Rangatira Investments Results for the Year Ended 31 March 2018

Rangatira Investments reports Total Shareholder Return of 21.2% for the year

Rangatira is pleased to report a Total Shareholder Return of 21.2% for the full year. This figure includes both dividend distribution and increase in net asset value. Directors have assessed the net asset value per share at 31 March 2018 to be $15.07, an increase of 16% over the $12.99 per share last year.

Rangatira declared a final fully imputed dividend of 36 cents, making the total dividend for the year 60 cents an increase of 11% over last year. The dividend will be paid on 18th June 2018 and the share register will close for dividend purposes on 8th June 2017.

Rangatira’s Chair David Pilkington says the good return was driven by higher returns across a number of investments.

Profit After Tax

Rangatira today announced a full year profit after tax of $17.1 million. This result compared with last years restated $20.2 million -  last year’s profit was restated to include the one-off $3.9 million gain on the acquisition of VWR’s laboratory supply operations by Bio-Strategy.


12 months to March 2018


12 months to March 2017


12 months to March 2017

Annual Report

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Gains from realisation of investments




Impairment loss on investments




Transaction costs and one-off items




Gain on purchase of a subsidiary




Profit after tax





Operating earnings were $11.4 million, slightly down on last year’s $11.7 million.

The realised gains on investment were due to rebalancing the listed investment portfolio and the sale by Movac of its investment in PowerByProxi.


David Pilkington said Rangatira’s investments had generally delivered solid results.

APC performed well during the year as it expanded its product range and secured new customers. Polynesian Spa has a good year helped by the growth in international visitor numbers.

Hellers had a year of two halves, the wet winter weather adversely affected the first-half result, but an improved second-half performance was pleasing coming off the back of good management, ongoing focus in new product development and strong market positioning as a brand and category leader.  Hellers is also focusing on its growth opportunities – building its exports to Australia, turkey sales under the Santa Rosa brand and soups under the Hellers brand.

Cameron Partners has been appointed to do a strategic review of Hellers. We expect to be able to give shareholders an update on the outcome of the review at our annual meeting in July.  Rangatira is the major shareholder in Hellers with 62.5%, its performance and value have a material impact on Rangatira’s overall performance.

Rainbow’s End was affected by the wet weather in Auckland at key times which resulted in lower than expected visitor numbers.

Bio-Strategy has now integrated the VWR’s laboratory supply operations in Australia and New Zealand which it acquired in March 2017. The transaction effectively doubled the size of the company and the full benefits of the integration will be seen in the coming year’s results.

We are looking for profitable mid-market businesses.

Over the year we looked at a broad range of opportunities, to try and identify firms with the potential to grow into the next iconic New Zealand brand or business.  Our ideal opportunities are businesses with $10-100 million in annual revenue, and $2 million or greater in operating earnings.

In December, Rangatira purchased a 50% shareholding in Mrs. Higgins to fund a state of the art manufacturing plant to meet New Zealand and overseas demand for its products. Our partners in Mrs. Higgins are Markus and Bronwyn Hasler.

Pilkington says Rangatira retains a strong balance sheet and significant allocation to cash.  

“We are ready to take advantage of new opportunities, particularly leveraging our long track record of co-investing with owners of successful businesses”.

Leadership Change

As previously announced Mark Dossor will join Rangatira Investments as Chief Executive in July 2018.

Our shareholders

Rangatira Investments’ majority shareholder is the J.R. McKenzie Trust (51%), with other community and charitable organisations holding a 15% share. The annual dividend payments enable non-profit shareholders to continue to deliver meaningful social impact.



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For further information, please contact:

David Pilkington   |   Chair  |   Rangatira Investments   

Chris Bradshaw   |   Chief Financial Officer   |   Rangatira Investments   |   04 472 0251


About Rangatira Limited

Rangatira is a Wellington-based investment company with shareholders’ funds of over $380m million. Established in 1937, the Company is 43.6 per cent owned by the JR McKenzie Trust with other community and charitable organisations owning another 15 per cent of the shares. The balance of the shares is owned by private investors. Rangatira’s mission is to increase both the capital value of its shares and the dividends paid to its shareholders by investing creatively and competitively.

Rangatira has built a portfolio of local and international investments across a wide range of sectors. The Company has pursued a policy of investment in small to medium-sized unlisted New Zealand companies, complemented by holdings in a range of publicly listed New Zealand and international companies. All investments have been made taking a long-term position in companies that are well founded and well managed with good growth potential.

Rangatira is strictly commercial in its investment approach and benchmarks its performance against the wider investment community.

Rangatira will continue to explore investment opportunities across a range of business sectors. We aim to add value to our unlisted investments by actively contributing at management and board level, recognising the need to combine high standards of governance with sound management and a clear focus on growth and profitability.

Rangatira’s shares are listed and traded on the Unlisted market (usx.co.nz).


Rangatira Investments Results for the Year Ended 31 March 2018

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