Latest News

Me Today making capital raise

30.5.22 Me Today’s FY22 March results reflect a  non-cash impairment and  the company also announced a pro-rata capital raise. The result includes nine months trading of the King Honey business since acquisition on 30 June 2021, together with twelve months trading for the other members of Me Today group. The group has changed its balance date to 30 June and will prepare audited financial statements for the fifteen-month period ended 30 June 2022, to be released to the market by 30 August 2022....

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Record year for Arvida Group

30.5.22 Retirement village and aged care operator Arvida Group has reported a record full year IFRS net profit for the year ending 31 March 2022 of $198.9 million, up 52% on the prior year. Results included the impact of unrealised movements in the fair value of investment property. Arvida chief executive Jeremy Nicoll said performance had benefited from the $345 million acquisition of the Arena portfolio of six retirement communities during the year. Underlying profit1 for the year at $73.5...

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Disruptions tip Metro Glass into red

30.5.22 Metro Performance Glass’ March FY22 results (unaudited) reflect external disruptions and other external pressures that have materially impacted profitability New Zealand revenue declined 1% year on year supported by robust activity before and after the lockdown period AGG  (in Australia) delivered revenue growth of 11% as market activity remained strong despite disruptions. Group EBIT before significant items down 66% to $5.9 million. Significant increases to input costs and the NZ...

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Third Age Health Services has good FY22

30.5.22 Aged care medical services provider, Third Age Health Services reports a solid performance for FY22 with net profit growing by 12.7% to $1.2m, despite challenges and sector headwinds during the year. Key highlights during the period include the appointment of Tony Wai as CEO from October 2021, the completion of an in-depth business review and reset, board approval of a future-focused strategic plan and acquisition of two community General Practices that will support accelerated growth...

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Resilient year for Radius Residential Care

30.5.22 Radius Residential Care has delivered strong results for the 12 months to 31 March 2022 that were well within the guidance metrics provided in November 2021. Financial highlights: • Total income: $135.9m, up 7.8%. • IFRS Net profit after tax: $2.7 million, up 56.8%. • Pre-IFRS 16 Underlying EBITDA : $10.7 million, up 2.3%. • Premium Accommodation Charging: $6.8 million up 20.5%. • Underlying EBITDA: $22.3 million, down 4.7%. • Final cash dividend: 0.55 cps takes FY22 total cash...

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Covid closures cramp Truscreen

30.5.22 Cervical cancer technology company Truscreen Group) has improved product sales but recorded a larger loss in its preliminary unaudited financial results for the year ended 31 March 2022. Financial Results for the year ended 31 March 2022 Truscreen generated product sales of $1.7m (2021: $1.1m) a 48% increase on the prior year with China again being the major contributor. COVID continued to be an inhibiting factor in all countries with sales in both Vietnam and Eastern Europe deferred,...

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Difficult year for NZAI

30.5.22 NZ Automotive Investments has announced a lower net profit  after a difficult period during the Covid-19 closures during the year ended 31 March 2022 (FY22). Summary: Revenue and income of $66.0 million, down $0.1 million from last year • Actual net profit after tax (NPAT) of $2.6 million down from $3.2 million last year • Underlying net profit after tax of $1.7 million down from $3.8 million last year • Net operating cashflow (excluding loan book lending) decreased by $6.8 million •...

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First results out from TradeWindow

TradeWindow has rolled out its first financial results since listing, for the full year to 31 March 2022, demonstrating strong progress in building a connected global trade platform for exporters, importers, freight forwarders and customs brokers. This includes further growth and scale in New Zealand and foundations for continued growth in Australia Key highlights include:  Total income $4.9m, up 108% Trading revenue $3.9m, up 136% from $1.6m in FY21 (up $0.5m or 32% excluding acquisitions)...

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Colonial Motors backs up on guidance

30.5.22 Colonial Motors released a positive guidance to the market. Their half year report released in February announced a record first half result of $17.997 million trading profit after tax. In that report, the board commented that consumer demand had continued to be robust, but there were a number of potential headwinds that could impact the results in the second half. “There have been Covid and supply chain disruptions to trading experienced across the business, but not to a degree that...

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Stride Property has expansionary year

27.5.22 FY22 has seen continued growth in Stride Property ’s real estate investment management business, with assets under management growing by $0.6 billion or 20% during FY22, from $3.0 billion as at 31 March 2021 to $3.6 billion as at 31 March 2022. This growth in assets under management has contributed to the growth in recurring base management fees earned by Stride Investment Management Limited (SIML), up 18.7% from FY21. FY22 highlights: Net rental income from continuing operations of...

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DGL Group to delist from NZX

In a surprise move, DGL Group Ltd will delist from the Main Board of NZX, and move to a sole listing on the Australian Securities Exchange (ASX). NZX Regulation Limited has approved the delisting, subject to DGL meeting certain customary conditions. The trading of DGL shares on NZX will cease at the close of business on Tuesday, 28 June 2022. DGL shares quoted on NZX will be transferred to a quotation on ASX, and there will be no NZX trading on Wednesday, 29 June 2022 and Thursday, 30 June...

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Border closures impact Accordant

Accordant Group announced a $3.0m after-tax profit for the March 2022 year, down from $6.3m in FY21. The group was affected by the lengthy border closure and lockdown in the second half of calendar 2021, this time, without significant government support. Other factors affecting financial performance were the standard Intangible asset amortisation and Fair value Loss on Contingent Consideration on the JacksonStone & Partners final payment. Chairman Simon Bennett said the more useful...

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Record performance by Rakon

26.5.22 Electronics export manufacturer Rakon has achieved record earnings for FY12, on the back of continued strong growth in global demand for its industry-leading frequency control and timing solutions. Total revenue for the March year rose 34% to $172.0m (FY21: $128.3m). Gross margin improvements, combined with largely unchanged overheads, drove a 132% increase in Underlying EBITDA to $54.4m (FY21: $23.5m), which is slightly above the latest guidance of $49-$53m. Net profit increased by...

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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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