Monday February 23
Fisher & Paykel Healthcare boosts revenue, profit guidance
Listed respiratory healthcare company Fisher & Paykel Healthcare has updated its revenue and earnings guidance for the 2026 financial year after good growth across its full range of Hospital products during the second half.
It has boosted full-year guidance for operating revenue to $2.3 billion from a range of $2.17b to $2.27b previously, and full-year net profit to in the range of $450m to $470m from the prior range of $410m to $460m.
The updated guidance doesn’t include any potential refund of US tariffs paid to date during the 2026 financial year.
It’s still assessing the impact of the US Supreme Court announcing it has invalidated tariffs imposed by the US administration under the International Emergency Economic Powers Act, saying there were still uncertainties around the ruling.
A tariff update will be provided at the company’s full-year results in May. The impact of the 15% US tariff on hospital products sourced from NZ was 32 basis points in the first half.
Livestock sales, milk futures boost Landcorp half year
State-owned farming company Landcorp, which trades as Pāmu, has reported an improved half-year result, boosted by revenue growth from sheep and beef operations.
Farm income for the six months to December was up 15% to $166 million, driven by a $21m increase in livestock sales.
Net operating profit of $20m was up from a $2m loss in the same period a year earlier, helped by an $11m gain from milk futures, up from an $11m loss in same period prior.
“Our improved production outcomes reflect continued better pasture utilisation, animal performance, and optimisation of farming systems, enabled by more consistent, data-led decision making and the ongoing adoption of digital technologies,” said chief executive Mark Leslie.
The bottom line net profit of $95m was mainly down to a $94m gain on the value of biological assets.
Landcorp manages 360,000ha over 112 farms. Livestock numbers are seasonal but, at balance date, included 636,588 sheep, 135,912 beef cattle, and 60,481 dairy cows.
Tuesday February 24
Vulcan Steel’s interim profit falls 9%
Dual-listed metal distributor Vulcan Steel’s net profit for the six months ended December fell to $8.7m from $9.2m in the same period year ago, despite revenue rising 8.6% to $535.4m from $493m.
The weaker bottom line comes as general administrative expenses jumped about $16m to $140.3m over the year and margins eased.
Vulcan chief executive Gavin Street said the economic climate in New Zealand and Australia has remained mixed, with both countries facing challenging economic conditions.
The company completed a $93.8m acquisition of Roofing Industries over the half, and three months of its earnings are included in the interim result.
Vulcan’s operating cashflows were down more than half to $38.7m from $80.7m a year ago, but managed a $30.1m reduction in net debt.
The company said the outlook across both sides of the Tasman remains difficult. While it is “cautiously optimistic” about a gradual improvement in conditions, it said profitability in the industry remains challenging.
More money for Ukraine, more sanctions on Russia
Foreign Affairs Minister Winston Peters has announced more sanctions against Russia and $8 million in new assistance for Ukraine. Of that, $5m will go to international aid partners supporting Ukrainian civilians badly affected by the war and $3m to the World Bank-administered Ukraine Relief, Recovery, Reconstruction, and Reform Trust Fund, which supports energy resilience and reconstruction.
“These contributions will help address urgent needs as a result of Russia’s brutal winter attacks on Ukrainian civilians and energy infrastructure,” Peters said.
He said new sanctions on Russia included lowering the price cap on Russian crude oil and sanctioning 100 shadow fleet vessels.
“These are calculated steps to curtail oil revenues fueling Putin’s illegal war of aggression against Ukraine,” Peters said.
Profits up at Nine despite soft ad market
ASX-listed media group Nine Entertainment has posted a 30% profit increase for the half year to the end of December, boosted by the A$896.6m ($1.06b) sale of its stake in real estate advertising business Domain.
Nine, which recently re-entered the New Zealand market with the acquisition of outdoor advertising company QMS, reported a net profit of A$95m while earnings before tax improved 6% to A$192m.
Group revenues were down 5% to A$1.1b.
Streaming service Stan and the company’s mastheads – the Sydney Morning Herald, Melbourne Age, and Australian Financial Review – were the standout performers as Nine grew subscription revenues by 13% and compensated for a soft advertising market.
Shares in Nine have fallen about 35% in the past 12 months, while the main S&P/ASX 200 index has put on 9% over the same period.
Wednesday February 25
Kiwi Alex Kendall’s Wavye raises $2.5b for scaled deployment
London-based autonomous driving tech company Wayve, co-founded by Auckland University engineering graduate Alex Kendall, has raised US$1.5 billion ($2.5b) in a Series D round ahead of Uber using its technology for its first robotaxis. The round was led by financial investors Eclipse, Balderton and Softbank Vision Fund 2 with participation from global automakers Mercedes-Benz, Nissan and Stellantis. Other investors included Uber and Kiwi VC firm Icehouse Ventures.
Wayve pioneered the use of end-to-end AI to autonomous driving in 2017 and has since developed a production-ready autonomy platform that will be able to be used on any vehicle that moves, Kendall said.
Later this year, though the exact date is yet to be confirmed, Wayve-powered robotaxis will begin commercial trials with Uber in London, with plans to scale to more than 10 markets globally. From 2027, passenger vehicles equipped with Wayve’s AI Driver will be on the market.
Thursday February 26
Me Today issues interim earnings and updates guidance
Me Today reported revenue of $2.55 million for the 12 months through to December 31, up from $2.15m the previous year. The NZX-listed health and wellness retailer recorded a loss from continuing operations of $902,000, which was an improvement on the $1.48m loss recorded last year. It reported a net profit of $3.22m, which included a gain of $4.1m on the disposal of the King Honey business in July last year. For the 2026 financial year, the business expects full-year gross revenue to exceed $6.5m and an ebitda loss of less than $1.7m. The company said it had an opportunity to expand into Southeast Asia and was in discussions with a local distributor. A launch into Singapore and Malaysia this year was also under consideration, followed by Thailand and Vietnam in 2027.
TruScreen drops full-year sales revenue guidance after delays
TruScreen device.
New Zealand cervical cancer screening device company TruScreen has reported that FY26 sales revenue is expected to be around $2.4 million, down 41% from the $2.8m earlier forecast.
The TruScreen board said the variance was mainly due to delayed payment of a signed sales contract from Uzbekistan and a delay in its validation programme in Zimbabwe which has deferred the anticipated order of 10,000 units until FY27.
Total revenue for FY26 is expected to be $2.7m, a 28% increase on the previous year.
The group expects to report a loss of $2.2m similar to the prior year, reflecting additional market access development costs.
TruScreen markets a cervical cancer testing device that uses opto-electronics technology acquired from the former ASX-listed company Polartechnics.
It raised just over $4m last year at 2.2 cents per share after the board warned it may not survive without more cash. It shares have dropped more than 40% in the past year to now trade at 1.8 cents per share.
Perpetual Guardian acquires Trustees Executors
Perpetual Guardian Group has acquired Trustees Executors, trading as Trustees Corporate Supervision, for an undisclosed sum. The acquisition brings Trustees Executors, including its staff and clients, into Perpetual Guardian Group. Trustees Executors will continue to trade as a distinct company and brand within the group. The transaction does not include Trustees Executors’ registry division, which remains a subsidiary of Trustees Executors Holdings Limited. The parties are the two longest-serving trustee companies in the country. With this acquisition, Perpetual Guardian Group becomes the largest and most comprehensive fiduciary services group in New Zealand. The group acquired Trustees Executors’ private wealth business in 2024, which was integrated into the wider group of companies.
Colonial Motor Co posts higher-than-expected half-year profit
NZX-listed Colonial Motor Co has given an upbeat assessment of trading at the end of last year by reporting stronger-than-expected profits.
Its net profit was up 55% to $10.7 million in the six months ended December, when compared with the previous year. Revenue rose nearly 9% to $552.4m.
The board declared an unchanged interim dividend of 15 cents per share to be paid on March 30.
Chair Ashley Waugh said the results beat expectations. “As was often the case, December could be a fickle month to predict, and this year being no exception. Strong new and used car sales elevated December trading, resulting in this further positive impact on the half year.”
He cautioned that erratic vehicle supply and demand was an ongoing hurdle, which could be further compounded by several vehicle model changes this year.
Waugh also said the heavy commercial truck sectors that Southpac Trucks operated in remained subdued, with national volumes down on the previous year.
Friday February 27
Jim Grenon buys another $1.15m of NZME shares
NZME director Jim Grenon has further increased his shareholder in the media company, buying another one million shares days after the company reported a $13.1 million net profit after tax for the 2025 financial year.
A disclosure notice posted to the NZX on Friday said Grenon on Thursday acquired the shares on market at a cost of $1.15m, taking his total shareholding to 35,694,802 shares. That represents a total stake of 18.97%.
If Grenon were to increase his position above 20%, it would trigger certain provisions under the Takeovers Act.
The Canadian ex-pat began building a position in NZME towards the end of last year and disclosed a 9% stake in March before launching a bid to have the board sacked and replaced with himself and three other nominees.
A compromise was reached shortly before the annual meeting, which led to him joining the board as a director.
Vista Group returns to profit after five years
Stuart Dickinson.
Vista Group International has turned an annual profit of $2.6 million – it’s first since the 2019 financial year – on the back of a 25% increase in software-as-a-service revenue as it transitioned customers to its cloud-based products.
The NZX and ASX-listed cinema software provider saw annual revenue rise 10% year on year to $164.3m, and recurring revenue up 9% to $147.2m.
Earnings grew 31% to $28.2m, while profit improved from a $600,000 loss last year and a $13.6m loss the year prior.
The company is guiding total revenue of $176m to $182m for its 2026 financial year, reflecting 10% to 13% growth on a constant currency basis. It also predicted an ebitda margin of 18% to 20%.
Vista CEO Stuart Dickinson said cient demand for Vista Cloud continued to build, supporting a second consecutive year of record revenue.
“With 35% of our Enterprise Client sites now live on the Vista Cloud Platform, our focus is on scaling delivery capacity to meet the strong ongoing demand."
Hallenstein Glasson expects higher interim profit than last year
NZX-listed fashion retailer Hallenstein Glasson reported group sales for the six months to February 1 of $275.2 million, up 14.6% from $240m in the same period the previous year.
Meanwhile, unaudited net profit before tax was expected to range between $39.3m and $39.8m, up 32% from $29.9m during the previous corresponding period.
The group said its balance sheet remained strong, with well-controlled stock levels.
Hallenstein Glasson is expected to report its interim earnings on March 27.
Record kiwifruit harvest leads to top profitability for Seeka
A highest-ever 47.1 million trays of kiwifruit has bolstered Seeka's earnings.
Profit after tax was $32m for the 12 months to December 31, compared to 2024's reported profit of $8.8m (which was normalised to $21.2m due to a one-off tax expense).
Revenue increased 7% to $440m from $411m, and earnings before interest, tax, depreciation and amortisation rose 26% to $96m.
Meanwhile, net debt reduced by $37m to $100m.
Seeka chief executive Michael Franks was pleased with the results. "From a focused strategy, and the efforts of many, we achieved record profitability and financial resilience was rebuilt into the balance sheet."
A dividend of 25 cents a share would be paid on April 15.
Vista Group returns to profit after five years
Vista Group International has turned an annual profit of $2.6 million – it’s first since the 2019 financial year – on the back of a 25% increase in software-as-a-service revenue as it transitioned customers to its cloud-based products.
The NZX and ASX-listed cinema software provider saw annual revenue rise 10% year on year to $164.3m, and recurring revenue up 9% to $147.2m.
Earnings grew 31% to $28.2m, while profit improved from a $600,000 loss last year and a $13.6m loss the year prior.
The company is guiding total revenue of $176m to $182m for its 2026 financial year, reflecting 10% to 13% growth on a constant currency basis. It also predicted an ebitda margin of 18% to 20%.
Vista CEO Stuart Dickinson said client demand for Vista Cloud continued to build, supporting a second consecutive year of record revenue.
“With 35% of our Enterprise Client sites now live on the Vista Cloud Platform, our focus is on scaling delivery capacity to meet the strong ongoing demand."
Net loss narrows at Move Logistics
Paul Millward.
Listed transport firm Move Logistics has narrowed its half-year loss but also reported weaker revenue because of ongoing tricky market conditions.
Its loss in the six months to December was $907,000, compared with a loss of $8.9 million in the previous period.
Revenue fell about 5% to $141.4m, blamed on weak conditions for customer activity and demand.
Chief executive Paul Millward said warehousing showed “gradual improvement” amid a turnaround plan and market challenges.
Broadly, he said Move was nearing the end of a ‘reset’ phase of its business strategy and moving to ‘step up’, with a focus on winning market share and creating value.
Meanwhile, Move has agreed to terms for a new invoice finance facility of up to $22m with BNZ, to support its working capital requirements.
Move warned there were risks about the rate and speed of the economic recovery and it was focused on cost control, working capital management, sales growth, and expanding its customer base.
Sales leap 92% for medicinal cannabis firm Rua Bioscience
Sales leap 92% for medicinal cannabis firm Rua Bioscience
NZX-listed medicinal cannabis company Rua Bioscience has boosted sales revenue by 92% to $1.33m for the first half of FY26. However, its net loss only marginally improved to $1.79m compared with $1.8m in the prior corresponding period due to financing costs of inventory, staff non-cash share allocation costs, and stock adjustments.
Rua netted $2m from its capital raise late last year, which saw Chinese investor Jun Chu gain a substantial 7.92% holding.
CEO Paul Naske said the Māori-owned company remained steadfast in delivery of its differentiated strategy, with a focus on delivering revenue growth across five markets – Germany, Australia, New Zealand, the Czech Republic and the UK.
While Germany remains the world’s largest cannabis market, Naske said H1 sales had reduced there because of a regulatory review of medicinal cannabis regulations.
No full-year guidance was given with today’s results, though the board has previously forecast revenue to exceed $3m by the end of FY26.
NZ Rural Land Co focuses on dividend payout
Farmland investor NZ Rural Land Co has boosted its dividend after a capital review found investors were mainly interested in its cash yield.
Announcing its results for the year to December, the company declared a final dividend of 2.75c a share, up 8% on a year earlier. The payout takes the full-year total to 4.91c, representing 90.5% of adjusted funds from operations (affo).
In February, Rural Land Co said it had revised its dividend policy to 90-100% of affo, up from 60-90% previously, following a capital review by KPMG.
Affo for the year was $7.9 million or 5.43c a share, up from 4.94c in 2024.
Net profit of $7.9m was down from $24.9m, with the previous year’s result mainly driven by asset revaluations.
The company said its board had revised its strategy to position itself as a “specialist yield vehicle focused on delivering consistent and growing dividends”, with dividends paid quarterly.
