Level half year for Hallenstein Glasson
28.3.24 9.05am Retail group Hallenstein Brothers has mirrored the present economic situation in fling a virtually flat half-year result this morning – whilst maintaining an attractive dividend rate. The unaudited total group sales for the six months to 1 February 2024 were $223.0m, compared to $223.3m in the prior corresponding period. Group unaudited net profit after tax (NPAT) was $21.1m, an increase of 1.5% over the corresponding period last year ($20.8m). The result is in line with the...
Trading halt for Synlait Milk
28.3.24 at the request of the company, NZ RegoCo placed a trading halt on Synlait Milk ordinary shares and “SML010” bonds at pre-market open today. As previously announced by SML, SML is required under its syndicated banking facilities to make a prepayment of at least $130m on Thursday, 28 March 2024; is running a sale process in respect of Dairyworks; has announced that it will provide an update to the market on Tuesday, 2 April 2024 regarding its plans to deleverage its balance sheet;...
Spark launches further buyback
Spark New Zealand's on-market share buyback is to continue the return of TowerCo proceeds to shareholders Spark New Zealand is to undertake a further on-market share buyback that will commence on 8 April 2024. The maximum number of ordinary shares that may be acquired pursuant to the new buyback programme over the next 12 months is 33,659,451 shares. The new buyback programme is being made with a view to completing the return of up to NZ$350m to shareholders, resulting from the partial sale of...
Sales surge for Restaurant Brands in FY23
Fast food operator Restaurant Brands' group store sales reached a record high of $1,322m for FY23, an increase of $83m (6.7%) on FY22, with all four operating divisions showing growth in terms of NZ dollars. All up revenue rose +7.5% at $1.39bn. The market responded with a price surge of +9.70% or 32c to $3.62. The same divisions also experienced ingredient inflation and minimum wage increases, with New Zealand stores impacted the most, which impacted margins. Net profit at $16.3m (in the...
$3.5bn lid on new spending
27.3.24 The 2024 Budget Policy Statement, released on Wednesday March 27, shows that New Zealand’s coalition government aims to reduce debt and government spending as a proportion of the overall economy, and target a return to fiscal surplus. “Our priorities for Budget 2024 include “meaningful tax reductions to provide cost of living relief”, identify enduring public sectors savings, spending on priority areas including health, education and law and order and a pipeline of infrastructure...
Profit leap for NZ King Salmon
27.3.24 New Zealand King Salmon Investments Ltd has reported a continuation of its turnaround with a resounding net profit The company also that after nine years of pursuing a resource consent, which costs millions of dollars to achieve, it has received consent and can now proceed on building a bluewater sea farm Chair Mark Dewdney said: “The second half of the year has seen a continuation of our turnaround which started in FY23. “Our new farming strategies have again assisted in reducing...
Temporary CEO appointed at Fletcher
25.3.24 8.56am Fletcher Building will have a stand-in chief executive for several months until a permanent CEO is appointed with incumbent Ross Taylor stepping back at Easter. The Fletcher board has appointed Nick Traber as acting CEO of the company, replacing Mr Ross Taylor, effective from 29 March 2024 for an interim period until a permanent CEO is appointed. Mr Traber has been chief executive of the company’s high performing Concrete division since January 2021. During his tenure he has...
Land impact on FPH FY24
23.3.24 9.36am Fisher & Paykel Healthcare is soon to undertake a scheduled valuation of the properties that it owns in East Tāmaki and Karaka, Auckland and in Tijuana, Mexico as at 31 March 2024. “In preliminary discussions we have been advised that the higher interest rate environment and current zoning status of our land in Karaka will likely have an adverse impact on the Karaka property valuation,” says managing director and CEO Lewis Gradon. “Any reduction in the value of the Karaka...
F&P Healthcare pushs up FY24 guidance
23.3.24 9.30am Market heavyweight Fisher & Paykel Healthcare Corporation has upgraded its revenue and earnings guidance for the March 2024 financial year. The full year guidance previously provided on 29 November 2023, based on a NZ:US exchange rate of 58 cents, was for operating revenue to be approximately $1.7 billion and net profit after tax to be in the range of approximately $250 million to $260 million. Now, assuming a NZ:US exchange rate of approximately 61 cents for the balance of...
Manawa Energy upgrades guidance
22.3.24 8.54am Manawa Energy advises that EBITDAF for the March 2024 year is likely to be in the range of $142m to $147m, which is above the previous guidance range of $120m to $140m. Capital expenditure guidance remains unchanged at $65m to $80m. The revision is driven by several factors, including an increased focus on operating efficiencies and value capture, favourable energy trading conditions in Q3 and Q4, and relatively strong irrigation demand. It is contingent on there being no...
Agria withdraws push for PGW meeting
22.3.24 8.52am PGG Wrightson Ltd told NZX early today that it has received notice from Agria (Singapore) Pte Ltd (Agria) that it has withdrawn its notice issued on 8 February 2024 requesting that a special shareholders meeting be convened to consider several proposed director changes. The PGW board welcomes this development and has determined that preparations for the proposed special meeting will now not be needed. “Agria and the PGW board have determined that the current composition and the...
NZ economy flat lines into 2024
21.3.24 The New Zealand economy contracted 0.1% q/q in the fourth quarter of calendar 2023. A little weaker than Westpac’s forecast of +0.1% and a technical recession at year-end. “But this isn’t your run-of-the-mill run-for-the-hills recession that we’ve seen through times of financial market and economic crisis,” comments Miles Workman, an ANZ senior economist. “Rather, it’s a policy-induced slowdown that’s part of the necessary transition from too much fiscal and monetary stimulus in the...
NZ economy flat lines into 2024
21.24.24 The New Zealand economy contracted 0.1% q/q in the fourth quarter of calendar 2023. A little weaker than Westpac’s forecast of +0.1% and a technical recession at year-end. “But this isn’t your run-of-the-mill run-for-the-hills recession that we’ve seen through times of financial market and economic crisis,” comments Miles Workman, an ANZ senior economist. “Rather, it’s a policy-induced slowdown that’s part of the necessary transition from too much fiscal and monetary stimulus in the...
“Sobering” half year for Warehouse Group
20.3.24 The Warehouse Group has announced half year results for the six months ending 28.1.24 reporting a Net Loss After Tax of $23.7m.. Group continuing sales of $1.633 billion in 1H24 H1 were down 4.9% compared to 1H23 H1 . The Warehouse sales were $965.6m, down 4.7% Warehouse Stationery sales were $117.9m, down 5% Noel Leeming sales were $544.4 m, down 2.2% Gross Profit of $559.7m was down 0.4% but gross profit margin increased 160 basis points to 34.3% The Warehouse gross profit...
KMD Brands tipped into half-year loss
19.3.24 Weaker consumer sentiment and a warm winter combined to knock the half year results of Christchurch-based global exporter KMD Brands into a loss situation. The foreshadowed market sentiment was starkly outlined by Group CEO & Managing Director Michael Daly: “Through the first half we continued to experience the effects of weakness in consumer sentiment. Sales were 14.5% below last year’s record result; and decreased for all three of our brands.” “Weaker consumer sentiment, the...
Contact Energy energy sales up in February
Contact Energy’s monthly update advised that their customer business recorded mass market electricity and gas sales of 252GWh in February 2024 fairly steady with a year earlier (February 2023: 251GWh). Mass market netback of $139.62/MWh was higher (February 2023: $119.90/MWh). The Wholesale business recorded contracted wholesale electricity sales, including that sold to the Customer business, of 640GWh during the month, rising on the pcp of February 2023 (509GWh). Electricity and steam net...
Geneva Finance trims the sails
18.3.24 The Geneva Finance group has released its year-end forecast for the March 2024 financial year, confirming a decrease of approximately 24% in pre-tax profit compared to the previous year. This aligns with the market update provided on 29.11.23, where a 23.8% decline in the September 2023 half-year results compared to the same period in 2022. As highlighted in the November announcement, the group has assessed the contributions of the group’s different business units and has decided to...
Cooks Coffee raising capital
Cooks Coffee intends to undertake a placement to selected investors and a share purchase plan to its existing shareholders with an address in New Zealand. The offer is not underwritten. CCC owns the Triple Two Coffee business that is based in the UK and is one of the fastest-growing coffee focused brands in the UK market. The company’s shares have traded higher this year and current price is 24c, The purpose of the offer is to raise funds (after issue costs) for: - investing into improvements...
Briscoe scores an ‘extraordinary’ result
Briscoe Group Ltd got the day off to a positive start by announcing a net profit after tax of $84.2 million for the year ending 28 January 2024, Representing 95% of the record $88.4 million reported for the previous year it was a remarkable result against the backdrop of the economy possibly being in a shallow recession. Board chair, Dame Rosanne Meo announced that the directors have resolved to pay a final dividend of 16.5 cents per share (cps). The dividend is fully imputed and, when added...
Air NZ pausing Chicago route
A shortage of engines for their Boeing 787 Dreamliner fleet has seen Air New Zealand pause its Auckland – Chicago non-stop service from 31 March to November 2024. The route is being putting on hold due to ongoing challenges with the availability of serviceable Rolls-Royce Trent 1000 engines which is impacting airlines around the world. These are the engines used on Air New Zealand’s Boeing 787 aircraft. “Chicago is a popular route for customers and one the airline plans to resume flying to...
Further large US contract for IKE
IKE GPS advised NZX today that it has secured another significant multi-year subscription deal The agreement with the second largest electric utility group in North America for a five-year term that is expected to generate ~NZ$2m in total subscription revenue, or an additive NZ$0.4m ARR. ikeGPS Group added: + The deal will be upgrading the client from IKE’s legacy product to its new PoleForeman structural analysis platform + The initial purchase order is for the first year of the agreement,...
Metro Glass trim guidance, cut costs
6.03.24 Metro Performance Glass today provided a sobering update on trading and provides guidance on .the FY24 year which are due to be released in May CEO Simon Mander said “Activity in the residential sector softened through the second half of 2023, impacting demand for glass. “The beginning of the calendar year was particularly weak as the sector restarted slower than expected after the Christmas holiday period. Reduced supply chain costs were supportive. “Uptake of high value LowE glass...
Black Pearl outlines revenue gain
Black Pearl Group advised the market that in February 2024 the company secured over NZ$1m in new Annual Recurring Revenue (ARR), moving the total ARR to over NZ$7m. Consistent growth has positioned BPG for recurring cash profitability as projected to the market at the Annual Shareholder Meeting. Recurring cash profitability is a paramount milestone for technology businesses. As cash profitability nears, the company has been able to increase resource allocation to the next wave of...
Cyclone disrupted T&G Global year
29.2.23 The impact of Cyclone Gabrielle and the complexity of T&G Global’s associated insurance claim have been influential factors in the horticulture exporter recording a full-year loss before tax of $64.2 million for the December year. Revenue rose 2% to $1.33 billion. The net profit after tax was -$55.15m. The insurance complexity has delayed finalising the value of the insurance claim receivable at balance date. T&G Global chair Benedikt Mangold said the loss reflected both the...
Reserve Bank sits tight -OCR unchanged
28.2.24 2.09 pm The monetary decision that has had the markets on tenterhooks finally emerged in early afternoon – with the Reserve Bank’s monetary policy committee deciding to sit tight at 5.50% For days the question ‘Will Governor Adrian Orr further raise the Official Cash Rate? The answer was to sit –look- listen – and wait. Mortgage holders and commercial borrowers will slowly breathe out. Those who pay rent will ask what all the fuss was about. It is evident that there was some...
Seeka has net loss for disrupted 2023
Fresh produce handler Seeka Ltd, which has operations in New Zealand and Australia, has reported a December year loss before tax of $21.0 million, down 29% from a $6.5 million net profit in 2022. The result is at the lower end of guidance of $20 million to $25 million loss before tax. A $26.0 million EBITDA is down 44% on FY22's $46.1 million. Seeka has reported a ($14.5) million net loss after tax — down from $6.5 million net profit in FY22 "The 2023 harvest was difficult right across the...
Active year for Vista Group
Vista Group International has reported its full year results for the year ending 31.12.23 with strong client signings to its cloud platform a highlight of the period Stuart Dickinson, Vista Group’s Chief Executive, commented: “In 2023 we executed on our strategic priorities; the transformation of Vista Group into a single business, Vista Cloud signings and onboarding, and accelerated margin and SaaS revenue growth. “With box office for 2023 up more than 30% on 2022, the confidence in the...
Reduced interim result for Spark
Spark New Zealand has announced a lower first half result, with adjusted revenue and EBITDAI growth against the backdrop of a challenging economic environment. On a reported basis revenue and EBITDAI declined as Spark cycled the significant net profit declared in FY23 following the TowerCo and Spark Sport transactions NPAT decreased on an adjusted basis by 4.8% to $157 million 1H24 dividend of 13.5 cents per share declared, 100% imputed Reaffirmed FY24 EBITDAI, capital expenditure, and total...
Meridian sales soar in half-year
28.2.24 Meridian Energy has reported net profit of $191 million for the six months ended 31 December 2023, $10 million or 5% lower than the same period last year. The year-on-year reduction in NPAT is largely due to changes in the fair value of hedge instruments. Operating earnings (EBITDAF) of $443 million increased by $18 million (4%) over the previous year, driven by higher retail and wholesale sales. An unrealised loss in the value of hedge instruments amounting to $2 million...
Busy half-year for NZ Windfarms
27.2.2 A strong financial performance by NZ Windfarms for the December half year was driven by higher spot and hedged electricity prices coinciding with improved wind generation. Revenue from continuing operations landed at $7.02m – 6.03% and the bottom line result was down 275% at -$3.15m. During the period NZ Windfarms repaid all outstanding bank debt. Debt service payments will no longer be necessary. Management will review the company’s future bank funding requirements. Surplus capital...
