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Budget includes more spending, plus a new tax incentive
Brent Edwards
Thu, 22 May 2025
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Budget 25
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WasteCo lands $40m contract, resumes trading
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Savor Group reports reduced revenue
Savor Group revenue fell 8% to $56.6 million from $62m, for the year ending in March. The Auckland hospitality group reported $7.3m in operating earnings, down from an ebitda of $8.8m, and a net loss after tax of $1.2m, down from an after-tax net profit of $700,000 in the year prior. The net loss was largely attributed to a one-time ing write-off from its discontinued Seafarers venue. Operating cash flow rose to $7.1m for the year, up from $6.4m last year. Savor chief executive Lucien Law said, "With the market stabilising and our new bar and entertainment venue in Britomart under construction, we’re looking forward to growth again.” The trading environment remained uncertain with persistent economic pressures, the company said. However, it hoped gradual relief in cost-of-living pressures would benefit the business. "Our strengthened balance sheet, with improved cash reserves and declining leverage, provides flexibility to navigate challenges or pursue growth."
FMA warns about managed investment scheme
The Financial Markets Authority has issued a warning about a managed investment scheme operated by Jesse Joseph Vaughan and former NZ company Crypto Partners Limited (L). FMA response and enforcement executive director Louise Unger said, “We understand that Mr Vaughan, the sole director and shareholder of formerly ed company L, has offered investments in a managed investment scheme (MIS) operated by L. He did so without holding an MIS manager licence, and without providing the required disclosure, which are both contraventions of the Financial Markets Conduct Act 2013.” Vaughan also told his investors in a newsletter that he had applied for an MIS manager’s licence, and that it was being reviewed by the FMA. Unger confirmed neither Vaughan nor L had ever applied to the FMA for any form of market services licence. The FMA is concerned "investors are likely to have experienced significant detriment" due to Vaughan's conduct, and urged those affected to them.
Smith & Caughey's to close
Auckland retailer Smith & Caughey's will shut entirely, causing 98 job losses. Smith & Caughey’s acting chief executive, Matt Harray, said, "Every attempt has been made to achieve this and every feasible option investigated; no stone left unturned. However, it’s sadly clear it is no longer viable for us to keep the doors open." The department store with roots back to 1880 downsized its Queen St operations earlier this year, and closed its Newmarket store in September 2024. Harray said it was hoped the changes would result in an improved financial position for the company. "Unfortunately this has not been the case." All operations will close by the end of July, with the online store closed from the end of May.
Blis Technologies optimistic after positive result
NZX-listed Blis Technologies, a maker of probiotic dietary supplements, has reported net profit up 30% to $838,000 for the year to March. Revenue rose 9% to $13.2 million. In a statement to the NZX, the company said it was optimistic about the coming year. “While macroeconomic conditions remain mixed, demand for science-backed probiotics continues to grow,” it said. The company said a European customer had filed patent applications in September 2024 that it believed contained confidential Blis information and it was in talks to resolve the dispute. The annual report also noted supplies of fermented probiotic ingredients from Fonterra were becoming restricted and increasing in price, so Blis was seeking another supplier.
Zespri revenue es $5 billion
Zespri revenue has sured $5 billion in the 2024/2025 season. Global operating revenue for the kiwifruit marketer tallied $5.14b, up 22% from $4.21b during the previous corresponding season. Net profit after tax fell 10.4% to $155.2 million from $173.3m. Zespri sold a record 220.9 million trays of kiwifruit in 2024/25, up from 164.2 million trays in 2023/24. Zespri chief executive Jason Te Brake said, “2024/25 was a really positive year for the industry and we’re excited to build on this momentum as we progress further into our 2025/26 season."
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