In case you missed it: News bites for the week.
The sharp fall in the price of Bitcoin has hit Locate Technologies’ balance sheet.
The formerly ASX-listed, now NZX-listed transport software company has adopted Bitcoin as its principal treasury reserve asset because it believes it is the best long-term store of value.
The company owns 12.3 bitcoin, which it purchased at a total cost of $2.2m. Its latest quarterly update shows that, as of February 5, the carrying value of its holdings is $1.5m. The decline comes as the price of bitcoin has fallen close to 40% over the past six months.
Crypto aside, the company’s revenue in the three months ended December rose to $1.88m, compared with $1.83m in the same period a year ago.
It reported an ebitda loss of $829,000 in the quarter, compared with a $32,000 loss in the same period a year ago, although this included the cost of migrating to the NZX from the ASX.
Looking ahead, the company expects to expand its services to the UK, introduce AI into its software, and buy more bitcoin.
The average asking price for rentals fell by an annual 2% last month to $634 a week, led by a growing pool of Wellington properties, which pushed prices down by 8.9% to $659/week.
Data from listing site Realestate.co.nz showed the capital at 965 properties, up 54.2% on the same time last year and taking the national rental pool to 7830 properties, up 9.8% on a year prior.
On the other side of the coin, the student-led Otago market saw new listings down a third, with 139 properties available last month, compared with 207 in January 2025, the firm said.
Still, rental asking prices remained subdued, down 4.1% at $519 per week. Auckland, which counted 3045 rental listings, saw a year-on-year decline of 1.8% in asking prices to $686. Vanessa Williams, the firm’s general manager of marketing and media, said the declines suggested landlords in some regions were having to be more competitive on price, particularly where supply had lifted.
The High Court has approved a $135.6 million class action settlement between ASB Bank and about 276,000 of its mortgage customers, with more than $100 million going to the plaintiffs after costs.
Alex Turnbull.
The former CleverCore site.
Todd Corporation has completed its exit from solar energy with the sale of its Pacific Islands operations to Sunergise for an undisclosed sum.
Rooftop solar energy installer Sunergise was owned by Todd Corp from 2018 to 2023, when it was sold back to its management.
The company is now majority owned by interests associated with founder and chief executive Paul Makumbe.
Sunergise said the deal, which includes Fiji-based Clay Energy, made it the largest privately owned commercial and industrial solar company in the Pacific.
“Acquiring Todd’s Pacific operations, after buying PowerSmart from Vector, strengthens our ability to support more customers and deliver renewable infrastructure that genuinely enables the energy transition across NZ and the Pacific,” said Makumbe.
Nicola Willis.
Economic Growth Minister Nicola Willis says Inland Revenue survey data shows the Government’s Investment Boost policy is working. Willis said among firms that invested in new assets and were aware of Investment Boost, 40% said it increased their investment spending over the past year. “Looking ahead, the impact is even clearer. Nearly half of firms planning to invest over the next five years say Investment Boost is positively influencing those plans, with 14% expecting a large increase in investment as a result.” She said more than half the firms surveyed said it had changed the timing of their investments, including bringing projects forward. “Inland Revenue modelling shows the policy reduces the effective marginal tax rate on new capital investment by around 5 to 6 percentage points on average, making previously marginal projects viable and encouraging more investment to proceed,” Willis said.
IAG New Zealand narrowed its half-year profit and insurance margin at the end of last year. The insurance company, with brands NZI, State, and AMI, today said its insurance profit was A$268 million ($315.7m) in the six months ended December, down from A$311m ($366.4m) during the same period the previous year. Its insurance margin was 25.1%, compared with the previous 28.6%. The result followed fewer natural disasters than expected. The Gross Written Premium fell 2.6% to just over $2b. CEO Amanda Whiting said premiums had stabilised over the period, with some customers receiving premium reductions. During the six months, IAG received more than 260,000 claims and paid $1.2b. “Recent severe storms in Northland, Auckland, Bay of Plenty, Coromandel and Tairāwhiti are a devastating reminder of the potential for sudden, severe weather,” Whiting cautioned.
Small-listed aged care operator Promisia Healthcare has upgraded its full year earnings guidance following improved trading conditions.
The company now expects its earning before interest, tax, depreciation, amortisation and financing (ebitdaf) for the year ending March to be between $6.4m and $6.8m, compared with its prior forecast of at least $6.1m.
It compares with last year’s ebitdaf of $4.5m.
The upgrade is attributed to improved care suite sales at Ranfurly Manor, with occupancy now at 95%, occupancy at Nelson Street now above 92%, and group care occupancy sitting at about 94%.
“This outcome represents a year of consistent execution and strengthened operating performance across the portfolio,” the company said.
Casino operator SkyCity has appointed Blair Woodbury as its new chief financial officer.
Woodbury joins from telecommunications company Devoli, where he served as CFO since 2021, and was previously CFO at Sky TV from June 2019 to September 2020.
Before Sky TV, Woodbury was a consultant with McKinsey & Co.
SkyCity chief executive Jason Walbridge said Woodbury had deep experience as a custodian of shareholder capital.
“He has led significant asset optimisation programmes, driven disciplined cost reductions to fund growth, and rebuilt balance sheets while maintaining transparent, credible engagement with investors and analysts.”
Woodbury takes over from Peter Fredricson, who resigned last October and leaves on March 1.
T&G Global has increased annual earnings guidance.
Profit before tax for the listed horticulture company is expected to range between $20 million and $23m for the 2025 fiscal year, up on previous guidance of between $6m and $20m.
Last year the company reported a loss before income tax of $6.83m.
T&G is expected to report annual results on February 27.
Todd McClay.
New Zealand and Singapore are replacing the current paper-based system with a new electronic certification arrangement to streamline trade and reduce costs.
Trade Minister Todd McClay said the new system would enable real-time digital exchange of export health certification confirming products meet the importing country’s regulatory requirements, including animal or plant health, hygiene and food safety.
“It will streamline border processes, improve efficiency, reduce costs, enhance supply chain security and integrity, and help products clear borders and reach markets sooner,” McClay said.
The arrangement, which has been signed in Singapore, forms part of the two countries’ joint plan of action under the Comprehensive Strategic Partnership.
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