 1H21,  growth was assisted by the inclusion of 17 additional stores and a stronger US dollar. The company says worldwide inflationary pressures resulted in significant cost increases across all regions. Also, the prior period result included recognition of $11.4 million of...

Vista Group International reported a strong recovery in the global cinema industry and a sales lift, but impairment charges kept the business in the red in the June half-year. Kimbal Riley, Vista Group Chief Executive, commented: “We are very pleased to present a return to good, solid growth in our interim results. The increase in recurring revenue is a welcome indication of the cinema industry’s renewed strength and, after pandemic challenges, it’s heartening to see continued box office...