Michael Hill International Limited (MHJ) reported flat full-year revenue of $643.7 mln for FY25, with comparable EBIT of $15.3 mln and a statutory net profit after tax of $2.1 mln, improving from a $0.5 mln loss in FY24. The result included a $7.4 mln Bevilles brand impairment partially offset by a $3.0 mln favourable litigation outcome. Gross margin remained steady at 60.5%, supported by higher-margin products and the MH Pendant Bar and sustainable LAB. diamond offerings. Same-store sales were strong in Canada (+4.4%) and Australia (+1.2%) but down in New Zealand (-5.5%), while digital sales grew +6% to $50.9 mln. The group opened three stores, closed 15, and converted two Australian Michael Hill stores to Bevilles, ending FY25 with 287 stores. A new Auckland Distribution Centre was commissioned to improve service and efficiency. Early FY26 trading is positive, with group sales up 3.0% and same-store sales up 3.2%, led by Canada (+6.8%) and Australia (+3.4%), while New Zealand remains slightly down (-3.2%).
Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.
WHAT THE NZX 50 INDEX IS DOING
The NZX50 gained +0.5% to open the week’s trading sessions, lifting +1.0% over the past five days. The index advanced +6.5% in the last six months, and is up +4.1% year-on-year.
THE MAIN GAINERS
Market breadth remained positive, with 53 stocks advancing. The strongest performers were Heartland Group Holdings (HGH, #34) and Scales Corporation (SCL, #38), both rising +5%. Heartland climbs +17% across the past week and +19% in the last month, although it remains down -17% year-on-year. Scales added +6% over five days, +24% in six months, standing +41% higher compared to the same period last year. Gentrack (GTK, #28) lifted +4%, trimming its six-month decline to -5%, while still up +4% year-on-year. Chorus (CNU, #13) rose +3% after gaining +14% over the past month, leaving it +12% higher on an annual basis.
Heartland Group Holdings
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THE MAIN DECLINERS
On the downside, 31 stocks are trading lower. Meridian Energy (MEL, #2) slipped -2%, though it manages a +1% gain across the week. The stock remains -2% lower over six months down -12% year-on-year. Napier Port Holdings (NPH, #40) eased -1%, now -2% lower over five days, extending its one-month decline to -6%. Despite the pullback, the company holds a +29% gain over the year. Investore Property (IPL, #47) fell -1% but remains +16% higher over the last six months, though still down -6% year-on-year. SkyCity Entertainment (SKC, #33) also dropped -1%, compounding a steep -25% fall over the past week and leaving the stock nearly halved year-on-year, down -49%.
Meridian Energy
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.9% | +1.6% | +6.1% | +1.3% | +2.9% |
| NZ Top 10 ETF (TNZ) | +1.0% | +1.3% | +5.2% | -4.7% | -1.5% |
| S/P NZX50 ETF (NZG) | +0.5% | +0.8% | +4.9% | -0.8% | +1.6% |
| NZ Dividend ETF (DIV) | +1.5% | +3.2% | +13.3% | +7.4% | +6.5% |
KEY ANNOUNCEMENTS
Chorus (CNU, #13) delivered a 'resilient' FY25 result, with operating revenue rising slightly to $1,014 mln and EBITDA up +1% to $705 mln, while net profit after tax turned positive at $4 mln compared to a $9 mln loss in FY24. Cash flows from operations reached $559 mln, supported by a 31,000 increase in fibre connections, bringing the total to 1,115,000, and fibre uptake rose to 72.1% of addresses passed. Copper connections fell -41% to 92,000, while network traffic grew +10% to 8,741 petabytes. Strong cost management kept operating expenditure steady at $309 mln despite inflation and regulatory levies. Chorus CEO Mark Aue highlighted progress in the company’s transition to a simplified all-fibre digital infrastructure business, aiming for 80% fibre uptake by 2030, supported by strategic operational improvements and innovative service upgrades.
Vector (VCT, #12) delivered solid FY25 results, with revenue from continuing operations rising +9% to $893.5 mln and adjusted EBITDA up +16% to $401.1 mln. Net profit after tax for continuing operations reached $154.7 mln, including a $37 mln impairment of the gas distribution network. Group capital expenditure totalled $470.1 mln, down -6%, while the board declared an unimputed final dividend of 13 cents per share, bringing the full-year payout to 25 cents. Vector continued investment in network reliability and resilience, including the deployment of GridAware through its partnership with X and Tapestry, and achieved a 55% reduction in carbon emissions, exceeding its FY2030 target. The company also highlighted regulatory developments under the new DPP4 cycle, the ongoing transition of its business portfolio, and its commitment to Auckland’s growth and electrification. Segment performance included electricity revenue up +11% to $762.2 mln with adjusted EBITDA of $351.9 mln, and gas distribution revenue up +3% to $67.2 mln with adjusted EBITDA of $46.7 mln. Total electricity connections rose +1% to 632,106, and gas connections remained stable at 120,621.
Scales Corporation (SCL, #38) reported a very strong first half for FY25, with underlying NPATAS up +72% to $48.9 mln and reported NPAT rising +51% to $57.6 mln. Underlying EBITDA increased +43% to $86.7 mln, driven by exceptional Horticulture and Logistics results, alongside steady performance from the Global Proteins division. Horticulture earnings surged 77% to $53.2 mln, benefiting from long-term strategic investment in premium apple varieties for Asia and the Middle East, with own-grown export volumes projected to rise +21% to 3.7 million TCEs. Global Proteins delivered consistent results, with strong performance from Meateor Australia and Fayman, supported by the acquisition of an additional 7.5% in Shelby and new processing facilities in the US and Netherlands. Logistics EBITDA rose +60% to $6.1 mln, underpinned by increased sea and air freight volumes and new Auckland storage facilities. Directors raised FY25 underlying NPATAS guidance to between $45.0 mln and $50.0 mln, noting ongoing caution in Global Proteins due to the operating and geopolitical environment.
Tourism Holdings Limited (THL, #44) reported a challenging FY25, posting a statutory net loss of -$25.8 mln, largely due to $54.5 mln in one-off impairments, while underlying NPAT fell -45% to $28.7 mln. Rental revenue grew +10% to $486.5 mln, supported by an +8% increase in fleet size to 8,564 vehicles, and the Board declared a final dividend of 4 cents per share. The company implemented disciplined capital management, reducing inventory and fleet expenditure, with net debt at $492 mln. Strategic initiatives are underway across underperforming divisions, and thl aims to exceed $100 mln in annualised NPAT within three to four years. Looking ahead to FY26, thl plans further cost reductions, disciplined fleet growth, and continued rental revenue expansion, supported by improving tourism markets globally.
Property for Industry (PFI, #26) reported a strong FY25, delivering a profit after tax of $106.0 mln, up from a $46.1 mln loss in the prior year, supported by $70.7 mln in fair value gains on its $2.17 bln industrial portfolio. Net rental income rose +12.7% to $108.0 mln, driven by leasing activity and completed developments, while occupancy increased to 99.9% and average contract rents rose +5.3% annually. Funds From Operations (FFO) grew +5.4% to 10.69 cps and Adjusted FFO increased +8.1% to 9.59 cps, supporting FY25 cash dividends of 8.60 cps, up +3.6%. PFI advanced its Green Star development pipeline, including Stage 2 at 78 Springs Road and the Harris Road redevelopment, with medium-term development capacity of ~$350 mln. The company remains well-capitalised with stable gearing of 32.6%, $318 mln in undrawn facilities, and hedged interest rates, entering FY26 confident in continued earnings and dividend growth, with guidance of at least 8.90 cps.
Meridian Energy (MEL, #2) announced plans to issue up to $250 mln of 6.5-year unsecured, unsubordinated fixed-rate Green Bonds, with the option to accept oversubscriptions of up to $50 million. The offer, aimed at institutional and New Zealand retail investors, is expected to open on the 1st of September, with full details to be released then. The bonds are expected to carry a BBB+ credit rating, in line with Meridian’s issuer rating from S&P Global Ratings (stable outlook). Bank of New Zealand will act as Arranger and Joint Lead Manager, with Craigs Investment Partners, Forsyth Barr, and Westpac NZ as Joint Lead Managers. Investors can register interest through the Joint Lead Managers or their financial advisor, without any obligation to subscribe.
Vista Group International Limited (VGL, #35) announced that leading European and North American cinema operator Kinepolis Group has signed a 5-year agreement to adopt Vista’s Cloud solutions, including Digital Enablement and Operational Excellence. Kinepolis, listed on Euronext Brussels with 109 sites and over 1,100 screens across Europe and North America, will implement Vista’s Lumos+ web and mobile digital channels across all territories by the end of 2026, followed by full Operational Excellence capabilities by 2027. Kinepolis CIO Wim Willems said the move will enhance visitor engagement and streamline service, while Vista CEO Stuart Dickinson highlighted the strengthened partnership and Kinepolis’ leadership in its markets.
Turners Automotive Group (TRA, #39) expects first-half FY26 (HY26) Net Profit Before Tax to exceed HY25 by more than 10%, tracking a record performance of $26.9 mln. The Auto Retail division is performing ahead of FY25, with higher owned vehicle sales offsetting fewer consignment vehicles, while the Christchurch branch expansion and “Tina from Turners 2.0” marketing campaign are expected to boost margins and volumes. The finance business has grown its loan book by +5% since March 2025, supported by lower interest rates, while the insurance division continues to perform strongly with stable claims ratios and growing direct sales. Credit management has seen increased arrears due to economic pressures but added a major corporate customer in April. Despite patchy macroeconomic conditions, Turners remains confident in achieving its mid-term FY28 NPBT target of $65 mln ahead of schedule.
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