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Cleantech company Cetogenix secures $23m UK water project
Fiona Rotherham
Wed, 20 May 2026
Wed 20 May 2026 04:17:50am
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Wed 20 May 2026 04:17:50am
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Gull reports profit down 78%
Fuel retailer Gull, whose proposed merger with NPD received Commerce Commission clearance on May 8, has reported profit down 78% for the year to December.
Financial statements filed to the Companies Office for parent company GNZ Holdco report net profit of $2.8 million in 2025, down from $13.1m the previous year. Revenue fell 13% to $926.1m.
No dividend was paid during the year to private equity owner Allegro Funds.
Despite the reported profit, operating cashflow almost doubled to $98.5m, enabling debt reduction of $35m.
In a statement on the Iran war’s effect on fuel supplies, the company said: “Management considers Gull to have a resilient business model and has continued to actively co-ordinate with its primary supplier, Ampol, to fulfil future fuel imports into the Mount Maunganui terminal. At the date of this report there have been no confirmed supply issues.”
ASX-listed Ampol owned Gull until it was forced to divest the business to buy Z Energy.
Peter Chrisp appointed to head the Department of Conservation
The current chief executive of New Zealand Trade and Enterprise, Peter Chrisp, has been appointed Director-General of Conservation and chief executive of the Department of Conservation. Deputy Public Service Commissioner Heather Baggott said Chrisp understood how conservation contributed to New Zealand’s wellbeing and economy. “Mr Chrisp brings extensive public and private sector leadership experience and a strong track record leading organisations,” Baggott said. Chrisp is also a director of Port of Auckland Ltd and has served as chair of Predator Free Wellington. He has been appointed for a five-year term starting on July 13.
Infratil sells down Contact stake
Investment company Infratil has arranged to sell 5% of Contact Energy – more than a third of its stake – through an underwritten block trade.
The sale at $9.25 a share is expected to generate gross proceeds of $495.2 million and leave Infratil with 9% of Contact.
Infratil acquired an initial 9.5% stake in Contact Energy, representing 93.3 million shares, in Contact’s cash and scrip takeover of Manawa Energy, in which Infratil owned 51%.
The July 2025 deal was followed that October by Infratil’s acquisition of a further 4.9% from TECT Holdings, the former Tauranga Energy Consumer Trust, for $437.7m or $8.95 a share.
In a statement to the NZX, Infratil chief executive Jason Boyes said the company remained confident in Contact and the sector’s outlook.
“While we have no immediate funding requirements and our divestment programme is on track, we consider it prudent to reposition this capital now,” he said.
Gráinne Troute quits THL board
Tourism Holdings independent director Gráinne Troute has resigned and will leave the board at the end of this month. She has been a director since 2015 and during that time chaired the remuneration and nomination committee from 2015 to 2023, and is a member of the health, safety and sustainability committee.
THL has appointed Barbara Chapman as a director, effective immediately, as Troute's replacement. Chapman, a former CEO and managing director of ASB Bank, is also the chair of Genesis Energy and a director of BNZ.
The board thanked Troute "for her dedicated service and significant contribution to THL since her appointment in 2015, and for the depth of experience and insight she has brought to the board".
Troute also sits on the boards of Summerset Group, Investore Property and Duncan Cotterill.
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