FY2026
Financial Summary
Consolidated · YTD to May 2026 · NZD ex-GST
Revenue — Actual vs Budget vs PY $M / month
EBITDA Trend — Actual vs Budget $000s
P&L Waterfall — YTD $M
Executive Commentary
Margin Trend — GM% & EBITDA% by Month
Management Accounts
Profit & Loss
Construction P&L · YTD to May 2026
Profit & Loss — click a row to expand to account detail
| P&L | Actual | Budget | v Bud $ | v Bud % | PY | v PY $ | v PY % |
|---|
Revenue by Period Actual / Budget / PY
EBITDA by Period Actual / Budget / PY
Statement of Position
Balance Sheet
As at 31 May 2026 · vs prior year
Statement of Financial Position
| Balance Sheet | Current | Prior Year | Movement |
|---|
Asset Mix
Capital Structure
Statement of Cash Flows
Cash Flow
YTD to May 2026 · NZD ex-GST
Statement of Cash Flows
| Cash Flow | YTD |
|---|
Cash Bridge $000s
Cash Position by Month
Risk Register
Risks & Opportunities
Financial exposure · probability-weighted · point-in-time
Open Risks
12
3 high / critical
Gross Risk Exposure
$4.8M
If all materialise
Weighted Exposure
$1.9M
Probability-adjusted
Open Opportunities
8
$6.2M potential
Weighted Upside
$3.4M
Probability-adjusted
Net Weighted Position
+$1.5M
Upside less exposure
Risk Matrix Likelihood × Impact · bubble = $ exposure
Risk Exposure by Category $000s
Risk Register
| Risk | Category | Project | Likelihood | Impact | Exposure | Status |
|---|---|---|---|---|---|---|
| Subcontractor insolvency | Supply chain | P.North Hotel | Medium | High | $0.90M | Critical |
| Programme delay & LDs | Programme | Petone Retail | Medium | High | $0.70M | Critical |
| Material price escalation (steel) | Supply chain | Portfolio | High | Medium | $0.60M | Active |
| H&S incident exposure | Health & Safety | Portfolio | Low | Severe | $0.60M | Critical |
| Variations dispute | Commercial | Johnsonville | Low | High | $0.50M | Active |
| Skilled labour shortage | Labour | Portfolio | High | Medium | $0.40M | Active |
| Weather / site access | Programme | Kapiti / Central | High | Low | $0.30M | Monitor |
| Retentions release delay | Financial | Petone | Medium | Low | $0.18M | Monitor |
Opportunity Register
| Opportunity | Project | Potential Value | Probability | Weighted | Status |
|---|---|---|---|---|---|
| Framework panel place | Health NZ | $3.40M | 40% | $1.36M | Pursuing |
| Preferred tender award | Otaki School | $1.40M | 65% | $0.91M | Likely |
| Negotiated VO settlement | Wgtn Seismic | $0.50M | 70% | $0.35M | Likely |
| Value engineering savings | Lower Hutt Med | $0.40M | 75% | $0.30M | Likely |
| Early completion bonus | Masterton | $0.30M | 60% | $0.18M | Possible |
| Plant utilisation improvement | Portfolio | $0.20M | 80% | $0.16M | In progress |
Trading. Revenue of $61.2M is 4.1% ahead of budget, driven by faster progress on the Johnsonville Civic Hub and stronger variation recovery across the Wellington portfolio.
Margin. Gross margin held at 9.6% with disciplined buying and P&G control offsetting steel and subcontractor escalation. EBITDA of $2.94M represents a 4.8% margin.
Balance sheet. Net debt sits at $3.78M; working capital remains positive with retentions receivable and WIP the main capital tied up.
Outlook. Order book of $128M underpins FY27. Key watch items are the Palmerston North Hotel programme slip and aged debtors at Petone — tracked in Risks & Opportunities.