Eleven NZX-listed companies reported actual earnings results this week amid 170 total market announcements. New Zealand's largest dairy cooperative FCG led the reporting with strong half-year results, while fashion retailer HLG and turnaround story WHS delivered positive surprises. Overall sentiment was largely positive with eight of eleven results showing upbeat outcomes.
Fonterra Co-operative Group (FCG)
Fonterra delivered another strong result for the first half of FY26, with revenue from continuing operations rising 9% to $12.5 billion and total group revenue up 11% to $13.9 billion. Net profit after tax increased 9.2% to $840 million, while normalised earnings per share lifted to 51 cents from 47 cents in the prior period. The cooperative declared a combined dividend of 40 cents per share, comprising a 24-cent interim dividend and 16-cent special dividend from the Mainland Group sale. This follows news of strong milk flows and improved commodity pricing benefiting the business. Fonterra's shares closed at $6.16, down 1.0% for the week, despite the positive result as markets digested Middle East supply chain risks.
Hallenstein Glasson Holdings (HLG)
The fashion retailer posted a strong first-half result with group sales jumping 14.6% to $275.2 million, driven by robust growth across all brands and particularly Glassons Australia which grew 22.4%. Net profit after tax surged 32.1% to $28.0 million as gross margins expanded 240 basis points to 60.9% despite foreign exchange headwinds. Earnings per share reached 47.03 cents with an interim dividend of 29 cents declared, up 18.4% on the prior period. Early second-half trading is up 20.1% year-on-year, though management cautioned against extrapolating this performance. Shares rose 6.4% for the week to $9.85.
The Warehouse Group (WHS)
New Zealand's largest general merchandise retailer showed signs of recovery with group sales edging up 0.3% to $1.61 billion in the first half, while reported net profit after tax climbed 33.6% to $15.7 million. Operating profit surged 37.7% to $26.9 million as the company reduced its cost of doing business by 1.7%, with standout performances from Warehouse Stationery (operating profit up 243%) and Noel Leeming (up 52%). No interim dividend was declared. Despite ongoing challenges highlighted in recent media reports, shares gained 6.9% for the week to 69.5 cents as investors responded positively to the improved profitability metrics.
Millennium & Copthorne Hotels NZ (MCK)
The hotel group achieved its highest revenue in five years at $186.7 million, up 6% year-on-year, driven by strong hotel momentum with hotel revenue growing 19.5% to $130.9 million. However, operating profit declined 28% to $30.6 million due to cyclical headwinds in the residential property division. Profit after tax attributable to shareholders recovered strongly to $20.2 million compared to just $2.8 million in 2024, which was impacted by a one-off $25.8 million deferred tax charge. The company declared a fully imputed dividend of 3 cents per share. This comes amid ongoing developments in the hospitality sector, with parent company City Developments seeking to acquire the remaining stake it doesn't already own. Shares fell 1.2% for the week to $3.21.
AFT Pharmaceuticals (AFT)
The pharmaceutical company announced a leadership change with CFO-designate Simon Bosley withdrawing from the role for personal reasons, creating uncertainty in the finance function. Current CFO Malcolm Tubby remains set to retire at end-May 2026, while Bosley has agreed to stay until end-July to support the transition during recruitment. The announcement follows recent news of a partnership with Stablepharma to address anti-infective and oncology therapeutics markets. Shares were steady for the week at $3.39, down just 0.3%.
Synlait Milk (SML)
The dairy processor reported a deeply disappointing first-half result, posting a reported EBITDA loss of $34.7 million and net loss after tax of $80.6 million. The underlying net loss was $27.3 million as the company faced a 'perfect storm' of manufacturing disruptions and surplus milk sold at a loss amid falling whole milk powder prices. Revenue fell 0.2% to $777.6 million while gross profit collapsed by $83.9 million to just $3.1 million. Synlait withdrew its FY26 financial guidance but released a 'Stabilise, Simplify and Scale' recovery roadmap anchored by the imminent sale of North Island assets. Shares were flat for the week at 48.5 cents.
CDL Investments New Zealand (CDI)
The property developer reported profit after tax of $11.1 million for FY2025, down from $15.4 million in the prior year, reflecting subdued residential market conditions with revenue declining 22.4% to $38.1 million. Despite lower earnings, the balance sheet remained robust with zero debt and $13.4 million cash at bank. Net tangible assets per share stood at 109.7 cents with a fully imputed dividend of 1 cent declared. The company maintains a development pipeline including Fast-track projects in Havelock North and Hamilton. Shares fell 11.2% for the week to 67.5 cents.
KMD Brands (KMD)
The outdoor apparel company delayed its half-year results release from 25 March to 26-27 March, providing no financial data in the announcement. The delay comes amid speculation about the company's financial position, with recent media reports questioning developments at the Kathmandu owner. Shares gained 2.6% for the week to 19.5 cents, though trading has been volatile amid uncertainty about the upcoming results and potential capital raising activities.
Weekly Price Movers
Notable Shareholder Movements
BlackRock increased its stake in healthcare technology company FPH from 6.6% to 7.6%, while Macquarie became a substantial holder in infrastructure services group VNT with a 5.0% stake. Milford Asset Management lifted its holding in FRW above 5% while Bourns increased its controlling stake in crystal oscillator manufacturer RAK to 77.8%.
The week's results highlight the mixed fortunes across New Zealand's listed companies, with consumer-facing businesses like Hallenstein Glasson and The Warehouse showing resilience while Synlait continues its recovery efforts. With the March reporting period now largely complete, attention turns to companies yet to report and the emerging themes for the broader economy as the year progresses.