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Mainfreight has super year

26.5.22 The international freight forwarder and logistics group Mainfreight has notched up another record result and a ‘more than satisfactory’ improvement on the prior year. Revenue in the FY22 year has bounced 47.2% or $1.67 billion to $5.22 billion. Profit before tax $489.4 million Up $227.0 million or 86.5% Net profit $355.4 million Up $167.3 million or 88.9% Adjusted for foreign exchange impact, Group revenue is up 50.8%, and profit before tax is up 90.5%. There are no abnormal items in...

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Reserve Bank tops up cash rate

The Monetary Policy Committee today did exactly what the market had expected and increased the Official Cash Rate (OCR) to 2.0%. The Committee agreed it remains appropriate to continue to tighten monetary conditions at pace to maintain price stability and support maximum sustainable employment. The Committee is resolute in its commitment to ensure consumer price inflation returns to within the 1 to 3% target range. Consistent with the economic outlook and risks ahead, monetary conditions need...

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F&P Healthcare has strong year

25.5.22 Fisher & Paykel Healthcare Corporation’s results for the full year ended 31 March 2022 show another strong performance, although lower than the exceptional Covid-driven sales and earnings spike of 2021. Managing director and CEO Lewis Gradon said, “Over the last two financial years we have supplied $880 million of hospital hardware, the equivalent of approximately 10 years’ hardware sales prior to COVID-19. “The growing body of evidence supporting the use of nasal high flow and our...

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Bigger interim loss for Gentrack

24.5.22 Gentrack Group, which provides software solutions for utilities and airports, has reported an increased loss in the half-year to 31 March 2022. The first half of the financial year has seen Gentrack make excellent progress in two key areas. Revenue has grown well despite the turmoil in the UK Energy market, and our planned investments in Strategic R&D and in sales and marketing have really ramped up – with the expected impact on EBITDA and cash. Revenue  ot $57.1 million was up by...

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Disruptions brake Napier Port half-year

Napier Port saw ship calls reduce in opening half-year 24.5.22 9.30 Napier Port’s financial results for the first half of the 2022 financial year reflect the challenges of significant supply chain and Covid-related disruptions. Revenue fell 3.6% to $50.7 million from $52.6 million in the same period last year, with the fall reflecting lower trade volumes and the reduction in vessel calls following supply chain and Covid disruptions. “Our result from operating activities for the half year to 31...

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Record result for Turners Automotive

24.5.22 9.00am Turners Automotive Group (NZX: TRA) has reported record earnings for the financial year to March 31, 2022 (FY22), with net profit up 16%. This is despite a COVID-19 disrupted year from lockdowns and more recent impact of Omicron on consumer demand and operational resource. This resilience demonstrates the value of the strategic initiatives implemented by Turners over recent years to de-risk, consolidate and build more sustainable earnings. Key Financial Highlights: • Revenue...

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Net rentals lift Kiwi Property’s year

23.5.22 (9.40am) Kiwi Property continued to build strategic momentum in the year ended 31 March 2022 (FY22), announcing a strong financial result, including growth in all key operating metrics. Net profit after tax rose 14.1% to $224.3 million, driven by increases in both income and asset values. Operating profit before tax: $124.8m (+7.3%) Improved trading conditions underpinned a 3.5% or $120.5 million gain in the fair value of the Company’s diversified property portfolio, which was...

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AFT Pharma has better year

AFT Pharmaceuticals CEO Dr Hartley Atkinson 22.5.22 (9.12am) Along with a FY22 operating profit in line with guidance, AFT Pharmaceuticals has struck its dividend policy and guides to a maiden payment in FY23. The company’s 31 March 2022 results show strong growth across all regions, new products and growth in product royalties and licensing income. Annual operating revenue for the 2022 financial year grew by 15.2% to $130.3 million from $113.1 million in the same period a year ago. All...

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New government in Australia

22.5.22 The Australian Labour Party, and PM-elect Anthony Albanese, have won the Australian Federal Election but may not be a  majority government. How will the ASX react to the change of government? The new Labour government will thus depend on the cross-benches, Labour comprising mostly Green and independents, so-called “TEAL’ MPs (who did upset the grip of the ruling Liberal Party. At time of writing (10am Sunday) the Labour Party have about 71 seats with 76 a clear majority – and the...

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Strong lift by My Food Bag 

20.5.22 My Food Bag the subscription-based meal kit and food solutions business, has seen an up-current in revenue and earnings in the March 2022 year. Revenue of $194 million is up $7.6 million on Prospective Financial Information (PFI) and up $3.3 million on FY21. Pro-forma EBITDA of $34.2 million, up 18.1% on FY21.  NPAT of $20.0 million is up from $2.4 million in FY21. My Food Bag has declared a final fully imputed dividend of 4.0 cents per share to be paid on 16 June, bringing total...

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Oceania Healthcare books gain

Ocdeania retirement village Waterford 20.5.22   Oceania Healthcare has announced unaudited Underlying EBITDA of $76.2m for the year ended 31 March 2022, a 16.2% ($10.6m) increase on FY21. Revenue stood at $231.14 million and net profit is $61.13m. Oceania CEO Brent Pattison advised that “significant steps have been made to strengthen the balance sheet during the year which has provided a strong platform for ongoing growth. “This will enable Oceania to accelerate its development pipeline,...

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Record FY22 for Ryman Healthcare

Ryman retirement village at Devonport 20.5.22 Ryman Healthcare has reported a record full year audited underlying profit of $255.0m, helped by a resilient performance through COVID and a strong recovery in Victoria. Audited reported (IFRS) profit, which includes unrealised fair value gains on investment property, increased 63.8% to $692.9m in the year to March 31. Shareholders will receive a final dividend of 13.6 cents per share, taking the total dividend for the year to 22.4 cents per share...

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Books in shape but funding front-loaded

19.5.22 Budget 2022 shows that the Government’s books remain in good shape, comments Westpac. “Also as anticipated, the Government has found room for targeted temporary social assistance, namely via a ‘cost of living’ package,” says chief economist Michael Gordon “The Government also outlined in more detail of its fiscal approach. “One aspect of the multi-year funding approach that caught our attention was that some of future Budgets’ operating spending allowances have been effectively already...

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Seeka updates on crop volumes

19.5.22 Seeka Ltd has provided the market with a mid-season New Zealand kiwifruit harvest update. The SunGold harvest in New Zealand is completed and the Hayward harvest is an estimated 38% completed. The total New Zealand SunGold kiwifruit crop is estimated to be 103.3m trays, a reduction of 9.7% on prior forecast industry volumes, New Zealand wide. Seeka’s SunGold volume reflects this seasonal variation with a total volume packed of 26.0m trays. While the current year's volume is ahead of...

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Infratil produces record result

Sun Streams 2 solar project in Arizona   19.5.22 Infratil Ltd has announced a record net parent surplus of $1.17 billion for the year ended 31 March 2022 - the largest annual profit since Infratil’s establishment. Proportionate EBITDAF of $513.9m (before changes in the accounting treatment of SaaS expenses) was delivered above the mid-point of guidance which was $500m to $520m. Proportionate EBITDAF including the SaaS adjustment was $474.9m, up 27.9% on the previous year’s $371.2. The...

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Growth year for Goodman Property

19.5.22 Goodman (NZ) Ltd, the manager of Goodman Property Trust, has reported stronger results after a growth lift in the March year. Significant new leasing, high occupancy levels, continued rental growth, new development commitments and complementary acquisitions have all contributed to the Trust’s strong operating performance and record statutory profit. Statutory profit of $763.8m before tax (including fair value gains of $660.4m from property valuations), is up 17.7% on FY21 Goodman...

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Sanford Interim Results Boosted 

19.5.22 Seafood exporter Sanford has reported a solid recovery in the first half of FY22 Adjusted EBIT of $19.2 million represents a 79.4% increase on the same period last year ($10.7 million). Total revenue was $270.9 million, a 16.0% increase ($233.5 million). Statutory net profit after tax was $6.1 million, 55.5% behind last year’s interim result of $13.8 million which included a one-off gain of $13.4 million from the sale of non-core property. Given the early stage of its recovery,...

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Larger loss for Serko FY 22 year

18.5.22 Total income for Serko, the business travel company, increased 12% to $18.9m in the full year to 31.3.22. Net losses after tax increased by 22% to $36.0m reflecting investment to develop the significant opportunities Serko sees in international markets. EBITDAF losses increased 26% to $28.1m from $22.3m. Average monthly cash burn in the six months 31.3.22 was below expectations at $3m. Serko shares slipped 20c to $4.50 on the NZX market. Summary Financial Results: Total income (revenue...

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Investore has strong year in large format

Large format retail has boosted Investore's valuation 18.5.22 The market for large format retail properties has remained strong during the last year and this has benefited Investore in the year FY22. Evidencing this demand, Investore’s portfolio is independently valued at $1.2 billion as at 31.3.22, a net valuation increase of $91.0 million or 8.2% over the 12 months from 31.3.,21. This increase has been driven primarily by capitalisation rate compression which evidences the continued...

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TradeWindow launches acquisition of Rfider

17.5.22   TradeWindow, the Takapuna-based trade technology company has entered into a conditional agreement to acquire the business and assets of Rfider Ltd, an Auckland-based software company. Rfider has developed a mobile interface that can be rapidly deployed in complex supply chains to capture many points of data. It will help TradeWindow extend its reach deeper into primary industry supply chains by providing traceability all the way back to the points of cultivation and production,...

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China’s economy weakens

16.5.22 China released key monthly data on its economy showing that in the year to April, the country recorded an 11.1% slump in its retail sales This compares to a Bloomberg consensus for a 6.6% decline, notes CommSec. “China also noted a worse than expected 2.9% decline in industrial production, the first decline since March 2020. “Despite a weakening economy – largely due to its strict zero Covid-19 policy – the Chinese central bank has avoided cutting interest rates this...

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DGL Expands WA Capacity

16.5.22 DGL Group has made a $3.5m strategic acquisition of Temples chemicals warehousing division in Western Australia. Situated in Welshpool southeast of Perth, Temples specialises in chemical warehousing and distribution. Temples adds 13,000 tonnes of chemical storage capacity to DGL’s WA operations and over 10,000 sqm of strategic operational space for transport equipment and shipping container work. This takes DGL’s total chemical storage to more than 153,000 tonnes across 56 dedicated...

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ON THE DEATH OF BRIAN GAYNOR

  It is with profound sadness and a feeling of deep loss that The Headliner records the death earlier of the great stockmarket analyst Brian Gaynor after a short illness.   He was a great store of information on the sharemarket and spoke and wrote extensively on the successes and the pitfalls of share investing over more than 45 years. There was a time in New Zealand equities investing when the close-knit community kept much of the information about listed companies to itself and the...

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Manawa makes strong debut off FY22 result

Manawa CEO David Prentice 16.5.22 Manawa Energy (NZX:MNW), the electricity generator which has been renamed from Trustpower, has announced a strong financial result for the March 2022 year concluding a transformative year. Amid the ongoing challenges of COVID-19, persistent below-average inflows, and sustained regulatory uncertainty, Manawa Energy successfully separated its mass market retail business delivering a solid performance in the process, says CEO David Prentice. Net profit after tax...

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Steel & Tube riding high demand

16.5.22 Steel & Tube Holdings (NZX:STU) has provided earnings guidance for the June financial year showing a surge in revenue, gross margin and profitability, thanks to the ongoing high demand across the infrastructure, manufacturing and commercial sectors. The market has reacted positively to the upgraded guidance, lifting the company’s shares by 8c to $1.47 in initial post-news trades. The company has continued the strong performance seen in the first half of the year and is expecting...

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Covid curbs check sales growth at Warehouse

13.5.22 The Warehouse Group has reported total Group sales for the third quarter ending 1 May 2022 of $771.6 million, down 2.5% on the same quarter in FY21, as business was impacted by Covid restrictions and higher freight costs. The sales result was up 31.6% on the same quarter in FY20 which was severely impacted by the first COVID-19 Level 4 lockdown, and up 8.0% on FY19 pre-COVID-19 levels. Group-wide in-store foot traffic was down 13.0% in the quarter compared to last year and was impacted...

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Wall Street has late bounce

13.5.22 It has been a very wild session on Wall Street markets overnight but a large-scale sell-off was averted when nerves were soothed by an assurance of the strength of the economy. The Dow Jones ultimately settled at a modest discount for the day of 103.81 points at 31,730.30 after a rebound in the final hour of trading. At one stage on Thursday (NZT last night) the S&P 500 was sitting on the brink of a bear market earlier Thursday. Bloomberg reported that the turnaround came as...

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Big bounce for CSR in March year

11.5.22 Building materials group CSR Limited (ASX:CSR) has had a strong March 2022 year with net profit after tax for the year of A$193m, up 20% from the previous year. CSR Managing Director & CEO Julie Coates said, “All of CSR’s businesses have performed very well during the year. “In Building Products, our team worked hard to support the demand in residential housing with strong operational execution. “The organisational change we have made streamlining the business over the last 18...

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Positive growth for Pushpay

11.5.22 Pushpay Holdings reported positive growth performance with continued year-on-year uplift in operational and financial metrics despite economic and sector headwinds. The share price fell 3c to $1.30 - perhaps influenced by an accompanying statement that the company wants to shift its Intellectual Property rights to US-based Pushpay, from the NZ subsidiary. HIGHLIGHTS - Underlying EBITDAF of US$62.4 million, in line with guidance for the year ended 31 March 2022 - Strong increase in...

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NZ King Salmon rights offer closes

10.5.22 New Zealand King Salmon Investments closed off its $60.1 million underwritten 2.85 for 1 pro rata rights offer with shareholder support with applications totalling approximately $50.3 million. Eligible shareholders will take up approximately 83.6% of their entitlements under the rights offer. The shares will be issued at a price of $0.15 per share (or A$0.14 per share). A total of $60.1m was raised under the rights offer and these proceeds will be used to deleverage NZ King Salmon’s...

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