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A2 Milk reported a 42 per cent jump in annual net profit to $114.7 million. Photo / 123RF
A2 Milk reported a 42 per cent jump in annual net profit to $114.7 million, which was driven by strong growth in its infant formula business in China.
The company also said it intended to return capital through a $150m on-market share buyback.
The company's result showed revenue in the June year grew 19.8 per cent to $1.44 billion.
Earnings before interest, tax, depreciation and amortisation (ebitda) was up 59.0 per cent to $196.2m.
Cash on hand came to $816.5m.
A2 said it faced a positive outlook for 2023 with high single-digit revenue growth and ebitda margin improvement expected.
Cinema software company Vista Group has upgraded its revenue guidance for the full year as box office growth improves.
The Auckland-based company that dominates cinema management and marketing software worldwide still reported a net loss for the first half but saw positive revenue and earnings growth.
The net loss for the six months June 30 was $18 million, which included $13.8m of non-cash impairment charges related to Vista China, equity accounted losses and acquisition costs. The loss widened from $2.6m reported for the previous corresponding period.
Total revenue climbed 39 per cent on the same period a year ago to $62.4m, with recurring revenue up 43 per cent.
Earnings before interest, tax, depreciation and amortisation (ebitda) rose 11 per cent to $3m.
Vista said it upgraded its revenue guidance for the full year to $123-128m (from its previous range of $118-123m), noting box office growth and momentum across all major markets.
Major fast food operator Restaurant Brands has thanked its Hawaii business, more stores and a stronger US dollar for soaring sales in the first half of the year.
Reporting its half-year result to the NZX, the company said sales rose to $584.9 million for the six months ending June 30.
That was a $44.3 million increase on the previous half-year.
Ebitda before expenses fell $3.7m to $84.3m. The company said that was symptomatic of major inflationary pressures facing the company in all markets.
The company earned group net profit after tax of $15.3 million for the half-year. That was down $19.2 million on the last half-year's reported result.
International jeweller Michael Hill has revealed a positive full-year profit.
The result was despite an ongoing battle against the restraints and difficulties Covid-19 had thrown at the company over the past two years.
The Brisbane-based jewellery chain reported a net profit of A$46.7 million ($52.4m) in the 12 months ended June 26, up 13.9 per cent from the previous period.
The jeweller has made a steady recovery since 2020 when it reported a A$3.1m profit, due to the difficulties of the pandemic.
Revenue rose 7 per cent to A$595.2m and the retailer increased gross margin by 200 basis points to 64.7 per cent.
Vector reported flat full-year operating earnings for the 12 months to June 30, and net profit that fell from $194.6 million to $160.9m as it took a $40.2m non-cash impairment on its LPG business.
The NZX-listed lines company said earnings in its gas trading business were hurt by Saudi Aramco's higher LPG contract pricing, higher Emissions Trading Scheme costs and the weaker Kiwi dollar.
Revenue was up 4.7 per cent to $1.24 billion and adjusted ebitda dipped 0.7 per cent to $510m.
The full-year dividend was flat at 16.75 cents per share.
Port of Tauranga has ridden out another year of supply chain upheaval and ships not arriving on time to deliver an 8.7 per cent lift in group net profit after tax to $111.3 million.
The company beat its earlier earning guidance of $103m-$110m.
Profit before tax was $150.3m, compared to $137m last financial year.
Operating revenue rose 10.9 per cent to $375.3m.
The port will pay a final dividend of 8.2c a share, bringing its total dividend for the FY22 year to 14.7c a share, compared to 13.5c the previous year.
Campervan operator Tourism Holdings has narrowed its loss after another year hammered by pandemic-driven lockdowns and border closures.
The company made an underlying net loss after tax of $5.4 million in the year to June 30, a 63 per cent improvement on the $14.3m loss in made in the prior financial year.
Its statutory loss shrunk to $2.1m from $14.5m.
Its operating revenue was down 4 per cent to $345.8 million and earnings before interest and tax were $6.9m - compared to the $8.3m loss in the prior financial year.
Listed winemakers Delegat Group and Foley Wines both reported weaker profitability in the June year as economic headwinds and global shipping delays continued to bite.
Delegat posted an 11 per cent decline in its operating profit – which strips out the impacts of grape harvest and revaluations – to $58.1 million from $65.2m in the prior year. Net profit rose 2 per cent to $63m.
However, Delegat's operating revenue increased 7 per cent to $325.4m on a 6 per cent increase in global case sales to 3.36m.
Smaller producer Foley Wines reported an operating profit decline of 3 per cent to $7.8m from $8m the year prior. Its net profit rose 60 per cent to $6.2m due to an unrealised value gain on harvested grapes of $2.4m compared with last year's loss of $1.7m.
Foley's revenue from bottled sales was up nearly 3 per cent at $54.7m, despite case sales being down 7 per cent to 525,000.
Higher fuel and labour costs have led to Air New Zealand more than doubling its loss in its latest financial year.
The airline made a net loss of $591 million in the year to June 30, up from $292m in the prior financial year.
Its loss before tax was $810m - up from $415m and the airline's loss before other significant items and tax was $725m, up from $444m.
Air New Zealand's revenue rose from $2.517 billion to $2.734b.
But its expenses blew out from $2.18b to $2.738b.
That was driven by fuel costs rising from $311m to $560m and labour costs up from $830m to $976m.
Sky TV has reinstated its profit payout to shareholders after reporting what looks at first blush like a strong full-year result - although it also forecast slightly weaker net profit in FY2023.
The broadcaster will pay a full-year dividend of 7.3 cents per share that will be paid to investors on September 23.
Sky said the 7.3cps full-year FY2022 dividend would cost $13m - and it estimated $17m to $23m would be returned to shareholders as the dividend was increased in FY2023.
It said it would return a further $70m (or 40cps equivalent) via a capital return involving the cancellation of shares, with investors receiving a payment for every share cancelled. The plan will go to vote at a shareholder meeting on November 2.
Net profit for the 12 months to June 30 jumped 41 per cent to $62.2 million as revenue increased 4 per cent to $736.1m.
Total subscriber numbers also increased 4 per cent, to 990,761 - representing Sky's second straight gain after years of customer losses.
Again, growth in its Sky Sport Now and Neon streaming apps outpaced a decline in Sky box revenue.
Casino operator SkyCity Entertainment Group has met dampened expectations, reporting a $33.6m loss for 2022 on the back of an extended lockdown in Auckland where its flagship facility is based.
In results for the year to June posted to the NZX this morning, the company reported revenues of $639m for the year, down nearly a third from 2021. No dividend was announced, but hopes expressed payments to shareholders could resume next year.
The company's Auckland headquarters, whose extensive complex of entertainment venues accounts for the majority of earnings, saw revenues slump 32.3 per cent to $330.6m and its contribution to ebitda drop by half to $100.9m.
Mānuka honey exporter Comvita said net profit jumped by 35 per cent to $12.8 million in the June year on record turnover, driven by strong growth in China and North America.
Earnings before interest, tax, depreciation and amortisation (ebitda) for the period came to $30.1m, up 18 per cent - the top end of its $27 to $30m guidance range.
The company expects to report double-digit earnings growth in the current 2023 year. Revenue came to $209m, up 9 per cent, as all markets bar one returned to top line growth.
Comvita recorded record gross profit of $126m, up 22 per cent on the previous year's.
The company increased its marketing investment to $28.1m, a 16 per cent increase, as it looked to further differentiate itself from the competition.
The company declared a fully imputed final dividend of 3.0 cents resulting in full-year dividends of 5.5 cps, an increase of 37.5 per cent.
Analysts were looking for a capital return following Spark's sale of 70 per cent of its celltower network for $900 million.
And that's what the telco delivered this morning, announcing a $350m return to shareholders via an onmarket buyback. A further $350m will be invested in growth areas like the Internet of Things, mobile and the telco's new health unit.
The firm also said while its full-year dividend would be 25 cents per share (for the sixth year in a row, in line with guidance), the profit payout would increase to 27 cents per share, 1cps ahead of what analysts were picking.
Ebitdai was $1.15b, at the top end of Spark's forecast, as per its mid-year update.
Net profit increased 7.6 per cent to $410m, with Spark crediting gains in mobile plus a large health contract.
Total revenue increased 3.5 per cent to $3.72 billion.
Morningstar analyst Brian Han said the only surprise came in Spark's mobile numbers, which he saw fuellng the forecast profit lift in 2023.
Meridian Energy's net profit after tax rose by 55 per cent in the year to June.
Meridian's $664 million profit included the benefit of a $214m gain on the sale of its Australian business and $281m of positive non-cash movements in the value of hedge instruments.
Its earnings before interest, tax, depreciation, amortisation, and fair value adjustments rose 2.5 per cent in the year.
The energy company declared a final ordinary dividend of 11.55 cents per share, 3 per cent higher than the previous year.
Medical supplies and animal healthcare company EBOS Group said strong first half growth was replicated in the second, driving underlying net profit up 21.3 per cent to a record A$228.2 million in the June year, its 100th year of operation.
The company's statutory net profit came to A$202.6m (NZ$225.9m), up 9.3 per cent.
EBOS - which derives most of its earnings from Australia - said it expects to see more profitable growth in the current year.
Revenue hit A$10.6 billion - breaking through the A$10b mark for the first time.
Dual-listed EBOS declared a final dividend of 49.0 NZ cents per share, bringing the total to 96.0 NZ cents per share - up 8.5 per cent.
Winton beat its annual forecasts amid a choppy and uncertain housing environment.
Net profit was $31.7 million in the 12 months ended June 30, down from $46.1m a year earlier when the residential property developer's settlements peaked. That was still ahead of Winton's offer document forecast for a profit of $29.7m, in a slowing environment for housing.
Revenue fell 18 per cent to $159.5m, pipping its forecast for $158m, and gross margin widened to 45.5 per cent from 32.4 per cent, beating its forecast margin of 44.6 per cent.
Vulcan Steel's full-year profit increased by 91 per cent while its revenue rose 33 per cent to $972.7 million, up from $731.5m a year earlier.
The Australasian steel and metal distributor's net profit increased to $124m in the 12 months to June 30, 2022, up from $64.8m the year earlier.
The profit was ahead of its guidance range of between $93m and $100m issued in April following an increase in demand and prices for steel products, and Vulcan's share were up 3.7 per cent in early NZX trading at $9.60.
Earning before interest, tax, depreciation and amortisation (Ebitda) rose 68 per cent to $224.4m, up from $133.4m.
Summerset Group said underlying profit for the six months to June 30 was $82.5 million, up 9.2 per cent on the year.
Revenue lifted 20.3 per cent to $114.1m but net profit of $134.6m was down 49 per cent from the same period a year earlier.
The fall in net profit was related to lower fair value movement in investment property, it said.
The Summerset board declared an unimputed interim dividend of 10.7 cents per share. The record date will be September 6, payable on September 19.
The company also snapped up two new properties in New Zealand and one in Australia for more than $600 million as it continues to strengthen the portfolio.
The NZ acquisitions are in Masterton (Wairarapa) and Rotorua (Bay of Plenty), while the Australian purchase is in Mernda (Victoria).
NZ Herald owner NZME says first-half profit jumped 37 per cent to $8.5 million with operating revenue up 5 per cent on the same period a year ago.
NZME, which also owns a number of radio stations - including Newstalk ZB - and the OneRoof real estate platform, said operating earnings climbed 3 per cent to $28.1m in the six months to June 30.
The board declared an interim dividend of 3c a share and maintained its full-year ebitda guidance of $67-$72m.
NZME said total revenue was $176.94m. That included "other revenue" of $8.8m, up 41 per cent primarily due to government funding of specific projects.
Heartland Group Holdings plans to raise $200 million in new capital off the back of a record financial result.
The listed financial firm which owns Heartland Bank and a reverse mortgage business spanning both New Zealand and Australia posted a net profit of $95.1m for the year to June 30, 2021.
That was up $8.1m on the prior financial year. On an underlying basis its net profit was $96.1m - up $8.2m on the prior year.
The company will pay a final dividend of 5.5 cents per share - taking its final dividend to 11cps - on par with its prior financial year.
UFB network operator Chorus reported its full-year net profit had increased from $51 million in FY2021 to $64m.
Ebitda edged up from $657m to $660m - but was shy of the forecast $665m to $685m. And revenue increased slightly from $955m to $965m.
Chorus confirmed a 35 cents per share full-year dividend, while raising its dividend guidance for the next two financial years from 40 cents per share to 45 cents to 42.5 cents per share for FY2023 and 47.5 cents per share for FY2024.
Freightways reported a 4.1 per cent lift in June year net profit to $73.9m, excluding the impact of the last payment due for the 2020 acquisition of Big Chill.
The earn-out provision for Big Chill was $3.7m, compared with a provision of $23m in the previous year.
The key driver of the improved result was the company's information management business, which is relatively immune from the impact of Covid-19 lockdowns.
Conversely, the express package business was affected by lockdowns and worker absence due to the Omicron variant of Covid-19.
Revenue reached $873.1m, a 9 per cent increase year-on-year, with ebita (earnings before interest, taxes, and amortisation) of $130.2m, up 1 per cent.
Freightways' final dividend was 19cps, bringing the full year dividend to 37cps, up 3.5cps on last year's.
Steel & Tube nearly doubled annual net profit as it fattened margins amid volatile prices and as it reaped the benefits of five years of restructuring.
The steel products distributor reported a net profit of $30.2 million for the year ended June, up from $15.4m the previous year.
Its gross margin rose to 22.3 per cent from 20.4 per cent as normalised earnings before interest and tax (Ebit) rose to $47.9m from $19.7m. The margin includes freight, direct and subcontract labour.
Revenue was up 24.6 per cent to $599.1m but volumes were only up 5.7 per cent to 167,000 tonnes.
The company will pay a final dividend of 7.5 cents per share, taking the full-year payout to 13cps, up from 4.5cps the previous year.
Genesis Energy's operating earnings jumped 24 per cent to $440m in the June year - the top end of its guidance range - aided by favourable derivative contracts and good hydro generating conditions.
The result compared with ebitdaf of $355m in 2021 and was up 6 per cent up on an adjusted basis.
The power generator and retailer - just over half-owned by the Government - had earlier forecast ebitdaf of $430m to $440m for the year.
The revaluation of derivative contracts supported an increase in net profit to $222m, up from $31.7m a year earlier.
Kiwibank's profit hit a record high after strong home and business lending growth.
The state-owned bank's net profit rose 4 per cent from $126 million to $131m for the year to June 30.
Its net interest income rose from $528m to $630m but operating expenses also jumped, from $422m to $480m.
Auckland International Airport has reported a second successive underlying loss but is clawing its way back from financial damage caused by the pandemic.
The company today reported an underlying loss of $11.9 million in the year to June 30, an improvement on the underlying loss of $39.4m last year.
Revenue was up 7 per cent to $300.3m and reported profit after tax was down 59 per cent to $191m.
Chief executive Carrie Hurihanganui said although Auckland Airport's results continued to reflect the impact of the pandemic and the challenging operating condition, the reopening of the border to Australia in April had marked a turning point in the organisation's recovery.
She said after two years of disruption, careful cost management and perseverance of staff recovery is now well underway.
Specialised rubber products manufacturer Skellerup's net profit rose 19 per cent to $47.8 million in the June year - another record.
The company had earlier forecast a net profit within a $44m-$47m range.
Skellerup's revenue jumped 13 per cent to $316.8m and its earnings before interest and tax (EBIT) gained 18 per cent to $66.8m.
A 93 per cent unrealised change in the value of Precinct Properties' portfolio pushed net after-tax profit down 29 per cent annually but revenue rose 3 per cent and operating income was also up.
The Commercial Bay owner gave $8.3 million rent relief to retailers during the pandemic restrictions, particularly Auckland's 107-day lockdown from last August.
But shareholders will still enjoy a better payout: annual dividends rose 3 per cent.
"Toughing it out" during a maelstrom of events from weather damage, extreme worker shortages and soaring costs to lower fruit yields enabled listed horticulture group Seeka to lift its net profit and revenue for the first six months of FY22.
Unaudited net profit at $21.5 million for the half year to June 30 was 4.3 per cent up on the same period last year, on the back of a 10.2 per cent lift in revenue to $247.3m.
Profit before tax at $30.1m was down 2.3 per cent. Earnings before interest and tax were up 2 per cent at $35.4m. Ebitda at $49.4m was up 5.3 per cent.
Car dealer Colonial Motors reported a record $33.35 million profit for the June year, eclipsing the record in the previous financial year by 19 per cent.
Trading conditions over the first six months were very strong.
The clean vehicle tax, which came into effect on April 1, created an incentive for customers to purchase before that deadline, Colonial said.
This was particularly evident in the Light Commercial segment where virtually all vehicles now incur the tax.
The final quarter was more challenging than the previous three, with a gloomy economic outlook and continued supply constraints post-March combining to slow Colonial's operations.
Colonial declared a fully imputed dividend of 47 cps, taking the total dividend for the year to a record 62 cps.
Fletcher Building has delivered a strong result, increasing bottom-line profit 42 per cent to make $432 million for the full year.
The company at the centre of the Gib crisis made $8.4b revenue in the year to June 30, 2022, up 5 per cent from $8.1b the previous year and has declared a final dividend of 22 cps, taking the full annual shareholder payout to 40 cps.
The $432m net profit after tax was up from last year's $305m.
Earnings before interest and tax were up 13 per cent at $756m - slightly ahead of Forsyth Barr's forecast - with a strong second half margin of 9.5 per cent.
Mercury NZ has emerged from its latest financial year a totally different beast.
By its own account, 2022 was one of "transformative change" - having become the country's biggest electricity retailer after the $467 million purchase of Trustpower's retail arm earlier this year.
Following the Tilt Renewables transactions, it has also become the country's biggest wind power generator, having started the year with no operating wind generation at all.
Mercury said the addition of wind generation and performance improvements helped take its ebitdaf to $581m in the year to June, up $118m on the prior year's.
The company's net profit after tax was $469m, up $328m, driven by the $367m net gain on the sale of its 20 per cent Tilt Renewables shareholding.
The results also reflected a more diversified generation portfolio, with wind generation now complementing Mercury's hydro and geothermal generation, following the acquisition of Tilt's New Zealand wind operations in August and the commissioning of the northern section of the Turitea wind farm in December.
Rural services group PGG Wrightson (PGW) said a strong performance from its retail and water business helped drive earnings to a record over the June year.
The company's net profit came to $24.3 million, up 7 per cent on the prior year's.
Operating EBITDA came to $67.2m, up 20 per cent, slightly ahead of the top end of its guidance of $62m to $66m.
Revenue was up 12 per cent to $952.7m - and margins were broadly in line with the previous year's.
PGW declared a final dividend of 16 cents, bringing the total for the year to 30 cents.
The company did not give a specific earnings guidance, but chairman Joo Hai Lee said the profitable run for most New Zealand agri sectors looked likely to continue through the remainder of 2022 and into the coming year.
Contact Energy said lower operating earnings and higher depreciation drove its net profit down by $5 million, or 3 per cent, to $182m in the June year.
The decline was partially offset by lower interest costs reflecting the capitalisation of interest to major growth capital projects, lower tax on earnings and favourable movements to the fair value of financial instruments against the prior year.
The company's ebitdaf - earnings before interest, tax, depreciation, amortisation and financial instruments - fell to $537m in the June year, against market expectations of $545m.
However, Contact says its new Tauhara and Te Huka geothermal projects will help boost operating earnings to $720 million by calendar 2025.
Contact's total dividend was 35c, unchanged.
Property revaluations of $244 million helped drive Australasian medical landlord Vital Healthcare Property Trust earnings sharply higher.
Vital's annual net profit came to $303m, up from the previous year's $278m.
Vital's portfolio is valued at more than $3.3 billion, a 27 per cent rise from last year's $2.6b.