Gowing Bros (GOW) H2 2026 earnings summary

Executive summary

• FY26 remained challenging amid geopolitical and cost-of-living pressures; diversified core assets generally performed to expectations, while the year ended with a $3.493m net loss.

• Shopping centres maintained steady trading, domestic investments performed well, and Cobram Estate Olives was a standout; Surf Hardware International remained under pressure.

Financial highlights

• Revenue was $58.811m versus $60.793m in FY25; total net income from ordinary activities fell to $2.893m from $4.407m, principally on fewer Sawtell Commons sales and Surf Hardware International performance.

• Loss before tax widened to $7.702m from $4.650m; the $4.209m income tax benefit resulted in a $3.493m net loss versus $3.290m.

• A $3.000m unrealised investment-property revaluation loss and redundancy-related non-recurring expenses affected results.

• Total comprehensive income was $2.190m, including $5.592m of after-tax fair-value gains on equity instruments recorded in other comprehensive income.

Outlook and guidance

• FY27 Surf Hardware International outlook anticipates stronger gross margins, improved supplier terms and a better bottom line following supply-chain and cost-efficiency work.

• Shopping-centre outlook is for stable sales and overall performance in FY27, supported by a steady retail backdrop; priorities include tenant mix and operational execution.

• Domestic conditions are mixed, but consumer sentiment and spending are holding on the NSW North Coast; geopolitical uncertainty remains a continuing challenge.