New Zealand property developer Winton reported a 21.5% year-on-year revenue increase to $188.8 million in the 12 months ended June 30, 2026, while net profit after tax more than doubled to $22.7 million. The company’s shares fell 6.78% to $1.10 following the presentation, down from a 52-week high of $2.27.
The Auckland-based developer delivered 430 residential units in FY26, a 61.7% increase from 266 units in FY25, contributing to gross profit of $85.7 million and a gross margin of 45.4%, up from 38.3% in the prior year. Net profit after tax rose to $22.7 million from $10.3 million, with earnings per share increasing to 7.64 cents from 3.48 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 balance sheet strengthened, with cash and cash equivalents rising to $38.8 million from $20.3 million and total borrowings declining sharply to $44.2 million from $99.4 million. The company repaid its Lakeside and Northlake debt facilities in June 2026, while extending the Sunfield and Cracker Bay facilities to August 2027 and November 2027, respectively. Net assets increased to $555.4 million, and net cash flows from operating activities surged to $105.9 million from $42.3 million.
The residential segment accounted for 89% of units settled in FY26, with Lakeside delivering 317 units and Northlake contributing 102 units. The average residential revenue per unit declined to $344,000 from $489,000 due to a higher proportion of land lots versus built homes. Commercial and hospitality revenue rose 69.4% to $35.8 million, driven by hospitality operations including Ayrburn Venues and Cracker Bay.
Retirement living expansion continued, with Northbrook Wānaka celebrating its first anniversary and Stage 2 construction underway for a 2027 opening. Goodfellows Lakeside launched in May 2026, targeting over-60s with 72 homes in Stage 1. Strategic projects included Sunfield’s approval under New Zealand’s Fast-track Approvals Act, though Auckland Council filed a High Court appeal in April 2026, with a hearing scheduled for September 15–16, 2026.
Chair Steven Joyce noted that the residential property market is unlikely to recover substantially until unemployment peaks, while Executive Director Julian Cook emphasized that residential development remained the core of the business.
