Interim Report for period ended 28 July 2024

Interim Report
For the 26 week period ended 28 July 2024
Briscoe Group
Limited
RETAIL
IS OUR
WORLD.

Contents

04 Directors’ Report

10

Sustainability


14
S
upply Chain




16 Financial Statements

32 Independent Auditor’s Review Report

34
Di
rectory

35
Notes
3Briscoe Group Limited Interim Report 2024

Directors’
Report
Briscoe Group continued its
excellent performance in the
latest half-year, increasing sales
to a record level, advancing a
range of initiatives which continue
to build for future performance
and to protect profitability in
difficult market conditions.
Briscoe Group Limited Interim Report 2024 | Directors’ Report4

Interim Report, half-year to July 2024
Briscoe Group continued its excellent performance
in the latest half-year, increasing sales to a record
level, advancing a range of initiatives which continue
to build for future performance and to protect
profitability in difficult market conditions.
Trading conditions in the first half were the most
difficult the Group has faced since the global
financial crisis of 2007. Retail spending as measured
by Statistics NZ declined in each of the six months
to July 2024, reflecting sharp cost-of-living and
interest rate increases and continuing the trend
established over the previous year.
In that context Briscoe Group’s trading results
represent another outstanding performance. They
testify to its resilience to adverse trading conditions,
in which key elements are the ability to maintain and
grow sales volumes despite tough conditions and
to deal with increasing cost and margin pressures.
The store network, online platform and back-office
functions all performed strongly.
Your Board is confident that the internal performance
gains, capability enhancements and strategic options
initiated by the Group’s strategic development
programme will provide significant opportunities
to drive profitability going forward.
The Group has continued to invest in the
development of the store network, the online
platform and the back office and fulfilment
infrastructure. The first three years of the Group’s
strategic development programme, now completed,
produced a wide range (over 120 projects) of
enhancements to systems and technology. Capital
investment increased significantly. These were
funded from internal cash resources given the
strength of our balance sheet established by
strong trading performance and prudent financial
management over the long term.
As well as ongoing investment the Group
has embarked on its largest project ever, the
establishment of a new North Island distribution
centre to provide a step-change in capacity and
efficiency. Strong progress was made and the
distribution centre is on track to be launched within
its three-year timeframe.
Once again, our management and operational teams
have performed at a high level and the Board is
extremely thankful to all of them. We believe the
quality and agility of the senior leadership team
remains the keystone of our performance and the
dedicated support provided by teams in all parts of
the business continues to be crucial. We continue
to invest in their education, training, wellbeing,
safety, engagement and performance.
We believe that the economic environment will
remain difficult in the short to medium term,
although we note that there have been early
signs of improvement – a slight reduction in the
rate of decline in retail sales and recent declines in
inflation and interest rates, albeit from relatively high
levels. These recent developments are welcome.
Our focus remains on matters that are under our
control – costs, inventory, promotional content
etc - enabling current performance while building
the capability for future growth and profitability. This
is the best way of ensuring that the Group retains
the ability it has demonstrated over recent years to
perform strongly in difficult market conditions.
Our Team
In such a tough trading environment the skilled
and dedicated work of our team – individually and
collectively – is a critical element of success.
In-store they are the vital link between our customers
and our retail offering. In our online platform they
provide the creativity and technical support essential
to an intuitive and convenient shopping experience.
Behind the retail frontline, their expertise and
diligence enable both in-store and online shopping
to be delivered efficiently, and in Support Office they
provide leadership, insight and support to teammates
throughout our network.
The Board recognises and values their exceptional
work. We thank them for yet another period of
outstanding performance.
We were pleased to be able to deliver a 5% wage
rate increase for our in-store, hourly-paid team earlier
this year, following 7% increases in each of 2022 and
2023, 20% compound growth across these 3 years.
We also take pride in our expanding range of
programmes to support team members and
assist their development – in health and safety; in
work training for diverse needs including product
knowledge, customer interaction, support functions
and other core skills; in leadership development;
and through tertiary education.
Briscoe Group Limited Interim Report 2024 | Directors’ Report5

These are delivered through a variety of platforms
including online training, learning modules developed
in conjunction with external providers and others
with tertiary institutions. The rewards for these
programmes are manifest within the business and
are reflected in improvement in our formal measures
of health and safety, employee engagement and
customer satisfaction.
Strong Trading Performance
Our performance reflected a range of measures taken
to drive sales growth, control the cost base, manage
an inevitable margin decline and thus optimise
profitability.
The Group achieved a record level of revenue – an
outstanding performance in the prevailing conditions,
with growth in both the homeware and sporting
goods segments. Promotional events for seasonal
products (particularly sporting goods) were enhanced
to increase sell-through and protect margins.
Underlying profitability remained strong, reduced
slightly in comparison to the first half of the previous
year but as already stated, outstanding in context of
the current trading environment.
Solid Financial Results
Sales revenue was $372.08 million, an increase of
0.77% on the first half of the previous year. Homeware
sales increased by 0.28%, from $229.39 million to
$230.03 million; and Sporting Goods sales rose by
1.58%, from $139.85 million to $142.05 million.
Net profit after tax (NPAT) was $33.21 million
including a one-off tax adjustment of $7.37 million
required under the New Zealand equivalent to
International Accounting Standard 12 as a result of
tax changes announced by the Government. This
is a deferred tax liability adjustment – a non-cash
accounting entry that has no impact on the Group’s
underlying profitability or dividend policy but does
reduce the reported net profit.
Absent this adjustment NPAT for the first half was
$40.58 million – 95% of the previous first half
reported profit of $42.75 million.
Gross margin percentage declined by 76 basis points,
from 43.73% to 42.97%. Total store and overhead
costs were less than 0.5% higher than for the previous
corresponding period - a fantastic achievement in a
market strained by increased cost pressures from a
variety of sources. Optimising gross profit while
maximising sales remains a constant focus for
our team.
The result was affected by the decision by KMD
Brands to not pay an interim dividend for the current
year. Briscoe Group received $1.44 million (pre-
tax) from its investment in KMD Brands during the
previous corresponding period.
Interest income increased by $1.1 million during the
first half, predominantly as a result of higher cash
balances.
Inventory levels at 28 July 2024 were $106.32 million,
down from $120.21 million at the same time last
year. Our team was focused strongly on inventory
– in particular, on seasonal inventories across both
Briscoes Homeware and Rebel Sport. With pressure
on sales likely to persist, we continue to work closely
with our supply partners to optimise our inventory
position.
Briscoe Group Limited Interim Report 2024 | Directors’ Report6

Strong Financial Position
The Group’s balance sheet remains strong, with cash
balances of $131.77 million compared to $126.90
million held at the same time last year and with no
term debt. Approximately $23 million of creditor
payments included in the trade payables balance
were paid subsequent to balance date (by 31 July
2024).
Interim Dividend
The directors resolved to pay an interim dividend of
12.50 cents per share (cps), maintaining the same
level as last year’s interim dividend. Books closed to
determine entitlements at 5pm on 25 September
2024 and payment will be made on 9 October 2024.
The company’s dividend policy is to pay out at least
60% of NPAT when calculated on a full year basis.
Capital Investment
As previously identified the Group increased its
capital investment during the period, spending
$35.00 million compared with $10.77 million in the
previous corresponding period.
The increase was primarily for the Distribution Centre
project ($19.93 million), with the key components
being the implementation of a new Warehouse
Management System and deposits for the purchase
of land and for building construction.
A further $10.88 million was invested in the rollout
of the electronic shelf labelling project across the
store network. The remaining $4.19 million was for
the refurbishment of stores; expenditure in relation
to Group-owned property; and enhancements to
system software and hardware across the store
network, support office and online platform.
Store Network
The store development programme continued
during the half. On the back of the six refurbishments
completed during the previous year, further
refurbishments were completed at both Rebel
Sport and Briscoes Homeware stores in Invercargill
and progress made at a number of other stores.
This work has delivered a dramatic difference to
the in-store look and feel, reflecting the modern,
energetic transformation achieved in other recent
refurbishments.
Planning is advanced for a number of projects in the
current half-year, including:
• Design work for refurbishment of the Briscoes
Hornby store, including a new Hotel at Home in-
store space.
• Design work for refurbishment of Rebel Sport
Henderson.
• Completion of the concept and fit-out for a
flagship Rebel Sport store.
• Commencement of a Briscoes Homeware new
store concept design.
Our team continues to explore opportunities
to innovate and improve as part of the store
development programme. We have partnered
recently with leading Australasian retail design
company, The General Store to design a flagship store
that will elevate, refresh and vitalise the customer
experience to consolidate the Rebel Sport brand in
New Zealand. We are thrilled with the work so far and
the potential to be unlocked for the next generation
of Rebel Sport stores.
Online Initiatives
The Group’s online business continued to perform
well, contributing 18.77% of Group sales in the
first half, compared with 18.33% in the previous
comparable period.
A number of initiatives were completed or progressed
significantly across the online platforms, including:
• Continued growth of our Direct-to-Customer
Briscoe Group Limited Interim Report 2024 | Directors’ Report7

product range.
• A premium same-day delivery service piloted
in Christchurch and scheduled for launch in
Wellington and Auckland.
• Advanced customer notifications – alerting
customers more effectively in regard to their
premium orders.
• Improvements in back-of-house processing –
eg. allocation of order fulfilment to store from a
mobile device; electronic shelf labelling enabling
faster picking and a picklist auto-refresh, allowing
multiple users to work more effectively from a
single picklist.
• Six store back-of-house areas redesigned for
greater efficiency.
• Front-of-house counters in four stores
reconfigured to optimise Click & Collect and
improve the customer experience.
Strategic Development Initiatives
As referenced earlier, by far the Group’s largest
project is the establishment of a North Island
warehousing and distribution centre.
The new facility will deliver a major step-change in
our warehousing and distribution capability, enhance
our inventory management across the network, help
to optimise the existing store footprint and deliver
significant performance and efficiency gains. It will
be a state-of-the-art facility on a scale to handle
significantly higher volumes. It will also enhance the
way we buy and distribute sporting goods.
A key milestone in this project was the
implementation of a new advanced Warehouse
Management System – Manhattan, at our existing
distribution centre. This has enabled our team to
upskill before transitioning to the new facility when it
becomes operational in about two years.
Contracts for the purchase of land at Drury, south
of Auckland, and for construction of the new centre
were signed in June. We also selected our automation
partner to help drive the significant improvement in
warehousing capability sought from the project.
We expect the new centre to require expenditure
of at least $100 million. Continued progress on this
project is a key priority for the current year.
The implementation of electronic shelf price labelling
across the store network was substantially complete
at the half-year and is now complete. This exciting
initiative has replaced in-store price ticketing with
centrally controlled electronic price labels, bringing
an improvement in sales conversion resulting from
increased price transparency, improved sustainability
in the form of a reduction in the printing of sale tickets
and a reduction in the effort required of teams when
setting up sale events in-store.
The next three-year program of the strategic
development programme, now under way, has
been focused on projects to equip the Group for
growth beyond its current capacity and comprises a
combination of both existing and new initiatives.
Half-Year Review
The interim financial statements for the 26-week
period ended 28 July 2024 presented in this report
are unaudited, but have been reviewed independently
by PricewaterhouseCoopers, which has issued
an unqualified independent review report to the
company’s shareholders (refer pages 32 and 33).
Corporate Governance
The Group has an explicit and ongoing commitment
to the highest standards in governance and
management, based on best practice principles
set out in the NZX Corporate Governance Code.
Those adopted by the Board include the Group’s
Constitution, a Board Charter and a Code of
Conduct; policies for Human resources, Climate risk,
Briscoe Group Limited Interim Report 2024 | Directors’ Report8

Continuous disclosure, Emissions reporting, External
auditor independence, Privacy, Remuneration,
Sustainability and Trading in company securities; and
a ‘Speak Up’ policy describing how any inappropriate
or unlawful conduct can be raised by employees
without fear of negative consequences.
We continued to build on our sustainability
programme during the half-year, with key projects
including:
• Introduction of the supplier compliance program.
• The transition of our forklift fleet from LPG to
electricity.
• The implementation of cardboard baling.
• A recycling programme for returned products
and a review of packaging for online orders.
More detailed comment on the sustainability
programme is included in a separate section of this
report (see page 10).
Outlook
The Group continues to be guided by principles that
have served it well over a long timeframe – to offer
a compelling and enjoyable shopping experience,
to provide customers with access to trusted
international brands and product lines, and to provide
options for customers to do business with it in the
way that suits their individual preferences.
Our focus remains on maintaining a high level of
near-term performance and to continue to build the
platform for future performance and growth. As to the
remainder of the current year, we will make further
progress on the implementation of strategic initiatives
and on priorities and preparation for our next strategy
round.
As noted above, we have seen early signs of
improvement in the economic indicators and we are
hopeful that the recent announcement of a lower
Official Cash Rate and the subsequent lowering of
bank rates will mark the beginning of a more positive
trend in consumer confidence and retail spending.
Nevertheless, we remain very cautious on the retail
trading environment and we are under no illusions
as to how it will affect the Group’s performance in
the remainder of the year. Measures to control costs
and manage margins remain crucial in protecting the
bottom line.
While we will not be able to replicate the last full
year’s net profit of $84.2 million, we are confident
about our ability to respond positively to the external
pressures and continue to produce market-leading
trading results.
On behalf of the Board:
Dame Rosanne Meo (Chair)
Rod Duke
Tony Batterton
Andy Coupe
Mark Callaghan
From left: Andy Coupe, Rod Duke, Mark Callaghan, Dame Rosanne Meo (Chair) and Tony Batterton.
Briscoe Group Limited Interim Report 2024 | Directors’ Report9

Sustainability
Our progress in taking
Steps to a Better Tomorrow.
As a business we continue to
make progress across all four
pillars of our Sustainability
strategy.
Briscoe Group Limited Interim Report 2024 | Sustainability10

Governance
• We aim to bring our stakeholders along with
us on our Sustainability journey. To enhance
transparency and accessibility, we intend to
launch a Sustainability section on the Briscoe
Group website by the end of the year. As
sustainability evolves rapidly, we are committed
to keeping you informed about the exciting
initiatives we are undertaking to take Steps to a
better tomorrow.
• We are actively providing our team with the
necessary information, resources, and training to
enhance our sustainability efforts.
• Good progress has been made in preparation
for our second-year disclosure under the CRD
regime, including work towards quantifying the
financial impacts of our climate-related risks,
developing a climate transition plan, measuring
our scope 3 emissions and setting a reduction
target.
Environment
• Through our partnership with EcoCentral in
Christchurch for the Product Returns Program,
we have diverted over 70 tonnes of product
returns from landfill. Additionally, through the
program, EcoCentral has provided over 60 care
packages to Christchurch families in need. Given
the program’s success, we are investigating
how we can extend the program to the broader
Canterbury region.
• Following on from the success in Christchurch
we have expanded our Product Returns Program
to Auckland in partnership with All Heart NZ. The
program covers 19 stores in the Auckland region
and has been key to decreasing the amount of
waste going to landfill.
• We are pleased to report steady progress with
our Ethical Supplier program. To date, we have
onboarded, audited, graded, and supported
over 230 factories, significantly enhancing
supply chain standards. This effort has resulted
in a notable and rapid improvement in factory
gradings. Additionally, we are in the process of
integrating our local and non-trade suppliers into
the program.
• We are engaging with our suppliers on their
Climate Targets, helping us get an informed
picture of where supplier engagement currently
sits in relation to our scope 3 emissions and
allowing us to set an informed scope 3 target.
• Following the launch of the Electric Forklift
Phase Programme in February 2023, we have
transitioned 76% of our LPG fleet to electric,
achieving a total of 40 internal combustion
engine forklifts replaced with electric units. We
plan to complete the remaining 12 units by the
end of 2025. Eliminating LPG from our forklift
fleet is a key part of our emissions reduction plan
and aids us in achieving our Scope 1 emissions
targets.
“
It makes me really happy
to be contributing in small
ways to the community
while also ensuring that
we have less going into our
landfill. I feel really proud
to work for a company with
these initiatives.
– Tese (Store Person)
”
Auckland Product Returns Program
Briscoe Group Limited Interim Report 2024 | Sustainability11

Community
• We launched the Rebel Sport Grass Roots grant
program, receiving over 650 applications during
the first two Grassroots grant application rounds.
This resulted in over $130,000 in cash and sports
gear being awarded to clubs and community
groups, helping to remove the financial barriers
associated with community sports in NZ. Another
two funding rounds will be completed in the
second half.
• This year, we have already raised over $353,000
for Cure Kids and we are on track to surpass
$1,000,000 once again. We are immensely proud
of the unwavering support and generosity from
our customers and team. We are committed
to maintaining this fundraising momentum to
maximise our contribution to essential child
health research.
• The Pass-it-forward program continues to
provide balls to those that need them the most,
with 6,058 balls through the program in the
first half. We have increased the scope of our
support through the Tania Dalton Foundation and
are now sponsoring three young girls through
a life-changing 3-year financial and mentoring
scholarship. This support will provide the means
for them to pursue their sporting dreams,
becoming important role models to women
in sport.
Grassroots Grants Winners
Briscoe Group Limited Interim Report 2024 | Sustainability12

Our People
• We successfully piloted our first ever VR Manual
Handling Training program, ‘First Move’. Created
by Alison Richmond from Provention NZ, the
program works to lower workplace injuries
related to manual handling by promoting healthy
movement habits through immersive learning.
• We have rolled out Sonder, an employee
wellbeing app, across the entire business. This
app offers our employees free 24/7 access to
medical, safety, and wellbeing support, ensuring
that their wellbeing remains a priority.
• We continue to invest in our people, with
another two cohorts of emerging leaders (29
team members) completing our Leadership
Programme. We have two more cohorts set to
complete the programme in the second half.
Briscoe Group Limited Interim Report 2024 | Sustainability13

Supply
Chain
We have implemented a new
Warehouse Management
System, purchased the land
and approved the design for
our new North Island DC.
Supply Chain Transformation
Briscoe Group Limited Interim Report 2024 | Supply Chain14

Warehouse Management System
In July 2024 we successfully implemented a new
Warehouse Management System (WMS) in our
current Distribution Center (DC). Moving to this
technology improves our current capability and will
provide us with key learnings ahead of the move to
our new DC in 2026. This system will orchestrate
operations in our new North Island DC spanning
Inbound, Stock Control, Outbound and Transportation
to our customers or stores.
Land Purchase in Drury, Auckland
Following an extensive search in the greater Auckland
and Waikato region we have purchased the land
for our DC. We modelled inbound and outbound
transport costs as well as property related costs and
expected future values and found the Drury location
to be optimal. We have signed a development
agreement with Calder Stewart to build the DC.
High-Level Site Design
Our new North Island DC is designed to meet
our growth requirements for the next ten years.
Containing over 17,000 pallet positions of storage
for our bulkier items and 40,000 totes for storage
of smaller items, this substantial increase in storage
capacity will allow us to substantially improve the
flow of inventory to our stores. The site features a
flowthrough design with inbound on the eastern
side, and outbound on the western side and provides
significant yard and canopy areas to ensure easy
handling of goods into and out of the warehouse.
The site will include an automated shuttle storage
and goods to person picking system to increase our
productivity when handling apparel, footwear and
other smaller items.
Impact on Team and Customers
This state of the art facility and equipment provides
an attractive place for our team to work, and will aid in
the recruitment and retention of the team required to
operate it. We will reduce the stock level in our stores
and hold more in the DC, with frequent replenishment
of stores in line with sales demand. The reduction
of stock in store will allow for an improved range of
products and potential for new product categories in
stores.
Expected Benefits
Once fully operational, the DC enabled improved
stock flow to stores will unlock significant potential
for sales and margin growth from improved on-shelf
availability and reduced stock days of cover in-store.
The new products and categories will deliver sales
growth from the existing store footprint, and by
streamlining our end to end transport flows we will
reduce our emissions.
Timeline
The detailed design will be completed, and consents
lodged by the end of 2024, enabling construction
to start in early 2025. We expect to be able to
commence installation of pallet racking and the
automation by the end of 2025, allowing phase 1 of
the DC to be operational during March 2026 and full
operations including automation to be live by the end
of 2026.
Briscoe Group Limited Interim Report 2024 | Supply Chain 15

RETAIL
IS OUR
WORLD.
Financial
Statements
Briscoe Group Limited Interim Report 2024 | Financial Statements16

Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on
10 September 2024.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group
Limited for the 26 week period ended 28 July 2024. (Comparative period is for the 26 week period
ended 30 July 2023).

For the 26 week period ended 28 July 2024
Directors’ Approval of Consolidated Financial Statements
Dame Rosanne Meo
CHAIRMAN

Rod Duke
GROUP MANAGING DIRECTOR
10 September 2024
For and on behalf of the Board of Directors
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements17

Notes
$000

$000
Sales revenue372,078369,237
Cost of goods sold
(212,213) (207,773)
Gross profit
159,865161,464
Other income1041,963
Store expenses (60,444)(60,329)
Administration expenses
(39,028)(38,881)
Earnings before interest and tax
60,49764,217
Finance income3,8112,674
Finance costs
(7,699)(7,493)
Net finance income/(costs)(3,888) (4,819)
Profit before income tax56,60959,398
Income tax expense
6(23,399) (16,648)
Net profit attributable to shareholders
533,21042,750
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents) 14.9119.19
Diluted earnings per share (cents)
14.8819.17
The above consolidated income statement should be read in conjunction with the accompanying notes.

For the 26 week period ended 28 July 2024 (unaudited)
26 Week Period
Ended 28 July 2024
Unaudited
26 Week Period
Ended 30 July 2023
Unaudited
Consolidated Income Statement
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements18

Notes
















$000

















$000
Net Profit attributable to shareholders
33,21042,750
Other comprehensive income:
Items that will not be subsequently reclassified
to profit or loss:
Change in value of investment in equity securities9
(13,683)
(6,721)
Items that may be subsequently reclassified to
profit or loss:
Fair value (gain)/loss recycled to income statement (502)181
Fair value gain taken to the cashflow hedge reserve1,9193,653
Deferred tax on fair value gain/(loss) taken to
income statement
140(51)
Deferred tax on fair value gain taken to cashflow
hedge reserve
(537)(1,023)
Total other comprehensive income(12,663)(3,961)
Total comprehensive income attributable to shareholders
20,54738,789
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

For the 26 week period ended 28 July 2024 (unaudited)
26 Week Period
Ended 28 July 2024
Unaudited
26 Week Period
Ended 30 July 2023
Unaudited
Consolidated Statement of Comprehensive Income
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements19

As at 28 July 2024 (unaudited)
Consolidated Balance Sheet
Notes
28 July 2024
Unaudited
$000
30 July 2023
Unaudited
$000
28 January 2024
Audited
$000
ASSETS
Current assets
Cash and cash equivalents131,770126,898175,441
Trade and other receivables5,2513,7617,738
Inventories106,323120,211104,868
Derivative financial instruments1,7271,219548
Total current assets
245,071252,089288,595
Non-current assets
Property, plant and equipment8148,103134,711132,810
Non-current receivable812,964--
Intangible assets2,5272,0592,078
Right-of-use assets240,563240,224245,318
Deferred tax69,57916,04417,309
Investment in equity securities921,36344,16735,046
Total non-current assets435,099437,205432,561
TOTAL ASSETS
680,170689,294721,156
LIABILITIES
Current liabilities
Trade and other payables92,11692,762106,292
Lease liabilities20,66319,51219,850
Taxation payable1,1501,3758,316
Derivative financial instruments681259
Total current liabilities
113,935113,730134,717
Non-current liabilities
Trade and other payables1,3358591,241
Lease liabilities
265,045263,000269,330
Total non-current liabilities266,380263,859270,571
TOTAL LIABILITIES
380,315377,589
405,288
NET ASSETS
299,855311,705
315,868
EQUITY
Share capital1162,43562,34462,344
Cashflow hedge reserve1,270891 250
Equity-based remuneration reserve621402701
Other reserves(66,490)(43,686)(52,807)
Retained earnings
302,019291,754305,380
TOTAL EQUITY299,855311,705315,868
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements20

Notes


$000


$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers372,946370,498
Rent received8032
Dividends received-1,440
Interest received 4,0562,914
Insurance recovery2416
377,106374,900
Cash was applied to
Payments to suppliers(242,445)(242,355)
Payments to employees(54,570)(48,079)
Interest paid(7,699)(7,494)
Net GST paid(11,114)(16,813)
Income tax paid(23,233)(27,183)
(339,061)(341,924)
Net cash inflows from operating activities 38,04532,976
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
3410
3410
Cash was applied to
Purchase of property, plant and equipment(33,851)(10,000)
Purchase of intangible assets
(1,146)(772)
(34,997)(10,772)
Net cash outflows from investing activities(34,963)(10,762)
FINANCING ACTIVITIES
Cash was provided from
Net proceeds from borrowings
10--
--
Cash was applied to
Dividends paid12(36,760)(35,643)
Lease liability payments
(9,978)(9,769)
(46,738)(45,412)
Net cash outflows from financing activities(46,738)(45,412)
Net decrease in cash and cash equivalents(43,656)(23,198)
Cash and cash equivalents at beginning of period175,441149,874
Foreign cash balance cash flow hedge adjustment(15)222
Cash and cash equivalents at end of period131,770126,898
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

For the 26 week period ended 28 July 2024 (unaudited)
26 Week Period
Ended 28 July 2024
Unaudited
26 Week Period
Ended 30 July 2023
Unaudited
Consolidated Statement of Cash Flows
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements21

Notes
Share
Capital
Unaudited
















$000
Cas
hflow
Hedge
Reserve
Unaudited
Equity-Based
Remuneration
Reserve
Unaudited





Other
R
eserves
Unaudited















$000
R
etained
Earnings
Unaudited















$000
T
otal
Equity
Unaudited















$000



$000



$000
Balance at 29 January 202362,136(1,869)575(36,965)284,647308,524
Net profit attributable to shareholders for the period----42,75042,750
Other comprehensive income:
Change in value of investment in equity
securities
9---(6,721)-(6,721)
Net fair value gain taken through cashflow
hedge reserve
-2,760---2,760
Total comprehensive income for the period-2,760-

42,75038,789
Transactions with owners:
Dividends paid12----(35,643)(35,643)
Performance rights charged to income
statement
-- 142-- 142
Performance rights vested11208-(208)---
Deferred tax on equity-based remuneration--(107)--(107)
Balance at 30 July 202362,344891402(43,686)291,754311,705
Net profit attributable to shareholders for the period----41,47141,471
Other comprehensive income:
Change in value of investment in equity
securities
9---(9,121)-(9,121)
Net fair value gain taken through cashflow
hedge reserve
-(641)---(641)
Total comprehensive income for the period-(641)-(9,121)41,47131,709
Transactions with owners:
Dividends paid----(27,845)(27,845)
Performance rights charged to income
statement
--249--249
Performance rights vested-- --- -
Performance rights forfeited----- -
Deferred tax on equity-based remuneration--50--50
(6,721)
For the 26 week period ended 28 July 2024 (unaudited)
Consolidated Statement of Changes in Equity
Balance at 28 January 202462,344 250701(52,807) 305,380315,868
Net profit attributable to shareholders for the period----33,21033,210
Other comprehensive income:
Change in value of investment in equity
securities
9---(13,683)-(13,683)
Net fair value gain taken through cashflow
hedge reserve
-1,020---1,020
Total comprehensive income for the period-1,020- (13,683) 33,21020,547
Transactions with owners:
Dividends paid12----(36,760)(36,760)
Performance rights charged to income
statement
-- 201-- 201
Performance rights vested1191-(280)-189-
Deferred tax on equity-based remuneration--(1)--(1)
Balance at 28 July 202462,4351,270621(66,490)302,019299,855
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements22

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements23
1. Reporting Entity
Briscoe Group Limited (the Company) and its subsidiaries (together the Group) is a retailer of homeware and sporting goods.
The Company is a limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock
Exchange (NZX). Briscoe Group Limited is registered under the Companies Act 1993 and is an FMC Reporting Entity under Part
7 of the Financial Markets Conduct Act 2013. The address of its registered office is 1 Taylors Road, Morningside, Auckland 1025,
New Zealand. The Company is registered in Australia as a foreign company under the name Briscoe Group Australasia Limited
and is listed on the Australian Securities Exchange as a foreign exempt entity. (NZX / ASX code: BGP).
2. Basis of Preparation of Financial Statements
These unaudited consolidated condensed interim financial statements (‘interim financial statements’) have been prepared in
accordance with New Zealand Generally Accepted Accounting Practice and comply with the requirements of International
Accounting Standard (IAS) 34 Interim Financial Reporting and with New Zealand Equivalent to International Accounting
Standard (NZ IAS) 34 Interim Financial Reporting and the NZX Main Board Listing Rules. The Group is designated as a for-profit
entity for financial reporting purposes.
The interim financial statements do not include all the notes of the type normally included in an annual financial report.
Accordingly, these interim financial statements should be read in conjunction with the audited consolidated financial statements
for the period ended 28 January 2024 and any public announcements made by Briscoe Group Limited during the interim
reporting period and up to the date of these interim financial statements.
These interim financial statements are presented in New Zealand dollars, which is the Company’s functional currency and the
Group’s presentation currency.
The interim financial statements are in respect of the 26-week period from 29 January 2024 to 28 July 2024. The comparative
period is in respect of the 26-week period from 30 January 2023 to 30 July 2023. The year-end balance date will be 26
January 2025 and full financial statements will cover the 52-week period from 29 January 2024 to 26 January 2025.
The Group operates on a weekly trading and reporting cycle resulting in 52-weeks for most years with a 53-week year
occurring once every 5-6 years.
The preparation of the interim financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the interim financial statements. The estimates and underlying assumptions are based on
historical experience and adjusted for current market conditions and other factors, including expectations of future events that
are considered to be reasonable under the circumstances. If outcomes within the next financial period are significantly different
from assumptions, this could result in adjustments to carrying amounts of the asset or liability affected. The same judgements,
estimates and assumptions included in the notes to the financial statements for the full year period ended 28 January 2024
have been applied to these interim financial statements.
3. Accounting Policies
The interim financial statements of the Group for the 26-week period ended 28 July 2024 have been prepared using the same
accounting policies and methods of computations as, and should be read in conjunction with, the financial statements and
related notes included in the Group’s Annual Report for the full year period ended 28 January 2024.
4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically achieved in the
second half of the financial year as a result of additional sales generated during the Christmas trading period.
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements24
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
For the period ended 28 July 2024
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue230,027 142,051-372,078
Gross profit98,07161,794-159,865
Earnings before interest and tax33,99624,9951,50660,497
Finance income7532,540 5183,811
Finance costs(5,082) (2,616) (1)(7,699)
Net finance income/(costs)(4,329) (76) 517(3,888)
Income tax expense(15,813)(6,978)(608)(23,399)
Net profit after tax13,85417,941 1,41533,210
BALANCE SHEET ITEMS:
Assets391,510 274,084 14,576
1.
680,170
Liabilities272,605135,949(28,239)380,315
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
17,7984,244-22,033
Depreciation and amortisation expense11,2156,314-17,529
$000
1. Investment in equity securities24,147
Intercompany eliminations(32,135)
Other balances22,564
14,576
5. Segment Information
The Group is organised into two reportable operating segments, namely homeware and sporting goods, reflecting the
different retail sectors within which the Group operates. The Company is considered not to be a reportable operating
segment. Eliminations and unallocated amounts as shown below are primarily attributable to the Company.
There were no inter-segment sales in the period (2023: Nil).
Information in relation to the operations of each reportable operating segment is included below. Segment profit represents
the profit earned by each segment and is extracted from the income statements associated with the two trading subsidiary
companies, Briscoes (New Zealand) Limited and The Sports Authority Limited (trading as Rebel Sport). Earnings before
interest and tax (EBIT) is a non-GAAP measure and used to assess the performance of the operating segments. This measure
should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS.
This non-GAAP financial measure may not be comparable to similarly titled amounts reported by other companies.

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements25
For the period ended 30 July 2023
Homeware
Sporting
Goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue229,391 139,846-369,237
Gross profit100,90060,564-161,464
Earnings before interest and tax37,94823,3042,96564,217
Finance income5701,8702342,674
Finance cost(5,023)(2,469)(1)(7,493)
Net finance income/(costs)(4,453)(599)233 (4,819)
Income tax expense(9,503)(6,358)(787)(16,648)
Net profit after tax23,99216,3472,41142,750
BALANCE SHEET ITEMS:
Assets386,519259,93642,839
1.
689,294
Liabilities259,265136,507(18,183)377,589
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
8,7222,050-10,772
Depreciation and amortisation expense11,2766,215-17,491
$000
1. Investment in equity securities46,950
Intercompany eliminations(22,330)
Other balances18,219
42,839
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements26
7. Expenses
Profit before income tax includes the following specific expenses:
26 Week Period
Ended 28 July 2024
26 Week Period
Ended 30 July 2023
$000$000
Depreciation of property, plant and equipment5,571 5,521
Amortisation of software costs697707
Depreciation of right-of-use assets11,26111,263
Interest on leases7,6987,492
Operating lease rental expense1838
Wages, salaries and other short-term benefits48,31346,418
Equity-based remuneration
201142
8. Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 28 July 2024, the Group acquired property, plant and equipment with a total cost of
$20,886,506 (2023: $9,999,800). Property, plant and equipment with a net book value of $23,134 (2023: $60,212) were
disposed of during the 26-week period ended 28 July 2024.
On 17 June 2024 a Sale and Purchase Agreement to acquire a piece of land in Drury, Auckland for $25,928,800 and a Sale
Development Agreement to construct a new Distribution Centre on this site for $48,237,833, were signed.
On 25 June 2024 an initial payment of $4,823,783 was made in relation to the construction development. On 15 July 2024 an
initial payment of $12,964,400 was made in relation to the land, which was recorded as a non-current receivable at balance
date. Both payments were funded from the Group’s cash reserves.
On 8 August 2024 settlement on the land was completed with a final payment of $12,964,400. This was funded from the
Group’s cash reserves.
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
6. Income Tax Expense
As a result of the change in tax legislation that was enacted on 28 March 2024, the tax depreciation rate on commercial
buildings with an estimated useful life of 50 years or more was reduced to 0%. This reduction in the tax depreciation rate
significantly reduced the tax base of the Group’s buildings and from 29 January 2024, future tax deductions are no longer
available to the Group. This has resulted in a non-cash, one-off adjustment to deferred tax of $7,373,537 which has been
recognised in the tax expense of the current period.

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements27
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
9. Investment in Equity Securities
During 2015 and 2019 Briscoe Group Limited acquired 48,007,465 shares in KMD Brands Limited (previously Kathmandu
Holdings Limited) for a total cost of $87,853,048. This holding represented a 6.75% ownership in KMD Brands Limited as at
28 July 2024. (2023: 6.75%).
These shares are equity investments, quoted in the active market, which the Group has elected to designate as a financial asset
at fair value through other comprehensive income (FVOCI). An adjustment was made at period end to reflect the fair value of
these shares as at 28 July 2024
1.
.
$000
At 29 January 202350,888
Additions-
Change in fair value credited to other reserves(6,721)
At 30 July 202344,167
Additions-
Change in fair value credited to other reserves(9,121)
At 28 January 202435,046
Additions-
Change in fair value credited to other reserves(13,683)
At 28 July 202421,363
1. Fair value determined to be $0.445 ($2023: $0.92) per share as per NZX closing price of KMD Brands Limited (previously Kathmandu
Holdings Limited) as at 26 July 2024 (2023: 28 July 2023), Level 1 in fair value hierarchy.

Authorised Shares
No. of Shares
Share Capital
$000
At 29 January 2023
222,645,58662,136
Issue of ordinary shares during the period:
Vesting of performance rights120,192 208
1.

At 30 July 2023
222,765,77862,344
Issue of ordinary shares during the period:
Vesting of performance rights--
At 28 January 2024
222,765,77862,344
Issue of ordinary shares during the period:
Vesting of performance rights24,23491
1.
At 28 July 202462,435
1. When performance rights vest, the amount in the equity-based remuneration reserve relating to those performance rights vested is
transferred to share capital. The amount transferred for the 24,234 shares issued during the 26 week period ended 28 July 2024 was
$90,992 ($207,634 for the 120,192 shares issued during the 26 week period ended 30 July 2023).
222,790,012
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements28
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
Period ended
28 July 2024
Period ended
30 July 2023
Period ended
28 July 2024
Period ended
30 July 2023
Cents per shareCents per share$000$000
Final dividend for the period ended 28 January 202416.50 -36,760-
Final dividend for the period ended 29 January 2023-16.00-35,643
16.5016.00 36,76035,643
All dividends paid were fully imputed. Supplementary dividends of $247,029 (2023: $238,534) were provided to shareholders
not tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 10 September 2024 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 26
January 2025. The dividend will be paid at the rate of 12.50 cents per share for all shares on issue as at 25 September 2024, with
full imputation credits attached.
12. Dividends
10. Interest Bearing Liabilities
There were no interest bearing liabilities as at 28 July 2024 (2023: Nil).
11. Share Capital

As at
28 July 2024
$000
As at
30 July 2023
$000
As at
28 January 2024
$000
ASSETS
Derivative financial instruments1,7271,219548
Investment in equity securities21,36344,16735,046
TOTAL ASSETS
23,09045,38635,594
LIABILITIES
Derivative financial instruments
681259
TOTAL LIABILITIES
681259
Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements29
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
13. Fair Value Measurements of Financial Instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency and interest rate risk), credit risk
and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s
financial performance. The Group uses certain derivative financial instruments to hedge certain risk exposures.
The consolidated interim financial statements do not include all financial risk management information and disclosures
required in the annual financial statements. They should be read in conjunction with the Group’s annual financial statements
for the period ending 28 January 2024. There have been no changes in the risk management policies since year end.
Based on NZ IFRS 13 Fair Value Measurement, the fair value of each financial instrument is categorised in its entirety based on
the lowest level of input that is significant to that fair value measurement. The levels are defined as follows:

Level 1: Quoted prices (unadjusted in active market for identical assets and liabilities);
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from prices);
Level 3: Inputs for the asset or liability, that are not based on observable market data (that is unobservable inputs).

The financial instruments held by the Group that are measured at fair value are; over-the-counter derivatives (foreign
exchange contracts) and an investment in equity securities. The derivatives have been determined to be within level 2 (for the
purposes of NZ IFRS 13) of the fair value hierarchy as all significant inputs required to ascertain the fair values are observable.
The investment in equity securities is determined to be within level 1 as quoted prices are available from an active equities
market for identical securities. There were no transfers between levels 1 and 2 during the period.

There were no changes in valuation techniques during the period.

The following methods and assumptions were used to estimate the fair values for each class of financial instrument.

Trade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.

Derivative financial instruments
Derivative financial instruments comprise of forward foreign exchange contracts which have been fair valued using market
forward foreign exchange rates at period end.

Investment in equity securities
The investment in equity securities has been fair valued using equity prices quoted on market at period end.
The following table presents the Group’s assets and liabilities that are measured at fair value at 28 July 2024:

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements30
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
26 Week Period
Ended 28 July 2024
Directors’ Fees
26 Week Period
Ended 28 July 2024
Dividends
26 Week Period
Ended 30 July 2023
Directors’ Fees
26 Week Period
Ended 30 July 2023
Dividends
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo80-77-
AD Batterton44-41-
RAB Coupe452432
HJM Callaghan42-39-
21122002
14. Related Party Transactions
The Group undertook transactions during the 26-week period with the following related parties as detailed below:
• The R A Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at Panmure, Auckland, received
rental payments of $366,250 (2023: $356,647) from the Group, under an agreement to lease premises to The Sports
Authority Limited (trading as Rebel Sport). During the period the final right of renewal was exercised under the lease
agreement. The remaining non-cancellable term of this lease is 1.7 years (2023: 2.7 years) with a payment commitment of
$1,220,833 (2023: $1,953,333).
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $300,317 (2023: $300,317) as
owner of the Briscoes Homeware premises at Wairau Park, Auckland, under an agreement to lease premises to Briscoes
(NZ) Limited. The remaining non-cancellable term of this lease is 8.1 years (2023: 9.1 years) with a payment commitment
of $5,283,560 (2023: $5,934,247).
• Kein Geld Westgate Limited, an entity associated with RA Duke, forms part of an unincorporated joint venture known
as Westgate Lifestyle Centre Joint Venture. This joint venture owns Westgate Lifestyle Shopping Centre at Westgate,
Auckland which includes the Briscoes Homeware and Rebel Sport premises. Rental payments of $282,572 (2023:
$141,286) were received under an agreement to lease premises to Briscoes (NZ) Limited. The remaining non-cancellable
term of this lease is 0.8 years (2023: 1.8 years) with a payment commitment of $423,858 (2023: $989,003). The joint
venture also received rental payments of $150,626 (2023: $75,313) under an agreement to lease premises to The Sports
Authority Limited (trading as Rebel Sport). The remaining non-cancellable term of this lease is 0.8 years (2023: 1.8 years)
with a payment commitment of $225,939 (2023: $527,192).
• RA Duke Trust (including RA Duke Limited) received dividends of $28,308,453 (2023: $27,450,621).
• P Duke, spouse of RA Duke, received payments of $32,500 (2023: $32,500) in relation to her employment as an overseas
buying specialist with Briscoe Group Limited and rental payments of $484,256 (2023: $484,256) as owner of the
Briscoes Homeware premises at Panmure, Auckland under an agreement to lease premises to Briscoes (NZ) Limited. The
remaining non-cancellable term of this lease is 6.8 years (2023: 7.8 years) with a payment commitment of $6,828,007
(2023:$7,796,519).
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:

Briscoe Group Limited Interim Report 2024 | Consolidated Financial Statements31
For the 26 week period ended 28 July 2024 (unaudited)
Notes to the Financial Statements
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 28 July 2024
26 Week Period
Ended 30 July 2023
$000$000
Executive Director
RA Duke28,30827,451
Non-Executive Directors
RPO’L Meo1616
AD Batterton53
RAB Coupe--
HJM Callaghan--
28,32927,470
15. Contingent Liabilities
A proceeding for unspecified damages by a former supplier against Briscoes (New Zealand) Limited and Briscoe Group was
served on 10 February 2023. It relates to representations allegedly made by the Group concerning their trading relationship,
which the supplier claims contravened the Fair Trading Act 1986 and the Contracts and Commercial Law Act 2017. The Group
firmly denies the allegations and is actively defending the claim. It is not practical to estimate the potential effect or the timing
of the claim as the proceeding is ongoing and the damages sought are currently unquantified.
16. Events After Balance Date
On 8 August 2024 settlement on the land in Drury for the site of a new Distribution Centre was completed with a final payment
of $12,964,400 (refer Note 8). This was funded from the Group’s cash reserves.
On 10 September 2024 the Directors resolved to provide for an interim dividend to be paid in respect of the 52-week period
ending 26 January 2025. The dividend will be paid at a rate of 12.50 cents per share on issue as at 25 September 2024, with full
imputation credits attached (refer Note 12).

17. Accounting Standards
The accounting policies applied are consistent with those of the annual financial statements for the period ended 28 January
2024, as described in those annual financial statements.
There were no new standards applied during the period ended 28 July 2024.

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
- 14 -
Independent auditor’s review report
To the shareholders of Briscoe Group Limited

Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements (“interim financial statements”) of
Briscoe Group Limited (the Company) and its controlled entities (the Group), which comprise the
consolidated balance sheet as at 28 July 2024, and the consolidated income statement, consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the 26-week period ended on that date, and notes,
comprising material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 28 July 2024, and its financial performance and cash flows for
the 26-week period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Responsibilities of Directors for the interim financial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.

Briscoe Group Limited Interim Report 2024 | Independent Auditor’s Report32

PwC
-15-
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is John
(Jolly) Morgan.
For and on behalf of:
Chartered AccountantsAuckland
10September 2024
PwC
-15-
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is John
(Jolly) Morgan.
For and on behalf of:
Chartered AccountantsAuckland
10September 2024
Briscoe Group Limited Interim Report 2024 | Independent Auditor’s Report33

Directory
Briscoe Group Limited Interim Report 2024 | Directory34
Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A. Duke
Anthony (Tony) D. Batterton
Richard A. (Andy) Coupe
Hugh J. M. (Mark) Callaghan
Registered Office
1 Taylors Road
Morningside
Auckland 1025
New Zealand
Telephone +64 9 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
New Zealand

Websites
www.briscoegroup.co.nz
www.briscoes.co.nz
www.rebelsport.co.nz
Solicitors
Simpson Grierson
Bankers
Bank of New Zealand
Auditors
PwC
Share Registrar
MUFG Pension and Market Services
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone +64 9 375 5998

Briscoe Group Limited Interim Report 2024 | Notes35
Notes

36Briscoe Group Limited Interim Report 2024

37Briscoe Group Limited Interim Report 2024

briscoegroup.co.nz