New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glasson (HLG) reported a strong FY24 trading update, materially ahead of our expectations.</li><li>Annual sales growth of +6%, including +14% in 2H24 versus 2H23, is an impressive feat on its own, but even more so against the current economic backdrop.</li><li>Gross margins also surprised to the upside, due to a mix shift towards the higher margin Glassons Australia business, and improved inventory management reducing the need for end of season discounting. </li></ul>

Hallenstein Glasson (HLG) reported a strong FY24 trading update, materially ahead of our expectations.Annual sales growth of +6%, including +14% in 2H24 versus 2H23, is an impressive feat on its own, but even more so against the current economic backdrop.Gross margins also surprised to the upside, due to a mix shift towards the higher margin Glassons Australia business, and improved inventory management reducing the need for end of season discounting. 

Hallenstein Glasson - Wearing It Well Upgrade to OUTPERFORM