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Election 2026: The crystal ball is still cloudy
Brent Edwards
Mon, 02 Mar 2026
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Sun 01 Mar 2026 08:44:24pm
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Sun 01 Mar 2026 08:44:24pm
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Michael Hill NZ division reports first bounce-back since 2023
Domestic sales for Michael Hill have grown, after being a persistent drag for the company in recent years.
The NZX and ASX-listed jeweller reported group sales up 3% to A$371 million ($438.7m) for the six months ended December 28, 2025, from A$360m in the same period a year earlier.
Meanwhile, net profit after tax rose 32%, from A$16.9m to A$22.3m.
Sales in New Zealand rose 2.4% from $61m to $62m, while store numbers reduced from 45 to 43.
Michael Hill New Zealand has struggled with tough economic conditions and retail crime over the past few years.
The domestic division last reported sales growth in the 2023 fiscal year, when sales rose 5.8% to $132.4m.
Synlait gets debt relief pending asset sale
Milk processor Synlait has agreed revised terms with its lenders ahead of a $307 million boost from the expected sale of its North Island assets on April 1.
In a statement to the NZX, Synlait said the amendments included a delay to a $50m ‘step-down’ in its revolving credit facility, which was due to occur on February 28.
The step-down will now happen on the earlier of April 30 or three business days after the settlement of its asset sale.
A minimum earnings threshold for the half year to January 31 has been waived, as has the interest cover ratio for the same date. Other amendments include a suspension of the net senior leverage ratio for the year to July and an extension of a credit facility.
Synlait is due to announce its half-year results on March 23. On February 4, the company said it expected to report a net loss of $77m to $82m.
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Sun 01 Mar 2026 08:42:52pm
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