In case you missed it: News bites for the week.
Tony Gibson.
Annual net migration to New Zealand has continued to rise as arrivals outpace departures. Statistics NZ data today showed an annual net migration gain of 25,200 people in the year ended February, compared with a gain of 17,700 the previous year. There were 136,200 migrant arrivals compared with 111,100 departures over the latest period. On a monthly basis, there was a net migration gain of 6700 in February, up from 4700 in the same month last year. Annual net migration peaked in the year to October 2023, with a gain of 135,500. Meanwhile, New Zealand also recorded a boost in tourists during the last month of summer, with 408,100 tourist arrivals, up 53,700 from February last year. There were more holidaymakers from China, Australia, Taiwan, the UK, and Hong Kong.
The Government has slashed the time it takes to issue export licences to medicinal cannabis firms. Associate Health Minister David Seymour, in a statement, said the average time since January 1 for Medsafe to issue a licence was 6.4 working days, down from 10 working days in 2024/25, 17.8 in 2023/24 and 22.5 in 2022/23. Over the same period, the number of applications processed has steadily increased. Medicinal cannabis firms are required to get a licence for every shipment of their product that is exported from New Zealand. Seymour said faster times meant product was moving more quickly and cash flow was improving for exporters. He said he expected processing times to continue to fall and more applications to be processed, as Medsafe improved its processes following a review last year. He added that the Government was also considering giving licensed medicinal cannabis firms permanent export licences.
The Government has named David Boyle as the next Retirement Commissioner. He replaces Jane Wrightson, who is stepping down after six years in the role. Commerce and Consumer Affairs Minister Cameron Brewer said Boyle had had a strong focus on retirement savings during his extensive experience in both the public and private sectors. Boyle is currently the general manager of KiwiSaver at Fisher Funds and is a regular pundit on financial issues. He has also worked at Mint Asset Management, the Retirement Commission, ANZ Bank and ING, and currently chairs the children’s charity Stand Tū Māia. “This experience makes him ideally placed to advise the Government on retirement income policy issues and to champion the steps all New Zealanders should be taking to secure a comfortable retirement,” Brewer said. He also thanked Wrightson for her leadership during her two terms as commissioner. Boyle will resign from Fisher Funds and begin his three-year term on May 18.
NZ Rural Land Co director Chris Swasbrook has resigned and will leave the board on April 30. The farmland investment company gave no reason for his exit but the board thanked him for his contribution as a director since the company was formed in September 2020. Swasbrook remains a director of NZX-listed electronic component maker Rakon, fund manager Elevation Capital, and McCashin’s Brewery. He is also on the board of the Financial Markets Authority and chair of the Auckland Future Fund.
Dual-listed retirement village operator Ryman Healthcare expects to report a large lift in free cash flow and a reduction in debt when it releases its full-year financial accounts next month. The company's fourth-quarter trading shows it expects free cash flow of $180m for the year ended March, up from negative $94.2m in the year prior. The company’s net interest-bearing debt is also expected to fall to $1.57 billion from $1.67b. Ryman reported a total of 331 unit sales in the three months ended March, which was up 10% on the same period a year ago, but down on the prior quarter. Over the year, Ryman sold a total of 1410 units. After accounting for internal relocations from closing villages to newer ones, total sales were 1371, which was within its guided range. The company said the conflict in the Middle East has not impacted the broader business to date, but it continues to monitor the flow-on effects. Ryman's audited full-year accounts will be released on May 26.
Small listed aged care provider Promisia Healthcare has reported a broad-based lift in occupancy across its facilities and reiterated its full-year guidance. In a fourth-quarter trading update, the company said group care occupancy averaged 94% over the three months ended March, up from 92% in the prior quarter. The rise was felt across most of the five sites the company operates, except for its facility in Ripponburn, which recorded a “small” decrease. The company also lifted care suite sales, with 55 of the 57 suites at Ranfurly Manor in Feilding now occupied, up from 52 in the prior quarter. Promisia also reaffirmed its full-year earnings guidance, with its earnings before interest, tax, depreciation, amortisation and finance costs expected to be within $6.4m and $6.8m. Promisia will release its preliminary accounts at the end of May.
State-owned Landcorp, which trades as Pāmu, has paid a special dividend of $10 million to the Crown, bringing its total dividends for the 2025/26 year to $25m. Pāmu chief executive Mark Leslie said the dividends reflected the progress the company had made in strengthening performance and building balance sheet resilience. It also reflected a capital repayment of $9.5m from Fonterra after the cooperative sold its Mainland consumer business. SOE Minister Simeon Brown said the dividend payments demonstrated confidence in Landcorp’s financial position and its ability to deliver consistent value for taxpayers. “I’m pleased to see the continued improvement in Landcorp’s performance, with recent half-year results pointing to a strong full-year outcome, supported by improved operations and favourable commodity prices,” Brown said.
Auckland’s population is predicted to reach a record 2 million people by 2033, according to Statistics NZ. The data agency today said international migration had become the main driver of population growth in the region, with two in five Aucklanders now born overseas. By June last year, the population had reached 1.82 million and is expected to reach the 2 million milestone by 2033, although that could be achieved earlier or later depending on migration. The Auckland population grew on average 1.7% each year between 2000 and 2025. Over the same period, the rest of New Zealand’s population expanded 1.1% annually. The 2023 Census showed that 43% of Auckland’s population was born overseas. Just under half of those were born in Asia, with China and India the most common. Outside of Asia, the Pacific Islands were the next most common overseas birthplace.
New Zealand King Salmon has provided a big boost to its earnings guidance following the end of the summer farming period.
The NZX-listed fishing company increased its pro‑forma earnings, before, interest, tax, depreciation, and amortisation (ebitda) to between $19 million and $27m, compared with the previous guidance range pro-forma ebitda between $9m and $15m.
The company's pro-forma ebit was expected to range between $10m and $18m, up from between a $3m to loss to a $3m profit.
NZKS chief executive Carl Carrington, said the revised guidance follows the completion of the summer farming period, which is historically the most challenging period for forecasting fish performance.
"Mortality levels over summer have been lower than forecast and feed‑out rates have remained strong which has resulted in the company having more fish to sell, and an overall improvement in fish size and quality.”
NZKS is scheduled to report interim earnings in late May.
Contact Energy has bought the remaining 25% of King Country Energy it did not already own, paying $47 million to vendor King Country Trust through the issue of shares at $9.42 a share.
King Country Energy has five hydropower stations, four in the King Country and one in Horowhenua, with a total capacity of 53MW.
In a statement to the NZX, Contact chief financial officer and King Country Energy board chair Matt Forbes said purchased assets supported its North Island renewable generation and contributed to geographic resilience.
“Purchasing the remaining shares in King Country Energy builds on our Contact31+ strategy to lead New Zealand’s renewable energy future,” he said.
Craigs Investment Partners is acquiring Dunedin-based financial planning and wealth management company Polson Higgs Wealth Management for an undisclosed sum.
Polson Higgs has a presence in both Dunedin and Christchurch, employing eight people.
Craigs chief executive Simon Tong, in a statement, said it was attracted to Phwealth’s philosophy.
“Expanding into adjacent financial planning services to grow our wealth management offering is an important part of Craigs’ strategy and we are excited about the capability Phwealth adds to our wider team.”
Phwealth boss Rhodes Donald said the future development of its businesses needed this shift. "We couldn’t have asked for a better fit.”
Following the transaction, Phwealth will continue to operate its business alongside Craigs’ nationwide advisory network.
The deal will see Craigs grow to over 200 advisers across 23 locations, with total funds under management of $35b.
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