Scott Technology HY26: mix improved, cash conversion did not
Materials Handling carried the half, but a sharp working-capital build left the cash story materially weaker than the earnings story.
The most material movement in HY26 is the collapse in operating cash conversion. Operating cash flow fell NZ$8.4m to NZ$6.1m despite EBITDA rising 7.0% to NZ$13.0m, dropping the OCF/EBITDA ratio from 119.2% to 46.9%. That is the dominant read on this half.
Published 17 April 2026
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