In case you missed it: News bites for the week.
Listed tech company IkeGPS has reported a 19% increase in recognised revenue for the year to the end of March 2025, with $6.5 million of the $25.2m total coming in its fourth quarter.
The company, which provides software for analysing physical infrastructure such as electricity and phone lines, disclosed subscription revenue of $14.4m, up 34% year on year, transaction revenue of NZ$7.6m, 3% up, and hardware and other services revenue of $3.2m, a rise of 5%.
Gross margin was up 37% over the same period at 69%, up from 60% in the previous comparable period, driven by revenue mix continuing to shift to high-margin subscription software products.
Total cash and net receivables grew by $1.8m in the fourth quarter to $15.4m at the end of the March, comprised of $10.3m in cash, $5.1m in net receivables, and no debt.
The company said it expects annual recurring revenue to continue to increase very strongly in FY26 "based on contracts in place and broader momentum".
Mint Asset Management has boosted its stake in NZX and ASX-listed travel booking software company Serko by just over two million shares, making it now a substantial holder of SKO stock.
A stock market filing this morning showed Mint acquired nearly $7.3 million worth of shares between December 16, 2024 and April 16, 2025, giving it 5.04% of the company's stock, or just over 6.2 million shares.
The average price paid for the shares was about $3.61.
The value of Serko's shares closed last Thursday at $3.32, having been as high as $4 at the start of April.
Northport.
Northland Regional Council has backed a bid to take the NZX-listed owner of Northport – Marsden Maritime Holdings – private.
In February, Marsden's board recommended a deal that would buy out minority shareholders and take the company – which owns half of Northport, more than 150ha of land adjacent to it, and the Marsden Cove Marina – private.
Northport is a private company half-owned by Marsden and NZX-listed Port of Tauranga.
Under the deal, however, Northport would become a wholly owned subsidiary of Marsden, which would delist from the NZX. In turn, Marsden would be 50% owned by Port of Tauranga, 43% owned by Northland Regional Council, and 7% owned by Crown-owned investment company Tupu Tonu.
The scheme of arrangement is offering $5.60 a share in cash.
The deal was subject to a number of conditions, including the support of NRC following community consultation. That support was confirmed on Tuesday.
A vote on the deal is expected to be held on May 29.
Minerals exploration minnow Chatham Rock Phosphate has disclosed a further hiccup in the proposed sale of phosphate interests in Queensland, which would have provided its first source of income.
After announcing in January it had agreed to sell mining and exploration leases dubbed Korella North and Korella South, it said in February the period of exclusive due diligence had been extended from March 31 to June 30.
On Tuesday, it said the proposed buyer – a group of Australian investors informally known as Marshall Group – had relinquished their exclusivity so as to pursue “complementary opportunities”.
Chatham Rock Phosphate said other interested parties had now re-engaged with the potential purchase.
The assets comprise one mining lease and three exploration leases.
Statistics New Zealand has cancelled the upcoming release of the March-quarter Household living-costs price indexes (HLPI) on May 1 because of data processing issues.
It said new consumer price weights were added to the monthly Selected Price Indexes and the quarterly Consumers Price Index but updating and applying the weights to the HLPI was more “complicated”.
“Our economic data remains reliable, fit-for-purpose, and within international best practice. The HLPI is used as an input for one of the measures of child poverty statistics.
“A key part of our solution will be to ensure we deliver on our obligations to measure child poverty,” Stats NZ said.
It’s taken 16 years but the NZ Transport Agency (NZTA) has now earmarked $91.1m for design and consent of stage one of south Auckland’s Mill Road, a process that started with community engagement during 2009. Construction is expected to start next year on the upgraded four-lane corridor, to include a westbound bus lane at the northern end, new intersections, and two new bridges. The full upgrade to the road of ‘national significance’ – aimed at providing an alternative to SH1 into Drury – has been costed at between $1.75b and $2.05b and is expected to be completed by 2033.
Penny Simmonds.
The coalition Government is giving more power to industries over how they train their apprentices and trainees. Vocational Education Minister Penny Simmonds said workplace training had become overly centralised through Te Pūkenga and often was disconnected from the reality of the jobs apprentices were working towards. The Government would introduce a new industry-led model for work-based learning to come into effect next year. “This means vocational education and training providers will be able to manage all aspects of an apprenticeship or traineeship at an industry level, rather than taking direction from a centralised behemoth,” Simmonds said. From January 1, new industry skills boards would set training standards, endorse programmes, and moderate assessments. Apprentices and trainees with Te Pūkenga would move to the new boards over the following two years, while new students would enroll directly with new work-based learning private providers, polytechnics, or Wānanga, she said.
Downer EDI says it has washed its hands of its 29.9% interest in its Australian laundries business to a Macquarie Asset-managed private equity fund for A$64m ($68.4m). The ASX-listed infrastructure group had sold a 70.1% interest in Linen Services Australia, formerly Spotless Laundries, to Adamantem Fund II for A$155m in December 2020. In a statement on the NZX, Downer said the sale completes its exit from the laundries business, operating as Linen Services Australia and Ensign in Australia and as Taylors Laundries in NZ. Adamantem has also sold its stake to the Macquarie fund. Downer chief executive Peter Tompkins said the sale aligned with the firm's strategic focus of "portfolio simplification", strengthened its balance sheet, and provided options for other capital allocations.
Sport and Recreation Minister Mark Mitchell says the board appointments of former Cabinet Minister and Auckland Business Chamber chief executive Simon Bridges and Ngāti Whātua Ōrākei trust chair Marama Royal to the Eden Park Trust will add "fresh perspectives" in respect of the park's future. Bridges and Royal replace outgoing members Victoria Toon and Renata Blair. Mitchell reappointed current trust chair Kereyn Smith and Bill Birnie as members of the board through to 2028. The Crown has the capacity to appoint up to five of the trust's nine trustees, with two each appointed by Auckland Rugby and Auckland Cricket. Eden Park rolled out its vision for its $550m expansion plans, including a retractable roof, earlier this month.
