Latest news with #CycloneTam
National Business Review
22-05-2025
- Business
- National Business Review
Quick Takes of the Week to May 23
Monday May 19 Gentrack's HY profit up 34.7% on continued expansion Gentrack has seen its half-year profit rise 34.7% to $7.2 million on a 9.8% increase in revenue. The NZX-listed utilities software provider said recurring revenues grew by 17%, but nonrecurring revenue was 12% lower than in the first half of FY24. It said it expected strong levels of non-recurring revenues going forward. Earnings before interest, tax, depreciation, and amortisation (ebitda) was 5.1% higher the prior corresponding period. It had cash of $70.7m as of 31 March – a $4m increase over the start of the year and up from $39.3m at the end of March 2024. The company expected revenue at or above $230m in FY25 and earnings margin to be above 12%. It remained "confident" of its mid-term guidance of growing revenue at a more than 15% compound annual growth rate and an ebitda margin of 15-20%, after expensing all development costs. Tuesday May 20 First half profit gain at Tower Insurance Listed insurance company Tower has recorded a first-half net profit rise after further improvements in business-as-usual claims and gross written premium growth. Its profit in the six months ended March 31 was $49.7m, up from $36m last year. That included provisions for ongoing customer remediation-related costs and an increase in Canterbury earthquake costs. Tower's 'large events' costs were $3m over the period after Dunedin flooding in October last year. April's Cyclone Tam will be recorded as a large event in the second half, with an estimated cost of $4m. Elsewhere, customer numbers grew to 312,000, up from 309,000 last year. Interim chief executive Paul Johnston said the results were positive as the company focused on 'robust' risk-based selection and pricing. 'This year we will expand risk-based pricing to include sea surge and landslide risks, helping our customers better understand their risks and how these factors impact their insurance pricing." Serko's product. Serko meets bottom end of annual income guidance Serko has reported a 27% increase in annual income to $90.5m, including $4.8m of income from the acquisition of GetThere, which settled in January. Excluding GetThere's revenue, Serko turned over $85.7m – only reaching the bottom end of its forecast income for the year, of between $85m and $92m. The NZX and ASX-listed travel booking software provider's net loss after tax was $22m, increased from $15.9m in FY24. Its FY25 result was driven by continued demand in its for Business (B4B) product, with completed room nights and active customers both increasing 29%. B4B saw completed room nights jump from 2.5 million to 3.3 million in the year, and active customers rise from 172,000 to 222,000. In its managed travel segment, Serko said that, in Australasia, online bookings were up 6% and average revenue per booking was up 12%. It said it expects total income of between $115m and $123m in FY26, and total spend in the range of $127m to $133m. Wednesday May 21 Napier Port pays out special dividend, ups forecast Napier Port will add a special dividend of 2.5 cents to its half-year payment of 4c to shareholders, up from the 3c paid last year. The NZX-listed port upped net profit after tax by 40.8% to $20.2 million for the six months to March, from $14.3m for the comparable period, after banking the final insurance settlement of $7.5m for damage from Cyclone Gabrielle. Container volumes also improved by 13.9% on Pan Pac's return to full pulp and paper operations, as well as an earlier apple picking season and increased transhipment activity, the port said. Chief executive Todd Dawson said the port expected to sustain healthy volumes and earnings on the back of continued strong food and fibre export demand, with the underlying result from operations now forecast to be in a range between $59m and $63m, assuming a "continuation of current operating conditions". The payment of the interim and special dividends will be on June 26, to those shareholders registered on June 13. PaySauce stays in profit as customer numbers rise NZX-listed payroll software provider PaySauce has reported its second consecutive annual profit before tax, up $270,000 on last year, to $460,000. The company's after-tax profit dipped $550,000 to $680,000, due in part to $320,000 recognised as a deferred tax asset for prior losses carried forward. Earnings before tax, depreciation and amortisation (ebtda) grew $290,000 to $1.35 million, as total operating revenue rose 17% to $9m, from $7.7m in the prior year. Total customer numbers were up 11% at year-end compared with March 2024. Processing fee income was up 18% due to the increase in customers and average fee per user. Interest income grew just 6% due to easing wholesale interest rates over the year, particularly in the fourth quarter ending in March. Average revenue per user fell 5% to $86 at the end of the period, with the increase in processing fee income diluted by the fall in interest rate income. Smith & Caughey's to close The iconic Smith & Caughey's building. 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. Thursday May 22 Zespri revenue passes $5 billion Zespri revenue has surpassed $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." 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. 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 (CPL). FMA response and enforcement executive director Louise Unger said, 'We understand that Mr Vaughan, the sole director and shareholder of formerly registered company CPL, has offered investments in a managed investment scheme (MIS) operated by CPL. 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 CPL 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 contact them. Savor Group's Bivacco restaurant. 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 accounting 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." WasteCo lands $40m contract, resumes trading NZX-listed WasteCo says it has landed a nine-year, $40 million contract with the Ashburton District Council to deliver waste management services to more than 12,000 households. The contract, which includes kerbside rubbish and recycling for both the council and 21 mid-Canterbury schools, has the option of a nine-year extension. The company placed itself in a trading halt this morning ahead of the announcement and resumed trading after 4pm. The contract, which will support 23 full-time employees, will start on September 1. WasteCo shares remained at 2 cents per share in late afternoon trading. Paul Silk appointed interim chief for new ferry company Paul Silk has been appointed interim chief executive of the company that will procure two new ferries for the Government. Silk was most recently acting chief executive at Christchurch City Holdings, the wholly owned investment arm of Christchurch City Council. Ferry Holdings chair Chris Mackenzie said Silk's experience managing public-owned infrastructure, as well as capital and risk management in financial markets, made him the 'ideal candidate' to lead the company during its establishment phase. The appointment is effective from May 26. Silk will be responsible for overseeing the commercial negotiations to procure the two ferries, as well as port infrastructure agreements with CentrePort in Wellington and Port Marlborough. The agreements are due to be completed by the end of this year, by which time the company hopes to have a permanent chief executive.
RNZ News
14-05-2025
- Climate
- RNZ News
Paihia's main road to be closed to fix storm damage
Huge swells triggered by ex-Cyclone Tam washed away part of the waterfront in Paihia, exposing cables and a water main. Photo: Supplied / Grant McCallum Paihia's main road will close for storm repairs for the next three weeks, as the after-effects of Cyclone Tam continue to plague the Bay of Islands. At its peak on 17 April the ex-tropical cyclone knocked out power to tens of thousands of homes across Northland, as well as flooding roads and eroding shorelines in places like Paihia and Russell. In Paihia, the storm took a large chunk out of Marsden Road/State Highway 11 near the town centre. After several days the road was partly reopened, but NZTA Waka Kotahi said it would now have to close for repairs in both directions until 6 June. Workers inspect damage to SH11/Marsden Road in Paihia during Cyclone Tam. Photo: RNZ / Peter de Graaf The closure - between Bayview Road and Williams Road - would apply between 7am and 6pm, Monday to Friday. Traffic would be diverted through the town centre. At night and during the weekends, the southbound lane, towards Ōpua, would be open through the worksite with a reduced speed limit of 30km/h. NZTA said the footpath, a section of which disappeared into the tide, would also be repaired. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
10-05-2025
- Climate
- RNZ News
Erosion threatens to wash away Russell's waterfront
The erosion is threatening to undermine the Strand, Russell's waterfront road. Photo: Supplied / Sue Fitzmaurice Ongoing erosion, accelerated by Cyclone Tam's big swells and high winds, is threatening to wash away the waterfront of one of New Zealand's most historic towns. Russell resident and former Prime Minister Jenny Shipley said options for protecting Russell's vanishing beachfront were already being investigated when last month's wild weather suddenly gave the project urgency. She said the shore had been receding for about the past 18 months, with erosion starting to undermine the road reserve and a historic cannon. It was also exposing the roots of the pōhutukawa trees that lined the town's waterfront. Erosion is exposing tree roots along Russell's waterfront. Photo: Supplied / Sue Fitzmaurice "Then Cyclone Tam came along and coincided with some very high spring tides and an onshore wind. There's been a very big impact in the last three weeks," she said. As a short-term measure, the Far North District Council had sandbagged and placed rock fill in the worst area, just below the cannon. Shipley said a working group had already been discussing possible solutions with the council and Far North Holdings. "We thought we had time… and of course it never goes as fast as I would like it to, but this is not a straightforward question. We do need to get best advice, then try and find money to remediate it." If nothing was done, the beachfront road and buildings would eventually be threatened. "With every high tide that's got an onshore wind, it's posing more risk to the road reserve." Erosion opposite Russell's Town hall, before temporary repairs were carried out. Photo: Supplied / Sue Fitzmaurice Shipley said there were many theories in Russell about what was contributing to the erosion. Those theories included rainwater from buildings running across the road instead of going into stormwater drains, or changes to tidal action caused by the wharf's floating pontoons. Expert advice so far was that there was no single significant factor, she said. The erosion is worst around the historic cannon, opposite Russell Town Hall. Photo: Supplied / Jenny Shipley The working group included representatives of the Russell Wharf Trust, the local community board and placemaking group, Kororāreka Marae, businesses, the council and Far North Holdings, with herself as chair representing the Russell Destination Management Team. The hoped to come up with a medium-term solution in July or August, which would then be discussed with Russell residents and stakeholder groups. How quickly it could be implemented would depend on the cost, she said. The council was also investigating whether central government assistance would be available given that it involved storm damage to a road. Ultimately, the working group aimed to restore the gentle slope that used to run down onto the shingle beach. "It is a long term issue. It will be potentially costly, so we have to be mindful that we've got to then find those funds or take our turn," she said. Emergency repairs aim to protect Russell's waterfront from further erosion until a solution is found. Photo: Supplied / Sue Fitzmaurice Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
07-05-2025
- General
- NZ Herald
Whangārei social support charity Whare Āwhina opens new community cafe for rough sleepers
'The space had a short time – we knew by the number of people who walked through the door that this need was great.' The new cafe has been designed with input from the homeless community, who wanted a nice-smelling place where they could come together and eat, Cassidy-Canning said. 'For the community, the food brings them in ... This brings them back into a space where they're seen.' She said many people in Whangārei are apathetic about homelessness, or blame individuals, but change needs to be made together. One former rough sleeper, Fred Tito, said everyone needs help in some way. He said the new space was full of 'beautiful energy' from the input of many people. 'Even though it's sad to see the closing of one chapter last week, with Open Arms, here we can awhi many, many people who are houseless, not homeless.' The Cameron St site was formally opened on Wednesday with a celebration attended by around 100 people, all of whom Cassidy-Canning thanked. 'The voices that feed these ideas are yours and the hands that make it happen are ours,' she told the crowd. Whangārei night shelter still a need Rough sleepers who attended the opening said the community cafe was nice, but was missing the showers and laundry facilities previously available at Open Arms. One rough sleeper, Jason Poutai, said he would be happy to pay for using such facilities, for instance, if coin-operated showers were available at the former Old Boys' Rugby and Sports Club on Port Rd. 'I'm not asking for a hand-up. The measure of a society is how they treat their vulnerable.' Poutai said he continues to protest for a night shelter for those who have nowhere to sleep. The Whangārei District Council rejected a proposal for a night shelter at the Old Boys' club last year, saying it was not the council's role. Poutai wants a summit in Whangārei – involving different agencies, businesses and local residents – to work out how to set up a night shelter before World Homeless Day this year, on October 10. Meanwhile, he said, those sleeping in tents had had their shelters damaged during Cyclone Tam, and any donations of unused tents would be gratefully accepted. Cassidy-Canning said a night shelter is the responsibility of the Government, with different levels of housing needs, including those needing emergency and transitional housing. She acknowledged the showers and laundry at Open Arms were two things that had to be let go when moving into the new headquarters on a limited budget. However, she said, Whare Āwhina can direct people to public showers in Whangārei and is working with other providers on mobile laundry facilities. The community cafe will be open Monday to Saturday, 8.30am to 12.30pm.
NZ Herald
07-05-2025
- Business
- NZ Herald
Connected workers are safer workers
Staying connected at work can often mean a blur of Teams messages, texts and calls occupying the average urban office worker's day, but there are also many people in remote New Zealand where connectivity is a lifeline. Spare a thought for the six per cent of Kiwis employed in the primary sector and the four per cent of the workforce who keep the economy moving in the transport sector. Tens of thousands of us work in remote parts of the country and beyond the reach of traditional mobile and fixed-line communications networks for at least part of the day. That's why the debut of the One NZ Satellite TXT service, which is available on monthly post-paid plans to customers with eligible smartphones, is attracting so much interest from businesses. With health and safety compliance a key agenda item at board of directors meetings, company leaders are looking for additional ways to keep their workers out of harm's way, and to lend support quickly when accidents happen. The health and safety imperative Cyclone Tam recently brought natural weather events back into focus. Ralph Brayham, Executive Director at global infrastructure manager Morrison, said the issue of keeping a remote workforce safe was also top of mind in March when parts of Queensland were threatened by cyclones causing storm surges and flooding – something that New Zealand businesses also need to prepare for. When Brayham joined Morrison nearly a decade ago, the investment firm had an asset portfolio worth around $3.5 billion. Now it is closer to $50 billion, including electricity, water, and transport assets around Australasia. Morrison founded Infratil, the listed company that owns One NZ and which has renewable energy, digital infrastructure, healthcare and airport assets all over the world. 'As investors in companies that employ a lot of people as part of dispersed and remote workforces, we are constantly looking at ways to mitigate the risk of workers coming into harm's way,' says Brayham. 'Whether its ex-tropical Cyclone Alfred that hit the Queensland coast, or Cyclone Gabrielle back in 2023 in the North Island, we need to be ready for events that hamper our efforts to keep in touch with workers in the field.' That's why Brayham, a veteran of the telecommunications industry, is particularly excited about the ability to send and receive text messages via Starlink Direct to Cell satellites with One NZ. 'It offers that extra layer of resiliency that we think is really, really important,' says Brayham. While many workers, particularly in the transport sector, are equipped with GPS-based fleet tracking locators, and marine vessels often carry emergency personal locator beacons, Brayham sees satellite texting capability as democratising access to backup communications. 'If you are driving a tractor and get cut off by a landslide on a remote country road, chances are you'll have no way of letting anyone know,' he says. 'Satellite to mobile texting doesn't replace other safety communications systems, but without the need for a separate device and available on a wide range of plans, One NZ Satellite TXT certainly gives you a convenient option to reach out for help or let a friend or colleague know of your situation, you just need to be able to see the sky to use it.' Planning for disruption All Morrison's portfolio companies all have communications plans for disaster resilience, an area of focus that has come into sharp relief as more frequent and intense weather events resulting from climate change threaten infrastructure such as electricity and telecommunications networks. 'If the grid goes down, being able to check in with employees via satellite gives us all huge peace of mind,' Brayham says. 'And I'm also happy to know that when one of our companies' employees is out on the weekend doing a hike with their eligible work phone in their pocket, they also have an additional line of safety if something goes wrong. It all adds up to greater resilience and wellbeing for lots of our workers, which is a tremendously valuable thing for everyone concerned.'
