Thirteen companies posted actual earnings results this week out of 160 NZX announcements, with sentiment tilted positive across seven of those reports. The standout was TRA, which delivered a record normalised profit and lifted its dividend, while PEB and KFL provided the week's more sobering reading, with widening losses at the diagnostics developer and a negative return at the Fisher Funds-managed investment company.
Earnings Results
TRA — Turners Automotive Group
Turners Automotive Group reported FY26 revenue of $451.2 million, up 9% on the prior year, with NPAT rising 18% to $45.6 million and normalised NPBT reaching a record $63.2 million, ahead of the company's own upgraded guidance. The board declared a full-year dividend of 33.0 cents per share, up 14%, fully imputed, extending a dividend track record that now runs to a 10.5% compound annual growth rate over 12 years. Growth was broad-based across Auto Retail, Finance and Insurance, with the Finance loan book up 27% to $566 million in gross receivables and consumer arrears held at 2.5%, well below the 5.6% industry average. Management has brought forward its $65 million FY28 NPBT target into FY27 and set a new $100 million target by FY31. Shares closed the week at $8.16, down 5%, despite the strong headline numbers — a reminder that share prices can move on broader market factors as much as company-specific news. The result comes as Turners continues its dividend reinvestment plan, having recently issued new shares at a strike price of $8.09.
GNZ — Goodman NZ
Goodman NZ released its 2026 annual report for the year ended 31 March, though the NZX filing did not disclose specific financial metrics. The industrial property manager's portfolio, focused on Auckland warehouse and logistics assets, was valued at $4.9 billion including assets under management, spread across more than 200 customers, and the group retains a BBB investment-grade credit rating from S&P. Shares fell 7% over the week to $2.00, with commentary elsewhere suggesting a shift in the trust's profitability profile following the release.
PEB — Pacific Edge
Pacific Edge's FY26 result reflected the fallout from last year's Medicare non-coverage determination on its Cxbladder tests. Operating revenue fell 47.4% to NZ$11.5 million (total revenue $13.6 million), while the net loss after tax widened 19.5% to $35.8 million. On the positive side, the company cut total expenses by 9.5% and reduced monthly cash burn by 27.7% in the second half versus the first. The more consequential development sits outside the reported numbers: a draft Medicare Local Coverage Determination published by Novitas in May 2026 proposes reimbursement coverage for Cxbladder Triage and Triage Plus, with final coverage expected by the end of calendar 2026 — a potential turning point for US test volumes. The company also raised $36.1 million in new equity around the same period. Shares fell 12.9% over the week to $0.27.
ERD — EROAD
EROAD's update this week was governance-related rather than financial, covering the outcome of its Annual Shareholders' Meeting. Only three of seven resolutions passed: shareholder-nominated directors Scott Smith and Steve Hammond failed to gain election, while attempts to remove incumbent directors John Scott and Sara Gifford were also defeated. Ryan Brosnahan and Ian Whiting were elected as directors, and auditor remuneration was approved with near-unanimous support. The mixed voting outcome points to an unsettled boardroom dynamic. Shares slipped 2.9% for the week to $1.00, with recent commentary also flagging a potential impairment of up to $150 million flagged separately by the company.
TAH — Third Age Health Services
Third Age Health Services delivered a solid FY26, with revenue up 17.9% to NZ$22.5 million and statutory NPAT rising 24.7% to NZ$3.1 million. Underlying NPATA increased 25.9% to NZ$3.6 million, with the ARC Medical Services division — up 27% in revenue — the primary growth driver. The board lifted the full-year ordinary dividend 8.8% to 16.00 cents per share. Underlying EBIT margin expanded 1.1 percentage points to 23.5%, evidence of operating leverage, though the Community GP division continues to face declining enrolled patient numbers. Shares eased 1.8% for the week to $4.47, despite the earnings growth, following an equity raise associated with the company's Hub Aged Care acquisition.
2CC — 2 Cheap Cars Group
2 Cheap Cars Group reported FY26 NPAT of $3.2 million, down 3% on the prior year but in line with January 2026 guidance of surpassing $3.0 million. Revenue was broadly flat at $81.7 million (-0.3%), with vehicle volumes down to 7,239 units from 7,675, and elevated Clean Car Standard carbon credit costs (a roughly $1.7 million headwind) weighing on the result. Record finance and insurance penetration provided an offset, with insurance penetration reaching 44% (from 36%) and finance penetration up to 31% (from 27%), lifting F&I commissions 17% to $7.9 million. The board declared total gross dividends of 6.14 cents per share. Shares rose 13.6% over the week to $0.795, a move that coincides with news that the company's majority owner has tabled a full takeover offer, taking the business private.
ARB — ArborGen Holdings
ArborGen Holdings reported FY26 revenue of US$68.2 million, up 8% and the company's highest in five years, driven by growth in Brazil and higher average selling prices in both key markets. Adjusted EBITDA rose 31% to US$11.5 million excluding one-off items. The net loss narrowed materially to US$7.5 million from US$21.5 million in FY25, though last year's figure was inflated by a US$21.8 million non-cash impairment charge, so the improvement partly reflects that comparison rather than a swing to underlying profitability. Shares fell 7.1% over the week to $0.065, even as the company pointed to a stronger operating platform heading into FY27 amid a structural downturn in the US South timber market.
GEN — General Capital
General Capital posted what it described as a record year, with revenue up 18% to $26.8 million, though NPAT of $2.72 million was roughly flat, down 3% on the prior year. Total assets grew 30% to $283.7 million, with subsidiary General Finance's loan book up 63% and term deposits up 34%. A total dividend of 1.18 cents per share was declared. Shares fell 9.1% for the week to $0.25.
CCC — Cooks Coffee Company
Cooks Coffee Company reported Group store sales up 22.8% to NZ$95.8 million, well ahead of UK and Ireland industry growth rates of around 3% and 2.5% respectively. Revenue rose roughly 87% to NZ$12.8 million, largely reflecting the inclusion of Dairygold managed store revenues rather than pure like-for-like growth. Normalised EBITDA increased 27% to NZ$1.69 million, though net profit of NZ$0.41 million was down almost half on the prior year. The store network expanded 18% to 105 sites across the UK and Ireland, including 35% growth in Ireland to 23 stores, alongside new international agreements in India and the UAE. Shares fell 13.8% over the week to $0.168 despite the sales and store-count growth.
AOF — AoFrio
AoFrio's update centred on the successful completion of a renounceable rights issue, raising approximately NZ$4.428 million at NZ$0.07 per share on a 1-for-7 basis. All 63.25 million shares applied for were allocated, including full acceptance of 21.89 million shares under the oversubscription facility, pointing to healthy shareholder demand. Proceeds are earmarked for expansion into US and European markets, product innovation and the launch of a new Food Retail solution. Shares eased 2.7% for the week to $0.071.
BIT — The Bankers Investment Trust
The Bankers Investment Trust reported a NAV total return of 3.7% and share price total return of 6.5% for the half-year to 30 April 2026, trailing the FTSE World Index's 5.5% return over the same period. Net revenue fell to £10.0 million from £12.6 million, with revenue EPS of 1.05p versus 1.16p a year earlier, reflecting lower investment income. Capital performance improved sharply, with a £30.1 million gain compared with a £74.1 million loss in the prior period, lifting total profit to £40.1 million from a £61.5 million loss. The board expects the full-year dividend to rise at least 3%, continuing a 59-year run of consecutive annual dividend increases, while the portfolio is being consolidated toward around 80 high-conviction holdings.
KFL — Kingfish
Kingfish, the Fisher Funds-managed listed investment company, recorded a net loss of NZ$13.6 million for the year to 31 March 2026, as investment losses of $18.9 million outweighed dividend and interest income of $10.5 million. The gross performance return of -2.1% underperformed the S&P/NZX 50, which rose 5.2% over the period, though total shareholder return was marginally positive at 1.3% thanks to quarterly dividend distributions totalling 10.84 cents per share. NAV per share fell to $1.20 from $1.35. Operating expenses were $2.2 million lower following a management fee cut from 1.25% to 0.85% per annum, and the dividend reinvestment plan continues to see strong take-up, with 38% of shareholders participating.
RTO — RTO Limited
RTO Limited, a non-trading NZX shell company seeking a reverse takeover target, reported a net loss of NZ$173,831 for the year, up from $55,236 previously, driven by directors' fees and operating costs against minimal income of $70,031. The company held $114,903 in cash at year-end, with a material going concern uncertainty noted in the accounts. No acquisition target has yet been finalised. Shares fell 7.4% for the week to $0.126.
Top Movers
| Ticker | Revenue Change % |
|---|---|
| TRA | +9.0% |
| PEB | -47.4% |
| TAH | +17.9% |
| 2CC | -0.3% |
| ARB | +8.0% |
| GEN | +18.0% |
| CCC | +87.0% |
| RTO | -77.5% |
| BIT | -18.6% |
Weekly Price Movers
Notable Shareholder Movements
Substantial shareholder notices this week highlighted continued institutional repositioning in several NZX names. Vanguard lifted its stake in ATM (a2 Milk) from 5.002% to 6.332%, while UBS separately disclosed a substantial holding of 5.328% in the same stock. UBS was also active in GTK (Gentrack), progressively increasing its holding from 5.846% to 7.055% and then to 8.102% across successive notices. Separately, Barmil Enterprises disclosed a substantial holding of 11.79% in THL (Tourism Holdings), a stake large enough to warrant close attention from other shareholders.
Looking Ahead
With only 13 of 160 announcements this week representing actual earnings results, the bulk of NZX newsflow remains dividend notices, insider disclosures and administrative filings. Mercury NZ has already flagged its FY26 result for 18 August, and the coming weeks should bring a heavier run of full-year and half-year reports as more NZX constituents close out March balance dates. Attention will likely turn to how utilities, healthcare and consumer names navigate cost pressures and softer domestic demand heading into the back half of calendar 2026.