Winton Land (WIN) H2 2024 earnings summary

Executive summary

• FY24 revenue was NZD 173.6 million, with 345 units settled, reflecting a 21.5% year-over-year decline amid challenging market conditions.

• EBITDA dropped to NZD 29.5 million, and net profit after tax fell 75.6% to NZD 15.7 million.

• Development margin remained above 40%, with gross profit at NZD 70.3 million and a margin of 40.5%.

• Presale book increased to NZD 411.7 million as of August 2024, supporting future revenue.

• Ayrburn hospitality precinct opened, attracting over 150,000 visitors and winning a tourism award.

Financial highlights

• Residential development revenue was NZD 162.5 million, with average revenue per unit rising to NZD 470,000 from NZD 374,000 year-over-year.

• Commercial revenue rose to NZD 11 million, mainly from Ayrburn and Cracker Bay precincts.

• EBITDA declined 69.1% year-over-year to NZD 29.5 million; net profit after tax was NZD 15.7 million.

• Cash reserves at year-end were NZD 41.7 million.

• One-off deferred tax liability adjustment of NZD 2.9 million due to legislative changes.

Outlook and guidance

• Market conditions in New Zealand housing remain difficult, with expectations for continued challenges through FY25 and no formal guidance issued.

• Plans to commence major projects during subdued construction pricing to complete them as the market recovers.

• Focus remains on financial discipline and long-term shareholder value.

• Balance sheet strength positions the company to capitalize on future market upturns.