Lower interim result for Heartland
Heartland Group Holdings reports a 22.7% or $11.1m lower net profit of $37.6m for the December half year. Underlying NPAT was $52.7m down by $2.0m (3.6%) on 1H23. One-off or non-cash technical items had a $15.1m net impact on NPAT. Gross finance receivables were up 4.2% and there was continued strong growth in New Zealand Reverse Mortgages (up 18.7%)5 and Australian Reverse Mortgages (up 20.0%)5. Heartland reports solid growth in Asset Finance (up 8.9%)5 and Motor Finance (up 6.4%)5. An...
New Talisman shares for notes
New Talisman issue New Talisman Gold Mines is to issue 16,500,000 ordinary shares in partial conversion of the convertible note debt security issued to Hamish Brown which matured on 23.2.24. The amount payable for the shares will be NZ$276,375 (being 15% discount on the 20 day VWAP of NTL shares as per the terms of the note). A full conversion of the Note to ordinary shares would contravene the New Zealand Takeovers Code threshold of 20% of NTL’s total issued share capital, NTL observed. “For...
Vector Group has solid half year
27.2.24 Vector Group Ltd’s financial performance for the six months to December reflects a solid result across regulated networks and gas trading business segments, driven by higher revenues, says CEO Simon Mackenzie. Adjusted EBITDA for the group, which excludes the capital contributions customers pay for new connections on the network, was up 7% to $185 million. “Underlying net profit after tax was up 29% on the prior period, however the reported group net profit after tax was $22 million as...
Chorus extending fibre reach
27.2.24 In the first significant expansion of New Zealand's fibre network since the completion of Ultra-Fast Broadband (UFB) in December 2022, Chorus has begun extending fibre to 10,000 more homes and businesses. "The extension to these 10,000 premises in 59 locations includes communities adjacent to our fibre footprint and places like Milford Sound, where we've completed a government funded backhaul link into the township,” says Chorus CEO JB Rousselot. "About 60% of the homes and businesses...
Chorus net profit down 40%
27.2.24 Financial results from fibre infrastructure operator Chorus show a return to normal operation following the pandemic and other issues in recent years. The company stated that it achieved a solid result in the half year to 3112.23. Demand for fibre broadband continues to grow with uptake passing 70% and data consumption back at levels last seen during the pandemic lockdowns. EBITDA was $347m for the six months was a $5m increase on HY23 EBITDA of $342m. Operating revenues were up $16m...
PGG Wrightson half reflects tough rural tone
27.2.24 The rural services group PGG Wrightson has traded solidly during the first half of the financial year “In materially more challenging market conditions than experienced in recent years,” says chairman Garry Moore. The group’s half year reflects the pressure on the rural sector. PGG Wrightson has reported this morning that revenue was $560.9 million (down $24.9 million or 4% per cent) and net profit after tax (NPAT) was $12.7 million (down $8.4 million or 40%). PGW delivered Operating...
Impressive year for Summerset
Retirement village operator Summerset Group Holdings announced a record full year underlying profit for the year ending 31 December 2023 of $190.3 million, up 11.0% on FY22. Net profit after tax (IFRS) was $436.3m, the company’s second highest ever NPAT. Summerset had a growth year with 1,103 total sales of occupation rights, up 10% on FY22, and 643 new homes under occupation right agreement (ORA) delivered. The company ended the year with a land bank total of 5,571 retirement homes and 1,338...
Valuation affects PFI first half
26.2.24 An increased fair value drop is reflected in Property for Industry’s annual results for the year ended 31.12.213. “Strong leasing outcomes have delivered cashflow and stability,” says PFI Chief Executive Officer, Simon Woodhams. “Despite significant increases in interest rates during the year, low gearing, low vacancies and growing rents have all worked in our favour.”PFI reported a loss after tax for FY23 of $97.8m (loss of 19.48 cps), as compared to a loss of $13.9m (loss of 2.76...
Michael Hill impacted by costs
26.2.24 Following three years of record results at Michael Hill International, retail conditions for the fine jewellery sector were challenging throughout 2023. The macroeconomic environment impacting consumer sentiment resulted in difficult trading conditions across the first half of FY24. Group revenue was up 4% on a 26-week basis (including Bevilles) at $362.7m, and flat on a statutory basis (1H23: 27 weeks). The sales trend for the core Michael Hill brand improved through the half, however...
Goodman Property reaffirms guidance
26.3.24 Goodman Property Trust has reaffirmed FY24 guidance and stated it has delivered a robust operating performance for the year to date, GMT notes increasing rentals, sustained high levels of occupancy and development completions producing significant growth in cashflows: Full-year underlying cash earnings is reaffirmed at around 7.4 cents per unit1 , up 4% on FY23. Full-year distributions reaffirmed at 6.2 cents per unit, up 5% on FY23. FY25 guidance Full-year cash earnings for FY25 is...
New fund to target Auckland logistics
26.2.24. On the basis that a planned internalisation proceeds, Goodman Property will seek to establish a funds management platform anchored by a new Auckland logistics property fund. Initially investing up to $100 million itself, and with a commitment of up to $200 million from Goodman Group, GMT will leverage Goodman Group’s global investor relationships to secure further third-party capital. John Dakin, chair of GNZ said, "GMT's substantial Auckland industrial portfolio, urban logistics...
Property trust to internalise management
26.2.24 Goodman (NZ) Ltd (“GNZ”) has entered into an agreement to internalise the management of Goodman Property Trust (“GMT”) to support its future growth strategy. Conditional on Unitholder and other approvals, the change to the corporate structure would bring to an end the existing external management arrangement with ASX-listed Goodman Group and effectively transfer these functions to GMT. James Spence, CEO of GNZ said, “Internalisation is expected to provide growth opportunities for our...
Marsden Maritime slightly down
The diversified base of Marsden Maritime Holdings is evident in the company’s interim results with continued growth in underlying earnings of $1,008,000, up 15.6%. This is driven by operating income of $6,048,000, up 9.5% on previous year. This continued growth reflects the strength of the parent company’s operations and a sound recovery from Gabrielle. MMH has not been immune to the challenging economic conditions and significant increases in interest rates in recent years. MMH Group NPAT of...
Delegat half-year reflects lower replenishment
23.2.24 Major wine exporter Delegat Group reflects a flattening in customer inventories in its interim results to December 31. With supply chains stabilising, distributors and retailers have reduced inventory holdings resulting in lower replenishment orders for the year to date. Operating revenue is $198.6 million on global case sales of 1,924,000 in the six month period. As a result, revenue of $203.08 million is down $0.2 million on the same period last year primarily due to the...
Interim net loss for MOVE
Transport and logistics group, MOVE Logistics Group reported unaudited interim results for the six months ended 31 December 2023 with normalised EBITDA of $13.2m. This is above the guidance provided earlier (1H24 Normalised EBITDA $11.5m - $12.5m). Total income of $159.4m is 11.2% lower The reported net loss for the period is $(10.7)m which is down 279%.,with normalised NLAT of $(9.6)m Net debt has reduced to $16.9m. No dividend has been declared Economic and sector headwinds continue to...
Port of Tauranga half-year profit falls
23.2.24 A return to normalised shipping and current tough trading condition has seen Port of Tauranga report a $47.2 million profit for the six months ended December 2023, a 24.7% decrease from $62.7 million in the pcp. Earnings were impacted by lower overall trade volumes, especially in imported and transhipped containers, and higher operating costs, including rail charges. Operating revenue was $200.0 million, a 5.6% decrease from $211.9 million in the first half of the 2023 financial year....
Auckland Airport has first half rebound
Global demand for travel saw Auckland Airport deliver a solid result in the first half of the 2024 financial year, Key performance data for the six months to 31 December 2023: Total number of passengers 9.3 million • Domestic passengers of 4.3 million, and international passengers (including transits) of 5.0 million • Revenue of $440.5 million • Operating EBITDAFI of $310.2 million • Reported profit after tax of $118.7 million • Earnings per share of 8.05 cents • Net underlying profit after...
Retailer rallies on surprise update
22.2.24 Hallenstein Glasson released a market update that positively surprised the market and drove share price higher. Unaudited total Group sales for the six-month period ended 1 February 2024 were $223.0 million, compared to $223.3 million in the prior corresponding period. Group unaudited net profit after tax (NPAT) is projected to be in the range of $21.0 million to $21.5 million, an increase of approximately 2% over the prior year ($20.8 million). The balance sheet for the group remains...
Torpedo 7 sold for one dollar by WHS
22.2.24 Looking to focus on its core brands The Warehouse Group has sold its outdoor brand Torpedo7 to Tahua Partners Ltd for $1. Tahua Partners will take ownership of Torpedo7’s assets, including stock, cash in store and the Torpedo7 brand, and will assume its obligations, including in respect of leases and honouring gift cards, online orders, and customer returns. The majority of the permanent Torpedo7 team will be offered employment by Tahua Partners. The Warehouse Group expects that the...
Unsolicited proposal has market abuzz over Comvita
Comvita, the honey products processor and exporter, has been approached by “a credible offshore party” with a highly conditional unsolicited, indicative, non-binding proposal to acquire all of its shares (“NBIO”). The indicated offer price represents a significant premium to the current share price. This price was not disclosed in the late afternoon announcement to NZX. In the closing hours of trading on NZX, Comvita shares provided plenty of buzz by jumping 46c or 25.70% to $2.25. The party...
Growth half year for Sky TV
22.2.24 Sky Network Television produced another period of growth in 1H24, delivering increases in all key metrics through a strong focus on execution. Chief Executive Sophie Moloney said: “Sky has delivered a strong first half performance that demonstrates Management’s ability to execute on strategy to drive revenue and margin growth Key results : +3.7% growth in Revenue to $392.7 million, driven by strong growth in Sky Sport Now, Advertising and Broadband +11.1% growth in EBITDA2 to $81.7...
Profit drop for NZME
21.2.24 NZME Ltd the media group filed financial results for the full year ended 31.12.23 reporting a statutory net profit of $12.2m, down 45% for the year. The company also reported EBITDA of $56.2m which was 13% lower than 2022. Revenue was $347.6m, down 5% on the year prior. 2023 was the company’s final year of focusing on its three-year strategic targets that it set in 2020, achieving the majority of those targets, with the financial targets being impacted by the challenging economic...
Ventia Services has solid year
Ventia Services Group Ltd’s full-year result for the financial year ended 31 December 2023 (FY23), delivering 10% higher revenue at of $5,676.4m with NPATA of $202.1m up 12.5%, This outperformed the top end of of the company’s guidance range. Ventia Group Chief Executive Officer, Dean Banks said: “Our FY23 result is another consistent and reliable performance for our investors, which is testament to the success of our strategy and operating model. “In 2023, we achieved cross-selling growth of...
Reduced China demand impacts Comvita half
21.2.24 Honey products exporter has reported soft 1H24 results impacted by weaker consumer sentiment in mainland China and, to a lesser degree, in North America The results in the US market were also affected by the loss of some distribution with one customer. However, Comvita says market positioning and margins remain strong, with the company the market leader in five out of six of its key markets Gross margin at 60% remains in line with Comvita’s FY25 strategic plan. Comvita’s revenue...
Growth half-year for EBOS Healthcare
21.9.24 EBOS Healthcare has reported another strong performance for the first half of the 2024 year, driven by continued organic growth as well as several strategic investments. The EBOS group also continued to deliver strong normalised growth excluding the Chemist Warehouse Australia contract, with Underlying EBITDA growing by approximately 10%, “Demonstrating the benefits of our diversification, which provides multiple growth levers,” says CEO John Cullity. Half-Year Highlights Revenue of...
Summerset plan bond offer
20.2.24 Summerset Group Holdings is considering making an offer of up to NZ$75m (with the ability to accept up to an additional NZ$50m of oversubscriptions at Summerset’s discretion) of six year, fixed rate bonds to New Zealand investors. The bonds will be unsubordinated obligations of Summerset, and will have the benefit of a guarantee and security package provided by the Summerset guaranteeing group. It is expected that full details of the offer will be released in the week beginning 26...
Hot summer and soft spending check KMD
20.2.24 A soft retail summer as the cost of everything began to impact on consumers, and climate factors, saw KMD Brands sales for the first half year decline below those of a year earlier. KMD today provided a preliminary update (subject to audit review and finalisation) for the half year ended 31 January 2024 (“1H FY24”) Group CEO & Managing Director Michael Daly said “Kathmandu has experienced softer trading results since June 2023. A combination of weaker consumer sentiment, the...
THL steers to a solid half year
20.2.24 The recovery of international tourism and a successful merger of Apollo in Australia have underpinned a strong December half-year result for Tourism Holdings. Revenue raced 72% higher to $449.20m, sending net profit after tax (NPAT) to $39.7m, an increase of 58% on the pcp. The rentals division performed well globally, with rental yields growing or remaining stable in all markets. Continued rental fleet growth saw the closing rental fleet of 7,366 up 15% on the pcp. THL declared an...
Steel & Tube rides out tough half
Steel & Tube Holdings has reported lower revenue and earnings for its December half-year, with subdued volumes seen across all sectors with economic headwinds continuing the trends seen in 2H23. Volumes were down 5.1% on 2H23. Revenue fell 17% to $261.75m, and statutory net profit came down 54.8% to $5.35m. Gross margin $/tonne continued to improve as a result of pricing disciplines and cost control, increasing to $926 per tonne compared to $850/tonne in the pcp. On a more positive note,...
Renewables assist Mercury NZ
Mercury NZ displayed its growth ambitions during the latest half-year with the delivery of more renewable generation, which made a positive contribution to a bottom-line that landed 27% lower than the same period last year. Revenue was $1,605 million, up 23%. Mercury’s net profit after tax was $174 million for the half year, down $65 million on the pcp due to higher depreciation, interest charges and net changes in fair value. Mercury reported EBITDAF of $434 million, $17 million down on the...
