Sixteen companies reported actual earnings results this week out of 157 announcements across the NZX, with sentiment tilted positive on the back of a solid full-year result from MFT. Mainfreight's annual report dominated the week by market capitalisation, showing resilient revenue growth despite a tougher profit line, while a cluster of smaller names — from aged care operator RAD to burger chain BFG — posted improved profitability. Several micro-caps, including NTL and AFC, flagged going concern issues.
Mainfreight (MFT)
Mainfreight, the week's largest reporter by market capitalisation at close to $7 billion, posted group revenue up 2.8% to NZ$5.38 billion for the year ended 31 March 2026, while net profit after tax fell 8.5% to NZ$251 million. The result reflects a soft first half, with profit down 18% as the business worked through cost-structure adjustments, before a stronger second half narrowed the gap. Management said trading momentum had continued into April and May 2026. A notable bright spot was Australia, where profit before tax (in AUD) grew 11.1% to AUD 152.6 million, marking the second consecutive year that Australian earnings have exceeded those from New Zealand. The company declared a dividend of NZ$1.72 per share on EPS of NZ$2.49. Shares closed the week at NZ$69.20, up 15.0% — among the strongest weekly moves of any NZX-listed company — with Macquarie lifting its target price 1.8% to NZ$77.00 following the release.
ikeGPS Group (IKE)
ikeGPS reported what it called its strongest year yet in FY26, with platform subscription revenue up 33% to NZ$19.2 million and total revenue up 6% to NZ$26.6 million, broadly in line with guidance. Gross margin expanded sharply to 80% from 69% a year earlier as the mix shifted toward higher-margin subscription revenue, with subscription gross margin reaching 94%. Adjusted EBITDA losses narrowed to NZ$5.0 million from NZ$6.1 million, and the company achieved positive underlying EBITDA in March 2026 — a milestone it flagged as significant. Net loss for the year was NZ$7.58 million. The balance sheet remains debt-free with NZ$32.8 million cash. Despite the improved operating trajectory, shares fell 9.8% over the week to NZ$1.155.
Radius Residential Care (RAD)
Radius Care delivered a strong FY26, with total revenue up 14% to NZ$202.3 million and net profit after tax attributable to owners up 34% to NZ$9.5 million on the back of high occupancy (94.9%) and disciplined cost control. Underlying EBITDA grew 17% to NZ$27.4 million, and EBITDAR per bed rose 11% to NZ$31.1k, which the company described as sector-leading. Available Funds From Operations rose 44% to NZ$12.7 million, supporting a full-year cash dividend of 2.2 cents per share, equivalent to an 8.0% gross yield. The company is targeting 20 new care homes under a capital-light development model. Shares rose 7.8% over the week to NZ$0.415, though this comes amid reports of insider selling activity noted separately in recent coverage.
Trade Window Holdings (TWL)
TradeWindow grew trading revenue 20% to NZ$9.6 million in FY26, with Annual Recurring Revenue surpassing NZ$10 million for the first time, up 17% on the prior year. Gross margin improved to 60% for the year and to 63% in the fourth quarter as cloud migration progressed. The net loss after tax narrowed 26% to NZ$2.6 million, and the EBITDA loss reduced to NZ$1.2 million. The company ended the year debt-free with NZ$4.2 million cash and cited 89% customer retention. Despite the improving trend, shares fell 17.8% over the week to NZ$0.148.
Burger Fuel Group (BFG)
Burger Fuel posted its strongest full-year result on record, with net profit after tax of NZ$1.97 million, up from a much smaller base a year earlier, aided by reduced legal costs and a one-off NZ$288,000 gain on the sale of its Ponsonby store. Total revenue grew 2.23% to NZ$25.5 million, while total systemwide sales across all three brands rose 2.93% to NZ$111.4 million. Management flagged a more challenging FY27 ahead, citing geopolitical uncertainty, rising beef costs and softer consumer confidence, with sales expected to be broadly flat. Shares rose 6.1% over the week to NZ$0.35.
TruScreen Group (TRU)
TruScreen reported product sales growth of 42% to NZ$2.43 million and total revenue up 29% to NZ$2.83 million for FY2026, while the net loss held broadly steady at NZ$2.25 million. The company expanded into India and Indonesia, reducing reliance on China (down to 61.3% of sales from 87.6%), and launched a 260,000-woman cervical cancer screening programme in Vietnam. Cash improved to NZ$1.46 million following a NZ$4 million capital raise in May 2025. Post-period, the company submitted proposals to UNITAID covering 14 countries with potential revenue of up to US$18.4 million. Shares nonetheless fell 15.8% over the week to NZ$0.016.
New Talisman Gold Mines (NTL)
New Talisman reported a net loss of NZ$2.26 million for FY2026, a reversal from the prior year's NZ$4.04 million profit, which had been driven largely by a one-off impairment reversal rather than operating performance. Operating revenue remained minimal at NZ$52,790 as early production from the Mystery vein proved insufficient to generate positive cash flow. Auditors issued a disclaimer of opinion given uncertainty over the recoverable value of the Talisman Mine cash-generating unit, carried at NZ$15.58 million — a significant going concern flag. The company did commission its processing facility and produce first gold concentrate, and secured offtake agreements with Ocean Partners UK and Melody Gold. Shares fell 8.3% over the week to NZ$0.011, and the stock was also in a trading halt during the period.
AFC Group Holdings (AFC)
AFC Group reported a sharp decline in operating revenue to NZ$161,285 for FY2026, down around 78% from NZ$741,088 previously, resulting in a net loss of NZ$818,093. The company remains heavily reliant on shareholder support, with major shareholder NZ Silveray Group providing roughly NZ$700,000 in funding plus NZ$781,170 in debt forgiveness during the year. Management is pursuing new business opportunities including potential M&A and reverse takeover transactions in FY2027, forecasting only a return to break-even by 2029. This follows recent reporting on the company's pivot in wine strategy toward China and the resignation of an independent director. Shares were unchanged over the week at NZ$0.001.
Other results
Among the smaller and fund-structure reporters, IPR (Iperion) narrowed its net loss to NZ$294,595 from NZ$455,683 on plant fee discounts, while remaining pre-revenue. The Booster-managed BIF (Booster Innovation Fund) swung to a NZ$1.59 million profit from a NZ$1.74 million loss, driven by fair value gains on its early-stage technology portfolio, while PLP (Private Land and Property Fund) returned to profit with NZ$1.31 million NPAT versus a NZ$1.69 million loss, alongside higher distributions of NZ$5.29 million, though its underlying vineyard-linked asset values remain under scrutiny according to recent media coverage. The Salt Carbon Fund (CO2) reported a unit price decline of around 21% over the year, alongside a rise in treasury units held. Meanwhile, IPL and SKO both released AGM voting results rather than financial figures, and SEK published a sustainability report with no earnings content.
Top Movers
| Ticker | Revenue Change % |
|---|---|
| MFT | +2.8% |
| IKE | +6.0% |
| RAD | +14.0% |
| TWL | +20.0% |
| TRU | +29.0% |
| BFG | +2.23% |
| NTL | +122.3% |
| AFC | -78.2% |
| PLP | +157.1% |
Note: NTL's revenue change reflects growth from a near-negligible base of first-year production revenue rather than a meaningful commercial ramp-up, and PLP's figure reflects a swing in fund distribution income rather than trading revenue growth in the conventional sense.
Weekly Price Movers
Notable Shareholder Movements
A handful of substantial holder notices stood out this week. At VHP, Vital Healthcare Properties Management cut its stake sharply from 28.159% to 9.934%, a significant reduction in its holding of the healthcare property trust. At GTK, UBS Group trimmed its position from 8.102% to 6.668%. In contrast, Harbour Asset Management and FirstCape Group increased their combined stake in RYM from 5.575% to 6.661%, while Milford Asset Management nudged its holding in FRW up slightly to 5.051%. PURE Asset Management also disclosed a new substantial holding of 5.71% in small-cap LOC.
Looking Ahead
With Mainfreight's result setting a constructive tone and several smaller companies showing improved underlying trends, attention now turns to whether momentum flagged into April and May can be sustained through the remainder of the year. A broader run of full-year and quarterly reports is expected over coming weeks as more NZX-listed companies with March balance dates finalise their annual accounts, which should provide a clearer read on how discretionary spending, freight volumes and healthcare demand are tracking into the new financial year.