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The illusion of intelligence
Tim Hunter
Fri, 27 Feb 2026
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EARNINGS
Thu 26 Feb 2026 08:49:14pm
MARKET MOVEMENTS
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Thu 26 Feb 2026 08:49:14pm
MARKET MOVEMENTS
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Net loss narrows at Move Logistics
Listed transport firm Move Logistics has narrowed its half-year loss but also reported weaker revenue because of ongoing tricky market conditions.
Its loss in the six months to December was $907,000, compared with a loss of $8.9 million in the previous period.
Revenue fell about 5% to $141.4m, blamed on weak conditions for customer activity and demand.
Chief executive Paul Millward said warehousing showed “gradual improvement” amid a turnaround plan and market challenges.
Broadly, he said Move was nearing the end of a ‘reset’ phase of its business strategy and moving to ‘step up’, with a focus on winning market share and creating value.
Meanwhile, Move has agreed to terms for a new invoice finance facility of up to $22m with BNZ, to support its working capital requirements.
Move warned there were risks about the rate and speed of the economic recovery and it was focused on cost control, working capital management, sales growth, and expanding its customer base.
Summerset's bottom line drops, underlying profit pops
Retirement village operator Summerset's net profit for the 12 months ended December fell 22% to $259.7 million from $332m, due to a smaller gain in the value of its property portfolio.
Setting these to one side, it delivered a record underlying profit of $234.2m, up 13% on the prior year, driven by strong unit sales.
Revenue rose to $361.7m from $319.9m, due to an increase in both care and deferred management fees.
“We’ve continued to achieve despite another year where the business environment and property market has been subdued,” Summerset chief executive Scott Scoullar said.
The company sold a total of 1560 occupation rights over the year, up 24% on the prior period. This included 680 new units, 755 resales, and 125 care bed conversions.
Net debt rose 6% to $1.96 billion from $1.84 billion in June.
The company said it continues to see high demand and expects to reduce gearing in FY26.
It declared a final dividend of 13.2 cents per share, in line with last year.
T&G reaches annual profit after previous loss
The balance sheet for T&G Global is back in the black, after the horticulture company reported a profit in the year to December 31.
Total revenue for T&G increased 15% to $1.6 billion, up from $1.4b during the previous corresponding period.
Meanwhile, net profit after tax rose to $16m, up from a loss of $9.9m year on year.
T&G chair Benedikt Mangold described the results as "very pleasing" adding they came from a well-considered and executed strategy.
NZX-listed winemaker Delegat boosts global wine sales
NZX-listed winemaker Delegat has held its own in an over-supplied industry, reporting sales revenues up 1% to $178.7 million in the first half of FY26. Global sales of 1.69 millio cases over the six months to the end of December were 3% higher than the same period the previous year following an improved performance in most markets.
The only market to fall was North America where case sales dropped by 8% following the imposition of US tariffs last year.
Net profit after tax rose 82% to $22.8m, primarily boosted by lower mark-to-market movements on derivatives, which adjust their value following trading.
The company maintained its forecast of achieving an FY26 operating npat in the range of $50m to $55m, which is in line with last year.
While reducing debt $21.6m during the half, the company also invested $10.9m on property, plant, and equipment including vineyard and winery developments in New Zealand.
The company’s wine brands include Oyster Bay, Barossa Valley Estate, and Delegat.
Vista Group returns to profit after five years
Vista Group International has turned an annual profit of $2.6 million – it’s first since the 2019 financial year – on the back of a 25% increase in software-as-a-service revenue as it transitioned customers to its cloud-based products.
The NZX and ASX-listed cinema software provider saw annual revenue rise 10% year on year to $164.3m, and recurring revenue up 9% to $147.2m.
Earnings grew 31% to $28.2m, while profit improved from a $600,000 loss last year and a $13.6m loss the year prior.
The company is guiding total revenue of $176m to $182m for its 2026 financial year, reflecting 10% to 13% growth on a constant currency basis. It also predicted an ebitda margin of 18% to 20%.
Vista CEO Stuart Dickinson said cient demand for Vista Cloud continued to build, supporting a second consecutive year of record revenue.
“With 35% of our Enterprise Client sites now live on the Vista Cloud Platform, our focus is on scaling delivery capacity to meet the strong ongoing demand."
Hallenstein Glasson expects higher interim profit than last year
NZX-listed fashion retailer Hallenstein Glasson reported group sales for the six months to February 1 of $275.2 million, up 14.6% from $240m in the same period the previous year.
Meanwhile, unaudited net profit before tax was expected to range between $39.3m and $39.8m, up 32% from $29.9m during the previous corresponding period.
The group said its balance sheet remained strong, with well-controlled stock levels.
Hallenstein Glasson is expected to report its interim earnings on March 27.
Jim Grenon buys another $1.15m of NZME shares
NZME director Jim Grenon has further increased his shareholder in the media company, buying another one million shares days after the company reported a $13.1 million net profit after tax for the 2025 financial year.
A disclosure notice posted to the NZX on Friday said Grenon on Thursday acquired the shares on market at a cost of $1.15m, taking his total shareholding to 35,694,802 shares. That represents a total stake of 18.97%.
If Grenon were to increase his position above 20%, it would trigger certain provisions under the Takeovers Act.
The Canadian ex-pat began building a position in NZME towards the end of last year and disclosed a 9% stake in March before launching a bid to have the board sacked and replaced with himself and three other nominees.
A compromise was reached shortly before the annual meeting, which led to him joining the board as a director.
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Thu 26 Feb 2026 08:49:00pm
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