New Zealand property developer Winton reported a more than doubling of net profit for the 12 months ended June 30, 2026, as revenue rose 21.5% to $188.8 million. The company’s shares, however, fell 6.8% to $1.10 following the presentation, despite the strong financial results.
Revenue growth was driven by residential projects, which contributed $148.1 million—up from $123.4 million in the prior year. The company delivered and settled 430 units in FY2026, a 61.7% increase from 266 units in FY2025, with Lakeside leading at 317 units. Gross profit climbed to $85.7 million, lifting the gross margin to 45.4% from 38.3% a year earlier. Net profit after tax more than doubled to $22.7 million, while earnings per share rose to 7.64 cents from 3.48 cents.
The company’s balance sheet strengthened, with cash and cash equivalents increasing to $38.8 million from $20.3 million, and borrowings declining sharply to $44.2 million from $99.4 million. Net assets grew to $555.4 million, and net tangible assets per share rose to 186.9 cents. EBITDA more than doubled to $45.6 million, while profit before income tax reached $36.3 million, up from $15.1 million.
Winton’s operational performance included the completion of several key projects, such as the Bravo restaurant at Cracker Bay and the Northbrook Wānaka Wellness Spa. Hospitality revenue surged 69.4% to $35.8 million, supported by Michelin recognition for Ayrburn’s Billy’s and The Woolshed. The company also advanced its retirement living pipeline, with Northbrook Wānaka Stage 2 targeting 35 care suites and Goodfellows Lakeside preparing for a October 2026 launch of 72 standalone homes.
Despite the positive financials, Winton’s Chair Steven Joyce cautioned that the residential property market is unlikely to rebound substantially until unemployment peaks, noting New Zealand’s jobless rate rose to 5.6% in June 2026. The company has paused dividends to maintain financial discipline amid softer market conditions.
