Winton Land (WTN) H2 2024 earnings summary

Executive summary

• FY 2024 revenue was NZD 173.6 million, down 21.5% year-over-year, with 345 units settled and net profit after tax of NZD 15.7 million amid challenging market conditions.

• Maintained a strong cash position with NZD 41.7 million and secured NZD 411.7 million in gross pre-sales for future years.

• Expanded commercial operations with Ayrburn opening and Cracker Bay brand launch, diversifying revenue streams.

• Significant land bank of over 6,000 units and 23 current projects, supporting long-term growth.

• Met XRB Climate Standards and advanced ESG initiatives, including community contributions and local job creation.

Financial highlights

• FY24 revenue was NZD 173.6 million, down 21.5% from NZD 221.1 million in FY23; gross profit NZD 70.3 million, gross margin 40.5%.

• Net profit after tax was NZD 15.7 million, NPAT margin 9.1%; EBITDA NZD 29.5 million, down from NZD 95.6 million in FY23.

• Commercial portfolio contributed NZD 11 million revenue, mainly from Ayrburn.

• Cash balance at NZD 41.7 million; inventories decreased due to higher settlements of built product.

• One-off non-cash deferred tax liability adjustment of NZD 2.9 million due to tax legislation change.

Outlook and guidance

• New Zealand housing market remains difficult, with house sales down 25.6% year-over-year and high housing stock.

• Construction activity indicators remain subdued, but some cost relief seen in Q2 2024.

• No formal guidance issued; focus remains on financial discipline and long-term shareholder value.

• Interest rate cuts expected in 2024–2025 may support market recovery, but management remains cautious.