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Analyst Research Report Snapshot


1H14 result OK but overshadowed by Finance




First NZ Capital Holdings Limited


06 Mar 2014





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The normalised result at NZ$46.2mn was at the lower end of guidance. Red Shed sss growth for the key 2Q14 period was +3.4%, the 12th consecutive quarter of sss growth. While GP margins were higher in 2Q14 this was not sufficient to offset lower GP margins struck in the first quarter. Blue Shed sss growth for the key 2Q14 period was +3.9%, with EBIT at NZ$4.7mn, up 27% on the pcp. Noel Leeming reported an increase in market share, with sss up 9.3% on a comparable basis.

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