A single earnings result and trading update emerged from 113 announcements on the NZX this week, with GXH delivering a strong annual result while STU provided a mixed trading outlook. Market sentiment remained largely neutral across announcements.
Earnings Results
Green Cross Health (GXH)
Green Cross Health reported solid growth across its healthcare portfolio for FY2026, with group revenue rising 4.2% to $546.0m and net profit after tax climbing 24.8% to $25.9m. Earnings per share increased to 14.19 cents, while the company declared a final dividend of 5.5 cents per share.
The Medical division was the standout performer, with revenue growing 8% to $165.8m and operating profit surging 33% to $26.0m. The Pharmacy division delivered steady results with revenue up 2% and operating profit rising 4%. This follows news that the company has agreed to sell The Doctors medical business to Tend Health in a $270m deal backed by iwi investors, allowing Green Cross to refocus on its core pharmacy operations.
Shares in GXH closed the week at $2.01, down 2.4% despite the positive annual result. The stock has seen significant volatility recently, with reports noting a 26% bounce earlier in the year.
Trading Updates & Guidance
Steel & Tube Holdings (STU)
Steel & Tube Holdings secured renewed banking facilities with ANZ for one year until September 2027, maintaining similar terms with amended covenants. The company reported improving early 2026 trading conditions with positive March EBIT, but noted recent headwinds from Middle East conflict impacts and softening steel demand.
Management expects variable trading conditions to persist through the remainder of 2026, reflecting the challenging environment facing the construction and infrastructure sectors. The banking facility renewal provides stability as the company navigates these market uncertainties.
STU shares fell 2.7% for the week to close at 36 cents. The company has faced ongoing challenges, with analysts previously setting a target price of 82 cents following wider losses reported earlier in the year.
Notable Shareholder Movements
Several significant shareholding changes were disclosed this week. Forsyth Barr Group substantially increased its stake in Sanford Limited, jumping from 4.53% to 12.39%. Meanwhile, FirstCape Group and Harbour Asset Management reduced their combined holding in AoFrio Limited from 9.441% to 8.335%. Mint Asset Management disclosed a 5.04% substantial holding in Serko Limited, while smaller adjustments were made in Tourism Holdings by Barmil Enterprises.
Weekly Price Movers
With the bulk of FY2026 earnings season now concluded, market attention will likely turn to upcoming AGM announcements and interim trading updates as companies prepare for the new financial year. The mixed signals from this week's limited results reflect the varied operating conditions across different sectors of the New Zealand economy.