Briscoe sales record in January year
Briscoe Group has done it again – another sales record – in the year to January 29. of $785.9 million, an increase of 5.56% on the $744.4 million reported for last year. The homeware segment increased sales by 5.77% during the full year and the sporting goods segment by 5.22%. 2nd Half: 1 August 2022 – 29 January 2023 (26 weeks): Unaudited sales for the 2nd half, 26-week period ended 29 January 2023 were $417.9 million, 8.26% ahead of the $386.0 million for the 26-week 2nd half period of last...
US Fed funds rate goes higher
With a goal of eventually knocking US inflation down to 2%, the US Federal Reserve FOMC this morning bumped the Federal funds rate up 50 basis points. The FOMC released the decision which notes, “Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation has eased somewhat but remains elevated. “Russia's war against Ukraine is causing tremendous human and economic hardship and is...
Share consolidation for NTL
New Talisman Gold Mines has resolved to implement a share consolidation in order to rationalise the number of ordinary shares in NTL on issue. A rights issue will take place shortly after the share consolidation. The share consolidation and timetable of the rights issue have been finalised to align and accommodate ASX and NZX technical requirements. Every 10 NTL shares held as at 7:00pm (NZDT) on 8 February 2023 will be consolidated into one share, with all fractional entitlements rounded to...
Strong growth for TASK
31.1.23 TASK Group released an update on performance for the December 2022 quarter, highlighting 3Q23 cash from operating activities of $0.5 million and a strong cash position of $21.5 million. A new contract was signed with Retail Food Group, extending into new QSR pizza category and TASK launched a global end-to-end platform, with Starbucks Australia onboarded as inaugural customer. CEO Dan Houden said: “The group has continued its strong growth trajectory during the December quarter. We...
NZ Automotive lifts market share
31.3.23 8.50am NZ Automotive Investments has increased its used car market share to 7%, in the third quarter to 31 December 2022, despite the overall New Zealand used car market dropping by 9.5%2. The company noted that its 2 Cheap Cars brand market positioning is increasingly relevant in the tough economic environment, resulting in its estimated market share of used vehicle registrations growing 0.4% year-on-year. 2 Cheap Cars also strengthened its position as the largest Japanese used...
Arvida advises of Parklane flooding
30.1.23 Arvida Group Ltd (NZX.ARV) advises the weather event that occurred on Friday 27 January 2023 in Auckland resulted in serious flooding occurring in part of its Parklane retirement community. None of Arvida’s other Auckland retirement communities were impacted to any significant extent. Affected Parklane residents were evacuated from their homes on Friday night and successfully relocated to temporary accommodation. The flood damage to affected villas, apartments and the clubhouse is...
Tower weighs the impact of Auckland storm
Listed insurer Tower Ltd is assessing the impact of the significant weather event that has been affecting Auckland and parts of the upper North Island since Friday. Tower CEO Blair Turnbull says Tower is utilising extra resourcing from its teams in Auckland, Rotorua and Suva to assist customers. “Tower is well prepared to respond to such large-scale events and is in a strong position to support the recovery. We are proactively communicating with our customers via text message and email,...
ASB offers storm support
30.1.23 ASB will support customers affected by extreme weather events impacting Auckland with tailored packages including suspension of home loan repayments and emergency overdraft facilities available for personal, business and rural customers. ASB is available to support customers who may require emergency financial assistance as a result of the recent weather events. Emergency assistance can be offered to personal, farming and business customers on a case-by-case basis, including: Option to...
Westpac extends storm support
30.1.23 Westpac NZ is offering financial support to personal and business customers affected by flooding. The relief package features a range of possible support options for both business and personal customers. These may include: - Suspension of principal payments for up to three months on home loans and business loans; - Deferred payment on business credit cards for up to three months; - A temporary overdraft facility for business customers. Consumer customers requiring access to term...
MARKETWEEK: Equity markets have a strong start to 2023
Auckland Airport // Warren Head // With inflation seemingly peaking in the latest data, and a possibly flatter trajectory for the Official Cash Rate, it was a solid week for equities. The New Zealand market is up 58.57 points for the week at 12,036.05. The transition from Jacinda Ardern to Chris Hipkins as New Zealand’s new Prime Minister was not market moving. Best performer of the week is the tech stock Serko which processes business travel data. Serko surged 48c to $2.55, a rise of 23.19%....
Business confidence bounces
27.1.23 Business confidence bounced 18 points in January in the latest ANZ business confidence survey Expected own activity also bounced, up 10 points to -16. “Business people appear to have come back from holiday in slightly better spirits” said Chief Economist Sharon Zollner. “Some of the shock value of the November rate hike and talk of a “deliberately engineered” recession appears to have worn off, though most indicators remain at very subdued levels. “However, inflation and pricing...
‘Wettest half ever” says Mercury NZ
26.1.23 9.35am Mercury NZ’s latest quarterly operational update for the December 2022 quarter notes that it was the “wettest first half ever” for the energy gentailer. The company also notes Electricity spot prices collapsed during Q2, but Futures Prices are at or above $190/MWh out to CY26 35,000 New connections in Q2. Now Broadband acquisition lifts Telco connections by 24,00 Updated guidance is for FY23 EBITDAF of $620m or normalised at $795m after the non-cash unwinding of acquired swaps...
Higher revenue in LIC half-year
25.1.23 Livestock Improvement (LIC) has released a strong half-year result for the 2022-23 financial year, despite cost pressures, confirming it is on track to deliver a year-end result in line with expectations and guidance previously provided to the market. Reporting increased revenue (up 4.6%) but a drop in profit (down 6.4%) compared to the same period last year, Board chair Murray King says he is pleased with the result given the current challenging economic conditions. “Like many other...
Restaurant Brands sales up
25.1.23 Restaurant Brands’ total sales for the fourth quarter to 31 December 2022 increased to $332.0m (up 16.9% over the equivalent period last year), as sales recovered from the impacts of the 2021 COVID-19 outbreak in New Zealand and Australia. The sales data did not help to lift the company’s sagging share price, which is down 57% over the last year. Today’s share price fell one cent at $6.19, as the company confirmed cost inflation as a continuing headache. Worldwide inflationary...
ARE plans delisting from NZX/ASX
24.1.23 Following consultations with the major investors, Auckland real Estate Trust’s board will be presenting to unitholders a proposal to delist the Trust. Investors will shortly receive a meeting notice for a General Meeting, which will occur in early March, to present and seek investors approval for the proposed delisting. The ASX and NZX have both approved the delisting of the Trust in principle, with the key conditions being; • That investors who hold small unmarketable parcels...
Accordant acquires Hobson Leavy
24.1.23 Accordant Group Ltd [NZX: AGL] has today agreed terms to acquire Auckland-based executive search firm Hobson Leavy. Jason Cherrington, Accordant Group Chief Executive said, “We look forward to working with founders Carrie Hobson, Stephen Leavy and the team over the coming months as we bring added capability in executive search to Accordant clients, whilst introducing our wider Group expertise and capacity to the Hobson Leavy team.” Cherrington added “Growth via acquisition remains a...
Regional confidence takes a dive
Auckland has lost its mojo, says confidence survey 24.1.23 9.36am The December quarter Westpac McDermott Miller Regional Economic Confidence Survey showed a widespread slide in confidence, with every region now dipping into negative territory. Key Points: Ongoing rises in interest rates and costs of living as well as falling house prices have weighed on confidence across the regions. Waikato posted the largest fall as record low farmer confidence may have spilled over into weak...
TradeWindow secures Aussie approval
24.1.23 9.29am After gaining precursor accreditation from JAS-ANZ on January 11, TradeWindow (NZX: TWL) has now received approval from the Australian Department of Foreign Affairs and Trade (DFAT) to issue Certificates of Origin to the Australian market TWL’s statement to NZX follows yesterday’s announcement that the Auckland trade-tech company has reached agreement to provide their Cube global trade platform solution to leading New Zealand meat producer Silver Fern Farms Ltd. TradwWindow is...
NZ Market Report 23.1.23
The market made a soggy start to the week, with Wellington closed for the provincial holiday. The NZX50 drooped 28.78 points to 11,948.72. Westpac set the mood with a gloomy forecast for the economy. Genesis Energy reported higher customer numbers in 2Q23, Serko provided an encouraging update. F&P Healthcare was cropped 91c at $25.34 after a sharp run higher. Hallenstein Glasson was down 8c at $5.27. Mainfreight fell 135c at $70.05, PGG Wrightson shed 9c at $4.39 and Port of Tauranga...
Good quarter for Genesis
23.1.23 \Genesis Energy reports that customer numbers continued to grow, increasing by 2.5% relative to FY22 Q2. Netbacks grew across electricity, gas and LPG. Kupe production was lower, following a scheduled maintenance outage during the quarter. Tracey Hickman, Interim Chief Executive said, “The past quarter demonstrated Genesis’ ability respond to market conditions through flexible generation at Huntly. “Emissions were 52% lower than the same period last year. “We continued to grow customer...
Upgrade from Serko
23.1.23 3.41pm Serko Ltd (NZX & ASX: SKO) today announced an upgrade to revenue guidance for the FY23 year, following stronger than expected revenue performance across its primary markets. Solid trading results over the traditionally seasonally low period, from late December through to mid-January, has given greater certainty over expected revenue for the FY23 year. Serko expects the strong start to the calendar year to continue in the current quarter. Accordingly, Serko is upgrading its...
TradeWindow signs on meat exporter
23.1.23 3.37pm TradeWindow has provided a potential boost for its capital raising with confirmation today of an agreement to provide their Cube global trade platform solution to leading New Zealand meat producer Silver Fern Farms Ltd. TradwWindow is in the early throes of seeking to raise up to $20m from current and new investors to help the roll-out of its tech-trade software over the next couple of years. CEO AJ Smith says the scope of the new agreement means long standing customer Silver...
Westpac expects weaker economic activity
23.1.23 The New Year is off to a rocky start for the New Zealand economy says Westpac senior economist Satish Ranchhod. “Signs of a downturn in both the household and business sectors are mounting. And with a significant tightening in financial conditions over the past year, we expect that economic activity will continue to weaken over 2023. Despite that, we’re yet to see signs that inflation pressures are easing. “Looking first at the household sector, nominal spending levels slumped in...
F&P Healthcare guidance lifts shares
Fisher & Paykel Healthcare’s revenue guidance for the financial year ending 31 March 2023 indicating fresh demand for its equipment lifted the company’s shares on Friday. FPH shares rose 5.03% or $1.26 to $26.35. At current exchange rates, the company expects full year operating revenue for the 2023 financial year to be within the range of approximately $1.55 billion to $1.60 billion. Managing Director and Chief Executive Officer Lewis Gradon said, “Consistent with what we experienced...
Michael Hill posts positive trading update
Michael Hill International provided a positive trading update for the first half of FY23 ended 1 January 2023 KEY POINTS Continued EBIT growth – The Company anticipates FY23H1 Group comparable EBIT of between $52m to $55m (FY22H1: $51.6m). Double digit sales growth – For the half, Group sales were up 11.7% on LY, and for a more meaningful reflection of performance, up 14.5% on FY21 (with seven fewer stores). Strong margin performance maintained – Despite experiencing higher input costs, and a...
Update from Pacific Edge
Pacific Edge has today released its Third Quarter Investor Update showing test volumes processed in its laboratories in the three months to the end of December 2022 increased 36% on the same three-month period a year ago. In the three months to the end of December 2022 (Q3 23), Pacific Edge processed 7,768 tests. The 36% increase over the 5,708 processed in Q3 22, is a growth rate in line with the year-on-year growth rates the company achieved in Q2 23 and ahead of the year-on-year growth rate...
Job confidence softens
19.1.23 9.29am The Westpac McDermott Miller Employment Confidence Index (ECI) fell to 108.0 in the December quarter, from a post-Covid high of 115.2 in the September quarter. “The outlook for the year ahead in particular has softened in recent months”, said Michael Gordon, Acting Chief Economist for Westpac. Perceptions about future job opportunities and job security accounted for the greatest part of the decline in the December survey. “While the jobs market is still very tight at the moment,...
Bankers post div increase in turbulent times
19.1.23 9.00amNZT This past year has been one of the most turbulent in recent history, Simon Miller, the chairman of Bankers Investment Trust plc says in the annual results released in London last night. “Inflation has surged to levels not seen since the 1980s and the deteriorating economic outlook has resulted in sharp falls in both bond and equity prices. Stock picking has been challenging.” The company’s share price has reflected these uncertain markets, he notes. The NAV total return was...
Smartpay provides upbeat update
19.1.23 8.40am Smartpay updated the market early today, stating it was looking to a strong finish to the FY23 year. The continued investment in marketing and sales has resulted in further acceleration in customer acquisition in the third quarter of FY23 with over 1,950 new transacting terminals added through to the end of December ‘22. This took the number of terminals to 14,250. Consolidated revenue is up 60% year-on-year. Australian Acquiring Transactional Revenue increased 85% year...
Successful ruling on tax losses
18.1.23 10am Allied Farmers has advised the market of the results of a private ruling from Inland Revenue under s91E of the Tax Administration Act 1994 that will result in a significant increase in the tax losses currently available to the rural investment group. Since November, Allied Farmers has worked with IRD in relation to the ruling. In the financial statements for 30.6.22 no tax losses were recognised as an asset, and there was a disclosure that tax losses of $36,288,403 were available...
