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Weekly Wrap: Entrepreneurs, capital gains, ending employment
NBR Staff
Sun, 09 Nov 2025
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Colonial Motor Co more upbeat about economic outlook
NZX-listed Colonial Motor Co hopes to cash in on rural sector strength and the eventual wider recovery in the New Zealand economy.
It held its annual meeting today and provided a trading update for the first quarter of the new financial year. Colonial was cautiously optimistic that the worst of the downturn was over.
It reported a positive start to the new financial year, with trading trending in the “right direction”, while noting the market and economy remained patchy.
There was still a noticeable two-speed economy between rural and urban areas.
“Lower interest rates and a degree of buoyancy in the agricultural sector can only be seen as a positive sign for New Zealand,” Colonial said.
Chair Ashley Waugh told shareholders that while the results were encouraging, it was too early to make a prediction or provide an update with certainty, “but, unlike my address to last year’s annual meeting, there do appear to be green shoots”.
Seeka investigates invoicing irregularities
Seeka has responded to market speculation about an incident of fraud.
The NZX-listed horticulture and post-harvest company confirmed it had detected a series of invoicing irregularities, which were being investigated.
The total cost of the fraud was less than $350,000 and the impact on the current-year earnings was $200,000.
It was confirmed the fraud would not affect Seeka's net profit before tax guidance of between $39.0m and $43.0m.
Seeka reported the issue had been detected relatively early and the company was reviewing all payment processes to ensure the risk of fraud was minimised. "All relevant regulatory authorities have been notified, Seeka is pursuing full recovery, and the matter may be placed before the courts."
Briscoe Group’s third-quarter sales slip close to 1.8%
Briscoe Group reported a decline in sales, as the NZX-listed retailer prioritises stablising its gross margin.
Sales for the third quarter through to October 26 dropped close to 1.8% to $171 million.
The sale of homewares and sporting goods diverged, with homeware sales growing 1.8% but sporting goods sales dropping more than 7.3%.
Year-to-date sales for the group were down 0.71% to $542.3m.
Briscoe managing director Rod Duke said the third quarter presented a "mixed trading environment", with continued pressure on consumer sentiment and discretionary spending.
"Despite these challenges, the group remained focused on executing its strategic priorities, maintaining strong inventory discipline, and protecting gross profit margin performance."
Duke said the company had made a strategic decision to shift focus from driving top-line sales to stabilising gross profit margin percentage.
Sky TV chair increases Savor stake
Philip Bowman continues to grow his share of the Savor pie.
The Australian businessman and Sky TV chair has bolstered his shareholding in the NZX-listed hospitality group to more than 10%.
Bowman propelled his way up the list of Savor's largest shareholders last month, making multiple share acquisitions and growing his shareholding to about 8.3%.
Additional acquisitions have since increased his stake to 10.6%.
Bowman remains Savor's second-largest shareholder, behind H&G Ltd, an entity owned by NBR Rich Listers the Cushing Family, which holds 15.3%.
Govt expands film subsidy scheme
The Government has expanded the scope of the International Screen Production Rebate, in a move it says will ensure New Zealand continues to attract international productions.
Currently, international films and shows can receive a 20% rebate, which can increase to 25% if certain criteria are met.
Today’s changes will lower the minimum qualifying spend for feature films to $4m from $15m, reduce the threshold for the 5% uplift to $20m from $30m, expand eligibility for the uplift to include post-production, and remove the cap on costs for directors and principal cast.
The new settings will be funded through the 2025 Budget’s $577m increase to the rebate, which took total funding to $1.09b.
“These changes ensure New Zealand remains a serious contender in an increasingly competitive global screen industry,” Economic Growth Minister Nicola Willis said in a statement.
The New Zealand Film Commission has welcomed the update, saying it will open the door to a broader range of productions.
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