Here are the key changes to know about in the New Zealand equity market; NZX50 drops -0.8% as Serko, Kathmandu, Warehouse Group, and Infratil decline; Gentrack soars +22% on full-year results

Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.

WHAT THE NZX50 INDEX IS DOING
The NZX50 declined by -0.8% today, tempering its five-day performance to a gain of +2%. Despite today's setback, the index has performed well, advancing +11.4% over the past six months and a strong +17.4% year-on-year increase.

THE MAIN GAINERS
The equity market saw 38 gainers today, with Gentrack (GTK, #25) leading the charge following the release of its full-year financial results. Bolstered by the company's expansion plans and strong financial performance, GTK's share price surged an impressive +22%. Compared to this time last year, when the company first joined the NZX50, its share price has skyrocketed by +139%. Turners Automotive (TRA, #45) delivered the second-largest gain, advancing +2.0% today and +1.2% year-on-year. Kiwi Property Group (KPG, #23) added +1.6% to its value today, although it has slipped -2.1% over the past five days. On a year-on-year basis, KPG has achieved a +9.3% increase. Rounding out the list of gainers, Tourism Holdings (THL, #44) also rose by +1.6% today, though its share price has tumbled -45% compared to the same period last year.

THE MAIN DECLINERS
Contributing to the NZX50's decline today were 45 companies, led by Serko (SKO, #41), which fell -6.6%. Despite this drop, Serko maintains a +1.3% gain over the past five days, though it has experienced a -10.6% loss year-over-year. Kathmandu Brands (KMD, #50) declined -3.5% today and is down -11.7% for the month, with a significant -47% decrease year-over-year. The Warehouse Group (WHS, #48) continues its downward trend, decreasing -2.9% today and -40% year-over-year. Infratil (IFT, #4) also declined by -2.7% today and -4.5% for the month; however, it retains a robust +28% gain for the year.

SMARTSHARES EFTs
 

Annual Reports Released Today

Gentrack (GTK, #25)

KEY ANNOUNCEMENTS
Spark (SPK, #9) has announced Stewart Taylor as its new Chief Financial Officer, effective 9 December 2024. With over 25 years of experience in financial services, including key leadership roles at Partners Life and ANZ New Zealand, He will also join Spark Finance Limited as a director on 20 December 2024. Outgoing Finance Director Stefan Knight will depart on 20 December 2024. This appointment finalises Spark's Leadership Squad, which includes key executives across enterprise, marketing, and sustainability, under CEO Jolie Hodson's direction.

Pacific Edge (PEB), a company formerly in the NZX50, reported steady financial performance for the six months ending September 2024, with operating revenue rising +1.4% from 2H FY24 to $11.0M but down -16.3% compared to 1H FY24 due to ongoing Medicare uncertainty. Total test volumes declined slightly by -1.1%, although commercial test volumes grew +3.2%, supported by increased demand in APAC and the US. The average sales price per test rose to US$618, reflecting improved cash collections and efficiencies. Net loss after tax stood at $14.5 mln, steady from 2H FY24 but an improvement of -4.9% on 1H FY24. The company ended the period with $35.9 mln in cash reserves, while cash burn increased to $14.3 mln, partly due to seasonal factors. Pacific Edge continues to advance strategic priorities, including the upcoming commercial launch of Cxbladder Triage Plus, integration with Lumea Digital’s systems, and preparation for its customer portal launch. Key growth catalysts for 2025 include Medicare decisions on test coverage, updates to AUA guidelines, and market expansion into new territories. CEO Dr. Peter Meintjes highlighted the company’s progress in clinical studies and operational efficiency, positioning it for renewed growth despite current headwinds.

Gentrack (GTK, #25) delivered a strong performance for the year, with revenue rising +25.5% to $213.2 mln. The Utilities division achieved +23% revenue growth to $181.3M, or +51% when adjusted for FY23 revenue from insolvent customers. Non-recurring Utilities revenue surged +104% to $60M, driven by upgrades, new customer wins, and demand for innovation, while recurring revenue grew +33% to $121.3 mln. The Veovo segment also reported robust growth, with revenue increasing +45.5% to $31.9 mln, powered by new customer wins in the UK and Middle East. Non-recurring Veovo revenue more than doubled, climbing +101% to $15.7 mln, including $6.8 m;n from hardware sales, while recurring revenue grew +15% to $16.3 mln. EBITDA was steady at $23.6M despite a $7.1 mln payroll tax expense tied to the Group's LTI schemes, reflecting a rise in the company’s share price. Gentrack continued to invest heavily in R&D and international sales and marketing efforts, supporting its global growth strategy.

Net profit after tax (NPAT) was $9.5 mln, down slightly from $10M in FY23, impacted by a $1.3 mln share of losses from Amber, in which Gentrack acquired a 10% stake and a board seat during the year. Cash reserves increased by $17.5 mln to $66.7 mln, after a $12.9 mln investment in Amber. With high-growth opportunities in both Utilities and Veovo markets, Gentrack’s Board has opted to reinvest capital into the business rather than pay a dividend, committing to ongoing reviews of its capital allocation strategy.

Channel Infrastructure (CHI, #36) successfully raised $22.5 mln through its Institutional Entitlement Offer and Bookbuild, with a 99.7% take-up from eligible shareholders. Remaining shares cleared at $1.78, an 11.3% premium, benefiting non-participating shareholders. Proceeds will fund growth initiatives while maintaining the company's capital framework. Trading resumes today, with new shares to commence trading on 3 December 2024. The Retail Offer opens on 28 November 2024 and closes on 9 December 2024.

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