Latest news with #PaulJohnston
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.
Scottish Sun
22-05-2025
- Business
- Scottish Sun
Tiny local bar in remote part of Scotland named ‘pub of the year' – but it was almost closed for good
Regulars flocked to social media to congratulate the boozer on its win CHEERS TO THAT Tiny local bar in remote part of Scotland named 'pub of the year' – but it was almost closed for good Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A TINY local bar in a remote part of Scotland has been named "pub of the year" after it was saved from closure. The Craft Bar in Pitmedden, Aberdeenshire, was taken over by Councillor Paul Johnston seven years ago. Sign up for Scottish Sun newsletter Sign up 3 The Craft Bar in Pitmedden has been named "pub of the year" Credit: CAMRA 3 The bar boasts 300 wines, 80 gins and a selection of craft beers Credit: CAMRA 3 Regulars flocked to social media to congratulate the boozer on its win Credit: Facebook The boozer has now been awarded the Pub of the Year accolade for the Aberdeen, Grampian and Northern Isles region by CAMRA, which represents beer drinkers across the UK. The bar boasts 300 wines, 80 gins and a selection of craft beers. CAMRA said: "A one-roomed corner pub opened in November 2017 and run by an enthusiastic local CAMRA member. "Old church pews provide seating for some of the tables around the walls whilst other tables are served by bench seating. Has mainly wooden flooring with tiling around the bar, which has a foot rail. "Two handpumps serve ales from varying breweries supplemented by a wide variety of live key-keg beers from UK breweries." Owner Paul Johnston told The P&J: "When we took over the pub it was in a very poor state and had severe problems. "While it was challenging, as a councillor saving a pub in my ward felt like the right thing to do. "I believe that well-run pubs have a great effect on the community. We help people come together and get things done – and there's no better thing than having a nice pint of beer to do it with." Regulars flocked to social media to congratulate the boozer on its win. One said: "Very well deserved, great folks in a brilliant pub." Locals Heartbroken as Auchenmalg's Only Pub, The Cock Inn, Closes Down Another put: "Huge congratulations, really well-deserved accolades." A third added: "Fantastic achievement." A fourth weighed in: "Huge congrats to you all."
Press and Journal
21-05-2025
- Business
- Press and Journal
Aberdeenshire bar boss reveals secrets to success after winning Pub of the Year
Pitmedden's only pub has been recognised with a national award, seven years after it was saved by a local councillor. Paul Johnston took over The Craft Bar in Pitmedden seven years ago, after the village's only pub had closed. The Craft Bar has been awarded Pub of the Year for Aberdeen, Grampian and Northern Isles. The award was presented by CAMRA, a consumer organisation which recognises pubs for providing high-quality drinks. Although Paul had worked in bars in his youth, he had never owned a pub before. Paul said: 'When we took over the pub was in a very poor state and had severe problems. 'While it was challenging, as a councillor saving a pub in my ward felt like the right thing to do.' Paul was initially inspired to take over the village pub following the success of his friend Duncan Borrowman. Duncan, also a local councillor in Shropshire, had bought The Bailey Head pub in his local village of Oswestry. The pub has also received recognition by CAMRA, winning their overall Pub of the Year Award. Paul runs the bar with his wife Roseanne and has always valued providing a variety of high-quality drinks. After taking over the pub, Paul was keen to expand its drink options and get people to try something new. The Craft Bar is home to more than 300 wines, 80 gins and a variety of craft beers. Paul said: 'One of the big assets of the north east is how good our brewing and drinks industry is. 'We use Fierce from Dyce, Six Degrees North from Stonehaven and beers from Speyside. Because of the wide variety of drinks offered, the pub has become a real community hotspot, with Pitmedden locals and visitors coming by to try new weekly beers and wines. He added: 'I believe that well-run pubs have a great effect on the community. We help people come together and get things done – and there's no better thing than having a nice pint of beer to do it with.'
RTÉ News
20-05-2025
- Business
- RTÉ News
EU and UK deal 'significant', says British Ambassador
British Ambassador to Ireland Paul Johnston has described an agreement between the EU and the UK as "significant". The EU and UK reached an agreement to reset relations yesterday, which British Prime Minister Keir Starmer claimed will add nearly £9 billion (€10.6bn) to the UK economy by 2040. As part of the agreement, there will be a new sanitary and phytosanitary (SPS) deal on plant and animal products, which will not be time-limited. Speaking on RTÉ's Morning Ireland, Mr Johnston said it "will make life much easier" for many businesses. "I think exporters and small businesses, particularly, will notice a big difference once we get the so-called SPS agreement, the agreement that will reduce massively the amount of bureaucracy and checks that exporters have to go through. "About 100,000 British companies export to the EU every year, many of them, of course, to Ireland and of course, the same is true in reverse. So, reducing that bureaucracy, eliminating the checks will make life a lot easier for people, and I'm sure will lead to greater growth in due course," the ambassador said. Mr Johnston said the deal was the start of an important process. "What's been achieved yesterday is significant, both in terms of defence and security and mobility for young people, as well as improving their trade relationships. "But it's not the transformational trade deal that changing any of those red lines would be involved. But of course, that's not on the cards, but it is nevertheless significant," he said. Mr Johnston added that British exports to the EU fell by about 15% in the post-Brexit period. "So, it's really important for the government's growth mission ... that we can start to restore some of that volume and I think yesterday's deal will be at the start of an important process," he added. Mr Johnston said "the British government will have to 'pay to play' in the jargon in the EU rearmament programme". "But I think a lot of defence industries, and I know this from my time in Sweden and working on European security when I was one of our ambassadors in Brussels, a lot of defence industries and a lot of EU partners will be delighted to see the EU playing a constructive role with Britain in the defence industry and defense security space. "It's something that's much needed when you consider the threat that Europe faces and I think will be seen as a constructs of an important partner in that area," he said. In relation to migration, Mr Johnston said that the UK is "absolutely committed to reducing immigration overall and to reducing irregular immigration in particular, and produced a big new White Paper last week with lots of lots of measures on that. "This is a very different thing. This is a time limited and numerically capped scheme which will allow young people from both the UK and the EU to enjoy the benefits of living, studying in the other country for a temporary period of time. "And I think that's a good overall thing for the relationship and it will strengthen higher education links and other links between the countries. "But it's a completely different issue from a widespread freedom of movement operation. it's a specifically limited mobility experience," he said. Taoiseach Micheál Martin welcomed the outcome of the summit, calling it a "landmark moment". Mr Martin said the outcomes from the talks deliver on the "shared commitment to reset relations between the EU and the UK". "The UK is an important like-minded partner for the EU, and for Ireland, sharing our values and commitment to multilateralism and the international rules-based system," he said. "It is essential that we work in partnership to address global challenges. "I therefore welcome the conclusion of the defence and security partnership between the EU and the UK at today's summit." He said the agreements "mark a new beginning in a positive and cooperative relationship between the EU and the UK which is essential for the pursuit of many areas of Ireland's national interest and is an important factor for stability in Northern Ireland". The UK's decision to extend fishing rights for the EU fishing sector by another 12 years, "also provides certainty to Ireland's fishermen and women", said Mr Martin. Northern Ireland Secretary of State Hilary Benn also welcomed the EU-UK reset agreement. He said alignment with EU plant and animal standards will have significant benefits for businesses in Northern Ireland and Britain.
Scoop
20-05-2025
- Business
- Scoop
Canstar's Home & Contents Insurance Awards 2025
Press Release – Canstar Tower wins Canstars Home & Contents Insurer of the Year Award, for providing Kiwi households great cover, value and service New Zealand's best insurers have been recognised in Canstar's 2025 Home and Contents Awards, and for the second year in a row Tower is the winner of Canstar's prestigious Insurer of the Year Award. Cost of living pressures are still foremost for Kiwi households, and against a backdrop of rising insurance premiums, in Canstar's research, Tower stands out for delivering great-value policies, customer service and consumer satisfaction. In its analysis for this year's Awards, covering 11 leading insurance providers, our expert research team noted Tower offers Kiwi consumers a great balance of affordable premiums and comprehensive coverage, and highlighted that Tower's policies perform strongly across flood, storm, earthquake and theft cover. Tom Slee, Canstar Group Manager – Wealth, Health & New Zealand says, 'When it comes to insurance, cheap is not always best. The right level of cover is essential, especially given New Zealand's temperamental weather and geography. 'However, our award research proves that you don't have to gamble with the security of your home and valued possessions to secure a great deal. 'Tower not only offers its customers market-leading pricing, but strong, comprehensive products that include coverage for events, too. Congratulations to team Tower, for well-deserved back-to-back wins.' Tower Interim CEO Paul Johnston says that as a forward-thinking insurer, Tower is doing everything it can to ensure insurance remains accessible for Kiwi communities. 'Providing affordable insurance options is key to our vision of delivering beautifully simple and rewarding experiences, that's why we offer three levels of house cover to suit your needs and budget. Our innovative risk-based pricing approach for flood and earthquake hazards also allows us to offer lower premiums to customers with lower risks. Later this year, we will add landslide and sea surge riskbased pricing and ratings to our tool. 'Thank you to our customers for trusting Tower to look after you when the worst happens. As a born and bred Kiwi insurer, we are incredibly proud to be New Zealand's Canstar Home and Contents Insurer of the Year for the second year in a row.' Canstar's Home & Contents Insurer of the Year Award Canstar's Home & Contents Insurer of the Year Award is based on its Outstanding Value Home & Contents Insurance Awards, which utilise a sophisticated and unique ratings methodology that compares both costs and features across insurance policies. The Insurer of the Year Award recognises the insurer that provides its customers outstanding value through its product and service offerings, as well as its levels of customer satisfaction. The satisfaction component uses survey responses from thousands of home and contents insurance customers who have rated their providers across the five key customer satisfaction metrics of customer service, value for money, comprehensiveness of cover, communication and cost. As the winner of Canstar's Insurer of the Year Award 2025, Tower is also a recipient of one of Canstar's 2025 Outstanding Value Home & Contents Insurance Awards.
