FY25 Results Announcement - 29 May 2025
MARKET RELEASE
29 May 2025
TradeWindow eyes continued growth as FY25 revenue rises 30%
TradeWindow (NZX: TWL), a global trade software company, today announces that successful
execution of its strategy lifted revenue for the year to the end of March 2025 by 30% to a
record $8.0 million and cleared its path to financial sustainability.
TradeWindow also announces that it has resources on hand to achieve EBITDA breakeven for
FY26 supported by the operational efficiencies achieved during the year and the previously-
flagged expectation that revenue for FY26 will range between $10.0 million and $11.0 million,
representing growth of 25.0% to 37.5%.
FY 25 Highlights
1
• Trading revenue rises 30% to $8.0 million from $6.2 million
• Annual Recurring Revenue (ARR) $8.7 million, up 38% from $6.3 million
• Average Revenue Per Customer (ARPC) - shippers up 21% vs FY24 to $2,066 per
month; freight forwarders up 43% vs FY24 to $914 per month
• Gross margin of 61%, up 7 percentage points driven by a focus on continuous
improvement in the sales and onboarding processes
• Total operating expenses down 28% to $9.6 million from $13.4 million; no research
and development capitalised
• EBITDA
2
loss down 77% to $1.5 million from $6.6 million
• Net loss after tax falls 56% to $3.5 million from $8.0 million
• Cash and cash equivalents of $0.4 million providing sufficient capital to maintain
current business operations
Chair Alasdair MacLeod said: “TradeWindow has delivered a remarkable full year result
especially when considered against the constraints it has faced. Revenue growth of 30% to
reach $8 million is an enviable performance and we have achieved this run rate while still
delivering on our goals to accelerate our path towards financial sustainability.
“The result is a testament not only to the extent our trade technology solutions are resonating
with customers in Australasia and further afield, but also to the commitment of our team to
capture the significant opportunities the company enjoys. The Board is proud of what the
team has achieved.”
CEO and Executive Director AJ Smith said: “TradeWindow has achieved a record result against
a backdrop of a dynamic macroeconomic environment — one shaped by shifting consumer
demand for online shopping, the rapid rise of AI, ongoing US trade tensions and evolving
regulations.
“We believe this environment provides an opportunity for TradeWindow to expand into new
markets. TradeWindow solutions provide clarity and certainty to trade, and we see no
1
All figures are in New Zealand dollars and all comparisons are to FY24 unless otherwise stated.
2
EBITDA is a non-GAAP measure of financial performance. It is defined and reconciled to the GAAP measure of
net profit after tax on page 15 of the investor presentation released to the NZX today.
shortage of opportunities to grow demand for our solutions. We are now exploring
opportunities to accelerate our organic growth.”
FINANCIAL RESULTS
Trading revenue reached a record of $8 million up 30% on the $6.2 million achieved in FY24,
a result largely driven by the acquisition of new customers in Australia and cross-selling
additional solutions to our existing customer base.
The effectiveness of these strategies is evident in the robust ARPC growth, with our shipper
segment increasing by 21% to $2,066 per month and our freight forwarder segment by an
impressive 43% to $914 per month. We continue to see a substantial opportunity for further
expansion through these proven strategies.
ARR was at $8.7 million representing 38% year-on-year growth. As is typical for our business
model, ARR runs ahead of trading revenue as it captures anticipated growth from newly
acquired customers, calculated by annualising revenues as of 31 March 2025.
We achieved our bold and aggressive growth target of monthly EBITDA break-even in March
2025. This significant milestone marks the successful execution of our strategic initiatives to
enhance operational efficiency and streamline our cost structure.
The operational efficiencies realised across TradeWindow have dramatically increased our
productivity, with revenue per team member rising by 198% from 31 March 2023 to reach
$138k as of 31 March 2025.
Our gross margin meanwhile improved to 61%, up 7 percentage points on FY24 driven by a
focus on continuous improvement in the sales and onboarding processes. Our total expenses
fell 28% to $9.6 million from $13.4 million in FY24.
Our EBITDA loss narrowed 77% to $1.5 million from $6.6 million reflecting these performance
improvements, while the net loss for the year was $3.5 million down from a $8.0 million in
FY24.
NAVIGATING GLOBAL TRADE DYNAMICS
Recent global trade disruptions resemble those seen during COVID-19, when broken supply
chains highlighted the value of TradeWindow’s solutions in managing complexity. Two
products stand out in the current climate. TW Tariff delivers real-time tariff data from
government sources to support accurate decisions. TW Origin enables 24/7 access to
certificates of origin (COOs), essential for securing preferential duty rates under free trade
agreements (FTAs).
This environment opens growth opportunities. As the US pursues more bilateral FTAs,
TradeWindow’s addressable market expands. Most FTAs require COOs to access preferential
duty rates and faster customs processing – a key strength of our platform. We are now
targeting strategic markets, where shifting trade dynamics create demand for compliance
tools, and introduce greater geographic diversity to our revenue sources.
We continue to win new customers in both the shipper and freight forwarder segments with
the majority of growth coming from Australia. While our overall customer retention metrics
have adjusted from 93% to 87%, it's important to note this change reflects our focus on higher-
quality customer relationships.
Our retention rate among target customers with recurring revenue streams remains strong,
reinforcing our commitment to high-margin relationships with proven stickiness. We have
already implemented targeted product enhancements that will strengthen our value
proposition while maintaining focus on the most profitable customer segments, positioning
us for more sustainable growth and increased shareholder value.
TECHNOLOGY
Our product development roadmap is focused on building a next generation, AI enabled freight
operating system, designed to seamlessly integrate with modern platforms and legacy
systems used by ocean carriers, terminal operators, and government agencies. TW Cube, our
integrated solution that connects all parties in the global trade chain, will also benefit from AI
enhancements to be scaled globally.
This new and innovative platform, aimed at freight forwarders and customs brokers
worldwide, positions us to lead the industry’s digital transformation.
We believe the freight forwarder segment has strong demand for an AI-enhanced software
solution. The launch of such a product can provide a competitive advantage against large
incumbents including WiseTech and E2Open
3
.
Even in the current financial year we have accelerated development in each of our products,
by working more efficiently with our tech resources and incorporating more AI development
tools within our development resources.
Our nimble, agile approach allows us to rebuild and innovate swiftly, unencumbered by the
heavy operational footprint of legacy systems of larger multinationals, giving us a competitive
edge in redefining trade technology.
BALANCE SHEET AND FUNDING
TradeWindow ended the financial year with cash and cash equivalents of $0.4 million. Over
the financial year we have substantially reduced our average monthly cash burn to $73k for
2H 25 against 2H 24 of $349k.
This transition has been supported by the $2.2 million capital raising completed in FY25 and
our strong growth and capital conservation initiatives. As previously announced, we achieved
EBITDA breakeven in March 2025 and now expect to achieve full year EBITDA breakeven in
FY26. The company believes it has sufficient capital to achieve this goal and maintain current
operations.
OUTLOOK
Despite challenging international trade dynamics, TradeWindow remains confident in its
growth trajectory. It expects ongoing global trade disruptions will accelerate the adoption of
digital solutions among shippers and freight forwarders, as these businesses seek to reduce
backend costs and navigate increasingly complex compliance requirements.
3
On 25 May 2025 WiseTech Global announced the acquisition of E2Open.
We expect growth to come principally from continued expansion in Australia, cross-selling to
existing customers and by building on the company’s significant record of lifting ARPC.
AJ Smith said: "We continue to see a substantial opportunity for further expansion and are
excited by the opportunities we see for the company in FY26 and beyond. We look forward to
providing our next update to shareholders in July.”
TradeWindow will host a webcast at 11.00am (NZT) this morning. Participants can register
for the conference by navigating to:
Phone registration: https://s1.c-conf.com/diamondpass/10047025-nowpe3.html
Webcast registration: https://ccmediaframe.com/?id=c5rJtS6m
Released for and on behalf of TradeWindow by:
AJ Smith
Executive Director and Chief Executive Officer
ENDS
About TradeWindow:
Founded in December 2018, TradeWindow is an NZX-listed software company that provides digital solutions for
exporters, importers, freight forwarders, and customs brokers to drive productivity, increase connectivity, and
enhance visibility. TradeWindow’s software solutions integrate to form a cohesive digital trade platform that
enables customers to more efficiently run their back-end operations, share information and securely collaborate
with a global supply chain made up of customers, ports, terminals, shipping lines, banks, insurance companies,
and government authorities. www.tradewindow.io
Further information:
Investors
Andrew Balgarnie
TradeWindow
+64 27 559 4133
Media
Richard Inder
The Project
+64 21 645 643
---
FY 2025 Financial Results
Investor Presentation
29 May 2025
2
This presentation has been prepared by Trade Window Holdings Limited (TradeWindow). All information is current at the date of
this presentation, unless stated otherwise. All currency amounts are in NZ dollars unless stated otherwise.
Disclaimer
Information in this presentation:
•is for general information purposes only, and does not constitute, or contain, an offer or invitation for subscription, purchase, or recommendation of
securities in TradeWindow for the purposes of the Financial Markets Conduct Act 2013 or otherwise, or constitute legal, financial, tax, financial
product, or investment advice;
•should be read in conjunction with, and is subject to TradeWindow’s Financial Statements and Annual Reports, market releases and information
published on TradeWindow’s website (tradewindow.io);
•includes forward-looking statements about TradeWindow and the environment in which TradeWindow operates, which are subject to uncertainties
and contingencies outside TradeWindow’s control – TradeWindow’s actual results or performance may differ materially from these statements;
•includes statements relating to past performance information for illustrative purposes only and should not be relied upon as (and is not) an indication
of future performance;
•may contain information from third-parties believed to be reliable, however, no representations or warranties are made as to the accuracy or
completeness of such information; and
•non-GAAP financial information does not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial
information presented by other entities. The non-GAAP financial information included in this document has not been subject to review by auditors.
Non-GAAP measures are used by management to monitor the business and are useful to provide investors to access business performance.
Investor Presentation
3
Agenda
Financial results overview
Market conditions driving growth
Competitive landscape
Customers
Financial overview
Outlook and summary
4
6
7
8
14
21
AJ Smith
CEO & Director
Deidre Campbell
Chief Financial Officer
Investor Presentation
4
•Successful execution of strategy delivers strong growth in revenue and
focused cost management, clearing the path to financial sustainability
•Trading revenue rises to $8.0 million, a 30% increase on the $6.2 million in
the prior year and at the upper end of guidance
•EBITDA
1
loss: $1.5 million, down 77% from the prior year’s $6.6 million and
we achieved EBITDA breakeven in March 2025 in line with guidance
•Net loss after tax: $3.5 million, down 56% from $8.0 million loss in the prior
year
•Cash and cash equivalents: Ended the year at $0.4 million
•Monthly average cash consumption reduced from $0.5 million in FY24 to
$0.2 million in FY25
•We project we have sufficient capital to maintain current business
operations
2,3
FY 25: Record revenue growth and EBITDA guidance achieved
Investor Presentation
Revenue
Earnings
Funding
1. EBITDA is a non-GAAP measure of financial performance. It is defined and reconciled to the GAAP measure
of net profit after tax on slide 16 of this presentation
2. Forward-looking financial information should be read in conjunction with key assumptions on Slide 25
3. Please refer to the Going Concern Note on page 9 of the financial statements released to the NZX today
FY 24
FY 25
FY 24
FY 25
FY 24
FY 25
$6,179
$574
$6,753
$8,031
$40
$8,071
$-
$2,000
$4,000
$6,000
$8,000
$10,000
Trading revenue Other incomeTotal income
NZ$(000)
-$6,626
-$8,014
-$1,526
-$3,518
-$10,000
-$8,000
-$6,000
-$4,000
-$2,000
$-
EBITDANet loss after tax
NZ$(000)
$188
-$538
$392
-$152
-$1,000
$1,000
Cash and equivalentsAv. month cashflow
NZ$(000)
5
Key performance indicators – FY25
Annual
Recurring
Revenue
$8.7m
ARPC (Freight
Forwarders)
Up 21%
$914
Gross Margin
61%
Customer
retention rate
87%
% of expenses
R&D and
Commercialisation
35%
All comparisons are against FY24 unlessotherwise indicated.
Annual recurring revenue is calculated using subscription revenue for March 2025 and the monthly average
of transaction revenue for 4Q25 annualised.
Up 7 ppt
Down 6 ppt
Down 11 ppt
Trading revenue
Up 30%
$8.0m
ARPC (Shippers)
$2,066
Up 43%
554
Customers
Up 24
Up 38%
Investor Presentation
Investor Presentation6
Market conditions driving growth
E-Commerce Expansion
Consumers are switching their buying
preferences to e-commerce channels and
demand faster and more reliable deliveries
Digital Transformation
Artificial intelligence (AI) can eliminate
manual data entry, repetitive tasks, and
leverage proprietary data
Supply Chain Resilience
Ongoing disruptions, such as port strikes,
trade conflicts, and capacity constraints,
have highlighted the need for adaptable
logistics strategies
Complex Regulations
Shippers and freight forwarders are
increasingly subject to customs regulations
which requires strict adherence to
documentation and security standards
Dynamic Environment
Macroeconomic events including the
imposition of tariffs can make it
challenging to navigate trade
regulations
Investor Presentation7
Competitive landscape
is fragmented
End-to-end digital trade facilitation presents a whitespace opportunity with
few dominant incumbents. TradeWindow is well positioned to deliver the
next generation software solutions integrated with an ecosystem of
commercial, logistics, finance and government software platforms.
1.Future release on product roadmap
2.BSM Global and ImpexDocs were acquired by WiseTech Global in late 2024 and early 2025 respectively
AI-first product development roadmap
Trusted data capture at source from systems of record
Network effects through third party integrations
Encrypted data sharing and storage
Secure internal and external collaboration
Data analytics and insights
1
T E C H E N A B L E D S E R V I C E
S A A S S O L U T I O N
AI-F I R S T S O L U T I O N
SHIPPER FOCUSED SOLUTIONSFORWARDER FOCUSED SOLUTIONS
BSM
2
EDISOFT
IMPEXDOCS
2
EXPLORATE
MAGAYA
TW
GLOBAL TRADE
PLATFORM
WISETECH
YOJEE
KEY
Owned by WiseTech Global
EXPEDIENT
(E2OPEN)
Investor Presentation8
A selection of customers which include some of Australasia’s most prolific shippers and freight forwarders
554 organisations use our technology
Note, logos don’t necessarily correspond to top customers.
DairyMeat
Seafood
HorticultureLogistics & other
Investor Presentation9
We have low customer concentration risk with no single customer contributing more than 6%
1
Diversified customer base
Top 10 Customers % of trading revenue
1. Based on actual trading revenue for 12 months to 31 March 2025
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
12345678910
Investor Presentation10
Revenue composition
Transactional revenue
•TradeWindow generates transactional revenue each time a
customer either creates or shares a set of trade documents
Subscription revenue
•Customers pay monthly, quarterly, or annual subscription fees
to access solutions
•The amount of fee varies depending on the number of
solutions subscribed for and the number of users
Installation revenue
•TradeWindow earns one-off set up fees that vary depending on
the level of service and complexity of installation
Service revenue
•TradeWindow charges for ad-hoc customisation and
enhancement requests
Trading revenues highly predictable with 94% recurring
11%
6%
41%
42%
Transactional
revenue
Subscription
revenue
Installation
revenue
Service
revenue
Revenue
Composition
1
3%
3%
41%53%
1. Based on actual unaudited trading revenue 12 months to 31 March 2025
Investor Presentation11
Our business models match the unique needs of the shipper and freight forwarder customer segments
Business model
“ON-DEMAND MODEL”
OTMUS/T
O N E-T I M E
Customers pay a one-time upfront
onboarding fee
Customers pay a monthly
subscription to access the solution
and store data
M O D U L E U S E R
T R A N S A C T I O N
Customers pay a fee per shipment
(transaction)
Shippers
Transaction fees are calculated per set of shipping documents created
or shared, respectively. The on-demand model allows shippers to
match costs with seasonal revenues
Freight Forwarders
Monthly subscription fees charged per module and the number of
users. The number of modules used by a customer will vary depending
on the breadth and complexity of their operations. E-commerce and
Origin operate an on-demand model
NUNMS/T
N U M B E R O F U S E R S
Customers pay per user, per month
Customers pay a per module,
per month
N U M B E R O F M O D U L E S
T R A N S A C T I O N
Customers pay a fee per transaction
on either the E-commerce or Origin
modules
“ON-DEMAND MODEL”
Investor Presentation12
Growing from solid foundations with no shortage of opportunity
•Delivered a CAGR of 118%
1
since the start of
commercialisation in January 2020
•Delivered trading revenue of $8 million for the financial
year ended 31 March 2025, up 30% on the prior year
•Trading revenue guidance of $10m to $11m for FY26
which represents between 25% to 37.5% year-on-year
growth
•Forecast revenue growth underpinned by cross-selling to
existing customers and winning new customers in
Australia
•Working to expand capacity to accelerate organic growth
Trading Revenue
2
1.CAGR period FY20 to FY25
2.Forward-looking financial information should be read in conjunction with key assumptions
on Slide 25
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY20AFY21AFY22AFY23AFY24AFY25AFY26P
Millions
Asia, Pacific Is. & rest of worldNew ZealandAustralia
13
TradeWindow 2.0
Pathway to profitability and continued revenue growth
Average half year cash burn
1
•EBITDA breakeven in the month of March
2025
•Efficient cost structure successfully
implemented, delivered continued strong
revenue growth
Investor Presentation
-1.0
-0.9
-0.8
-0.7
-0.6
-0.5
-0.4
-0.3
-0.2
-0.1
0.0
1H23A2H23A1H24A2H24A1H25A2H25A
NZ$M
Financial Overview
Income Statement $000FY25FY24Change $Change %
Trading revenue8,0316,1791,85130%
Other income40574
(534)
-93%
Total income8,0716,7531,31820%
Personnel & employee expense(6,908)(9,454)2,546-27%
Other expenses(2,689)(3,925)1,236-31%
Total expenses(9,597)(13,379)3,783-28%
EBITDA
1
(1,526)(6,626)5,100-77%
Revaluation of contingent consideration1,216(1,216)-100%
Depreciation & amortisation(1,853)(2,512)659-26%
Net finance expenses(129)(87)(42)49%
Income tax(10)(5)(5)114%
Net loss after tax(3,518)(8,014)1,779-56%
Investor presentation15
Financial performance
•Trading revenue up 30% to $8.0m, with sales
across all core products
•Employee costs down 27%, reflecting cost
reductions resulting from necessary
reorganization
•Other costs down 31%, with non-recurrence
of one-off costs in FY24
•EBITDA loss reduced 77% to $1.5m with
revenue growth and cost down
1
EBITDA – Earnings before interest, tax, depreciation & amortisation
Trading revenue up 30% driven by organic growth
Revenue by type $000FY25FY24Change %
Transactional4,2892,97144%
Subscription3,2802,81517%
Services231269-14%
Installation23012486%
Total trading revenue8,0316,17930%
Other income40574-93%
Total income8,0716,75320%
Trading revenue by country $000FY25FY24Change %
New Zealand4,6233,97416%
Australia3,0731,82868%
Asia, Pacific Is, & rest of world 334377-11%
Total trading revenue8,0316,17930%
Investor presentation16
Revenue by type and country
•Organic trading revenue growth of 30%. driven
by combination of existing customers taking up
complementary solutions, a focus on higher-
quality customer relationships, and effectively
passed on inflation-driven operating costs
•Recurring revenue:stable recurring
transactional and subscriptionrevenueforming
94% of trading revenue.
•Other incomedown with lower R&D grants
reflecting reduced innovation activity
•Australia leads revenue growth across the
Freight suite & Origin products while New
Zealand still provides solid opportunities
Organic growth underpinning revenue increase
FreightFY25FY24Change %
Subscriber
1
customer nos. period end2962738%
Ave Subscriber customer nos.2902688%
Ave monthly revenue per customer$914$63843%
Customer numbers as at 31 March 2025
FY25FY24
Subscriber customer nos. – Freight296273
Subscriber customer nos. – Shippers141145
Pay As You Go customer nos.11795
Total Customer Numbers554513
Shippers
FY25FY24
Change %
Subscriber customer nos. period end141145-3%
Ave Subscriber customer nos.143148-3%
Ave monthly revenue per customer$2,066$1,70721%
Investor presentation17
Average revenue per customer (per month)
•Total customers increase to 554 from
513 in FY 24
•Freight customers increase 8% led by
TW Tariff customers in Australia;
Shipper customers small decline of
low value accounts
•Increased monthly Average Revenue
PerCustomer(ARPC) for Freight – up
43%continues to reflect customers
taking up more services and our focus
on higher-quality customer
relationships.
•Increased monthly ARPCfor
Shippers(exporters & Importers) – up
21% reflectingcustomers using more
of our services
1
Subscriber customers are those that are licensing TradeWindow’s software and generate monthly subscription revenue.
These customers may also generate transaction, services & installation revenues. It excludes certificate and other revenue.
ARPC up for both customer segmentscontinues to increase
Staff nos. (FTE)
FY25FY24
ChangeChange %
Cost of goods sold1914541%
Research & Development2116529%
Sales & Marketing119217%
General and Administration78(1)-9%
Total staff nos. (FTE)58471124%
Other expenses $000
FY25FY24
Change $Change %
Cost of goods sold94275219025%
Research & Development217464(247)-53%
Sales & Marketing121300(179)-60%
General and Administration1,4092,4091,000-42%
Total other expenses2,6893,925(1,236)-31%
Personnel & employee expense $000FY25FY24Change $Change %
Cost of goods sold2,1962,0891075%
Research & Development1,6993,743(2,044)-55%
Sales & Marketing1,3691,777(408)-23%
General and Administration1,6441,846(201)-11%
Total employee benefits expense6,9089,454(2,546)-27%
Investor presentation18
Operating expenses / staff numbers
•Employee costsdown 27% reflect cost
reductions:
•Staff reductions made in the prior
period
•Team in Philippines
expanded,continuing to provide a
channel of talent including software
development and customer support.
•Other costs down 10%, with non-
recurrence of one-off costs in FY24
•No R&D cost capitalised to balance
sheet.
Reflects reorganisation undertaken during the previous period & tight cost control
$000sFY24FY24Change $Change %Movements
Current Assets1,5481,19235630%Increase in cash & trade receivables
Non-Current Assets9,87311,583(1,710)-15%Intangibles asset amortization
Total Assets11,42012,774(1,354)-11%
Current Liabilities2,4892,15133816%
Non-Current Liabilities1,0181,383(365)-26%
Total Liabilities3,5073,534(27)-1%
Net Assets7,9149,240(1,327)-14%
Total Equity7,9149,240(1,327)-14%Accumulated losses net of capital raised
Investor presentation19
Balance sheet
$000sFY25FY24Change $Change %
Operating Activities
Cash Received from Customers8,8416,2732,56841%
Cash Paid to Suppliers and Employees(10,368)(12,906)2,538-20%
Income Tax Received46(46)-100%
Grant Income3833(830)-100%
Operating net cash flow(1,525)(5,754)4,229-74%
Investing net cash flow(7)77(84)-109%
Financing cash flow1,736(283)(2,018)-714%
Net Change in Cash204(5,960)(6,164)-103%
Opening Cash1886,148(5,960)-97%
Closing Cash392188204108%
Average monthly cash outflow
1
(152)(538)386-72%
Investor presentation20
Cashflow
•Balance date cash and cash equivalents of
$0.4m
•Successful capital raise concluded in Apr 24 of
$2.2m which enabled achievement of monthly
EBITDA breakeven in March 2025
•Average monthly cash burn reduced to 152k in
FY25 from 538k in FY24
•2H 25 average monthly cash burn of $73k
against 2H 24 of $349k
•Forecast sufficient capital to maintain current
business operations
2
.
1
Average monthly cashflow excludes capital raise and acquisition transactions
2
Forward-looking financial information should be read in conjunction with key assumptions on Slide 25
FY26 outlook: targeting EBITDA breakeven
21
•We are well positioned to help businesses navigate the increasing complexity of
trading goods internationally
•New trade agreements will expand the total addressable market for TradeWindow’s
solutions
•Shippers and freight forwarders have pent up demand to automate repetitive manual
processes using AI
•We continue to expect FY26 revenue to range between $10 million and $11 million
•We project we have sufficient capital to maintain current business operations and
expect to be EBITDA breakeven for FY26
1
•TradeWindow is on the path to becoming a Rule of 40 company
Investor Presentation
1
Forward-looking financial information should be read in conjunction with key assumptions on Slide 25
Appendix
Investor Presentation23
Our board of directors
Alasdair MacLeod
Independent Chair
Alasdair joined the board in October
2021 and was appointed Chair at
that time.
Phil Norman
Independent Director
Phil joined the board in October
2021.
AJ Smith
Executive Director
and Chief Executive
Officer
Kerry Friend
Executive Director
Former Partner at Deloitte and Chair
of NZX listed Napier Port and the
Hawkes Bay Chapter of Export NZ.
Alasdair is current Chair of
SilverStripe, Kotahi Engineering
Studio, independent member of the
Board Appointments Committee for
IHC New Zealand.
Experienced TMT sector executive,
capital markets advisor and
independent director with extensive
governance experience across NZX
and ASX listed companies. Phil was
the founding Chairman for Xero, and
formerly on the board of TASK
Group (formerly Plexure Group),
Straker Translations, and Just Life
Group.
Entrepreneur with track record for
creating high growth companies
including MediFin, GreenFin and
Bonds Africa and Commonwealth
Finance Group (Switzerland). Deputy
Chair PAA.net
Chartered Accountant with three
decades working in senior finance
roles with Take-Two Interactive
Software (Singapore), Jupiter TV
(Japan), Bloomberg (Japan) and
News Corporation (Japan). Kerry
currently serves on the board of
Northpower Limited.
Investor Presentation24
Highly experienced leadership team driving global scalability while overseeing a team of 58 subject matter experts
Our senior leadership team
AJ Smith
Founder & CEO
Entrepreneur with track record for creating
high growth companies including MediFin,
GreenFin and Bonds Africa and
Commonwealth Finance Group (Switzerland).
Deputy Chair PAA.net
Kerry Friend
Executive Director
Deidre Campbell
Chief Financial Officer
Chartered Accountant with extensive
financial management and leadership
experience within a public company having
been the Group CFO for Methven Limited, a
formerly NZX listed manufacturing business.
Andrew Balgarnie
Chief Strategy Officer
Business strategist, deal maker and problem
solver with a background in the TMT sector
having previously worked for NBN Co
(Australia) on high profile projects including
the procurement of the satellite network.
Andrew is experienced in capital raising and
M&A.
Mitchell Pham
Chief Digital Officer
Technology leader with over 30 years of
building and leading digital ventures across
NZ and Asia. Worked across financial
services, healthcare, social services, and
logistics. Digital economy advisor to NZ and
APEC Governments.
Dewald van Rensberg
Chief Operating Officer
Operations leader with more than 20 years’
experience in corporate and commercial law
with a background working as the registrar at
University of Zululand and private practice for
Du Toit Attorneys (South Africa).
Chartered Accountant with three decades
working in senior finance roles with Take-Two
Interactive Software (Singapore), Jupiter TV
(Japan), Bloomberg (Japan) and News
Corporation (Japan). Kerry currently serves on
the board of Northpower Limited.
Investor Presentation25
Projected financials – key assumptions
Forward-looking financial information is inherently subject to judgement, risks and uncertainty, including from events beyond Trade Window’s control.
Key assumptions which may have a material risk to ourprojections include:
SPECIFIC
•The rate and timing of new customer traction
•Successful retention of people with the required skills cost effectively
•No research and development costs have been capitalisedto the
balance sheet
GENERAL
•No materialchange in the current economic conditions locally
and globally
•No changes in accounting standards or other mandatory
professional reporting requirements
Investor Presentation26
Glossary
Annualised Recurring Revenue (ARR)
The recurring revenue for a specified month annualised.
Average Revenue Per Customer (ARPC)
Is subscriber customers’ monthly revenue divided by
number of subscriber customers as at end of the month.
The value provided is the average of the monthly ARPC
for the period.
CAGR
Compound annual growth rate.
Customer retention rate
Customer retention rate is the number of subscriber
customers who leave in a month as a percentage of the
total subscriber customers at the start of that month.
The percentage provided is the average of the monthly
churn for the period. The customer retention rate is the
inverse of customer churn.
Customs Broker
A Customs Broker is a licenced individual who acts as
an intermediary for Shippers and Freight Forwarders in
handling the sequence of customs formalities involved
in the customs clearance and importing goods.
EBITDA
Earnings before interest, taxation, depreciation and
amortisation.
Freight Forwarder
A Freight Forwarder is an organisation who arranges
and handles the transport of goods between countries
on behalf of their customers. Responsibilities can also
include storing products, negotiating transportation
rates and booking cargo space.
Shipper
A Shipper is an exporter or importer who requires
carriers to transport goods for transport from one
location to another.
Subscriber customers
Customers that license and/or access Trade Window’s
software on a monthly basis. These customers may also
generate transaction, services and installation revenues.
It excludes customers of Trade Window’s pay as you go
platforms.
Recurring revenue
Revenues that are predictable, stable and can be
counted on to occur at regular intervals going forward
with a relatively high degree of certainty. For Trade
Window this is subscription and transactional revenue.
Thank you
Contact
Andrew Balgarnie
Chief Strategy Officer
TradeWindow
+64 275 594 133
andrew@tradewindow.io
---
Trade Window Holdings Limited
Consolidated Financial Statements -
For the year ended 31 March 2025
Trade Window Holdings Limited
Contents
For the year ended 31 March 2025
1
Corporate directory2
Directors' report3
Consolidated statement of profit or loss and other comprehensive income4
Consolidated statement of financial position5
Consolidated statement of changes in equity6
Consolidated statement of cash flows7
Notes to the consolidated financial statements8
Interest register33
Independent auditor's report35
Trade Window Holdings Limited
Corporate directory
For the year ended 31 March 2025
2
Incorporation number8233653
Principal activitiesDevelop and commercialise technology solutions that provide international trade
participants with a secure platform and tools to establish trust and trade globally in an
efficient manner across interconnected networks.
There have been no significant changes in the nature of these activities during the
year ended 31 March 2025.
Registered officeTradeWindow, Suite 4
31 Northcroft Street, Takapuna
Auckland, 0622
New Zealand
DirectorsKerry Michael Friend
Alasdair (Alexander) John MacLeod
Philip John Norman
Albertus Johannes Smith
The Directors were in office for the whole period unless otherwise stated.
AuditorUHY Haines Norton
Level 9
1 York Street
Sydney
NSW 2000
Trade Window Holdings Limited
Directors' report
For the year ended 31 March 2025
3
The directors present their report, together with the consolidated financial statements, on the consolidated entity (referred to
hereafter as the 'Group') consisting of Trade Window Holdings Limited (referred to hereafter as the 'Company') and the
entities it controlled at the end of, or during, the year ended 31 March 2025.
The directors are responsible for the preparation, in accordance with New Zealand law and generally accepted accounting
practice, of consolidated financial statements which give a true and fair view of the financial position of the Company as at
31 March 2025 and its financial performance for the year ended on that date.
The directors consider that the consolidated financial statements of the Company have been prepared using appropriate
accounting policies, consistently applied and supported by reasonable judgements and estimates and that all relevant
financial reporting standards have been followed.
The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Company and facilitate compliance of the consolidated financial statements with
the Financial Reporting Act 2013.
The directors have responsibility for the maintenance of a system of internal controls designed to provide reasonable
assurance as to the integrity and reliability of financial reporting. The directors consider they have taken adequate steps to
safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Signed in accordance with a resolution of the Directors.
______________________________________________________
Alasdair MacLeodAJ Smith
29 May 2025
Trade Window Holdings Limited
Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 March 2025
Note20252024
$$
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
4
Revenue
Revenue48,030,529 6,179,077
Other revenue540,028 573,936
Revaluation of contingent consideration- 1,216,000
8,070,557 7,969,013
Expenses
Personnel and employee expense7(6,908,098)(9,454,439)
Depreciation and amortisation expense(1,852,747)(2,512,165)
Other expenses6(2,688,622)(3,924,875)
(11,449,467)(15,891,479)
Operating loss(3,378,910)(7,922,466)
Net finance expense8(128,858)(86,520)
Loss before income tax expense(3,507,768)(8,008,986)
Income tax expense9(9,917)(4,629)
Loss after income tax expense for the year(3,517,685)(8,013,615)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Foreign currency translation(76,211)(34,047)
(76,211)(34,047)
Total comprehensive income for the year(3,593,896)(8,047,662)
Loss per share
Basic loss per share (cents)27(2.75)(7.00)
Diluted loss per share (cents)27(2.75)(7.00)
Trade Window Holdings Limited
Consolidated statement of financial position
As at 31 March 2025
Note20252024
$$
The above consolidated statement of financial position should be read in conjunction with the accompanying notes
5
Assets
Current assets
Cash and cash equivalents10392,212 188,177
Trade and other receivables111,150,225 968,172
Contract assets5,250 30,239
Income tax receivable- 4,995
Total current assets1,547,687 1,191,583
Non-current assets
Trade and other receivables1148,711 51,457
Property, plant and equipment1263,866 66,546
Right-of-use assets1559,850 69,374
Intangible assets139,700,248 11,368,319
Restricted cash- 26,853
Total non-current assets9,872,675 11,582,549
Total assets11,420,362 12,774,132
Liabilities
Current liabilities
Trade and other payables141,348,849 1,365,898
Related party payables- 4,076
Lease liabilities1545,325 78,994
Income tax payable914,767 4,686
Contract liabilities709,903 638,979
Interest bearing loans and borrowings16369,815 58,100
Total current liabilities2,488,659 2,150,733
Non-current liabilities
Lease liabilities154,861 -
Interest bearing loans and borrowings161,013,214 1,383,029
Total non-current liabilities1,018,075 1,383,029
Total liabilities3,506,734 3,533,762
Net assets7,913,628 9,240,370
Equity
Issued capital1749,098,450 47,290,673
Foreign currency translation reserve(128,921)(52,710)
Share-based payments reserve18853,428 394,051
Accumulated losses(41,909,329)(38,391,644)
Total equity7,913,628 9,240,370
Trade Window Holdings Limited
Consolidated statement of changes in equity
For the year ended 31 March 2025
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes
6
Foreign
currencyShare-based
Issued
capital
Accumulated
losses
translation
reserve
payment
reserve
Total equity
$$$$$
Balance at 1 April 202346,180,576(30,378,029)(18,663)188,93515,972,819
Loss after income tax expense for the year-(8,013,615)--(8,013,615)
Other comprehensive income for the year, net
of tax--(34,047)-(34,047)
Total comprehensive income for the year-(8,013,615)(34,047)-(8,047,662)
Transactions with owners of the company:
Issue of capital (note 17)791,506---791,506
Equity-settled share-based payments ---205,116205,116
Share options exercised (note 17) 318,591---318,591
Balance at 31 March 202447,290,673(38,391,644)(52,710)394,0519,240,370
Foreign
currencyShare-based
Issued
capital
Accumulated
losses
translation
reserve
payments
reserve
Total equity
$$$$$
Balance at 1 April 202447,290,673(38,391,644)(52,710)394,0519,240,370
Loss after income tax expense for the year-(3,517,685)--(3,517,685)
Other comprehensive income for the year, net
of tax--(76,211)-(76,211)
Total comprehensive income for the year-(3,517,685)(76,211)-(3,593,896)
Transactions with owners of the company:
Contributions of equity, net of transaction costs
(note 17)2,033,196---2,033,196
Equity-settled share-based payments (note 17) 93,115--140,843233,958
Reclassification (note 17) (318,534)--318,534-
Balance at 31 March 202549,098,450(41,909,329)(128,921)853,4287,913,628
Trade Window Holdings Limited
Consolidated statement of cash flows
For the year ended 31 March 2025
Note20252024
$$
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes
7
Cash flows from operating activities
Receipts from customers8,840,952 7,138,177
Payments to suppliers and employees(10,368,139)(13,994,881)
Income tax received- 46,244
Grant and other income2,668 1,056,538
Net cash used in operating activities25(1,524,519)(5,753,922)
Cash flows from investing activities
Payments for property, plant and equipment12(58,923)(12,131)
Proceeds from disposal of property, plant and equipment30,692 8,742
Interest received21,142 80,017
Net cash from/(used in) investing activities(7,089)76,628
Cash flows from financing activities
Interest paid on lease liability15(6,896)(25,991)
Proceeds from share capital172,033,196 500,000
Repayment of borrowings(58,100)(357,741)
Payments for lease liability - principal portion15(96,886)(273,271)
Proceeds from exercise of share options- 56
Interest paid(135,671)(125,707)
Net cash from/(used in) financing activities1,735,643 (282,654)
Net increase/(decrease) in cash and cash equivalents204,035 (5,959,948)
Cash and cash equivalents at the beginning of the financial year188,177 6,148,125
Cash and cash equivalents at the end of the financial year10392,212 188,177
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
8
1. General information
The consolidated financial statements comprise Trade Window Holdings Limited (the ‘Company’) and its subsidiaries
(together the ‘Group’).
Trade Window Holdings Limited is a profit-oriented entity incorporated on 10 September 2021 and domiciled in New Zealand
and registered under the Companies Act 1993.
Trade Window Holdings Limited was incorporated for the purpose of being the holding company for Trade Window Limited.
Prior to Trade Window Holdings Limited's incorporation, the Group comprised of Trade Window Limited and its subsidiaries.
The consolidated financial statements were authorised for issue, in accordance with a resolution of directors, on 29 May
2025. The directors have the power to amend and reissue the consolidated financial statements.
2. Material accounting policy information
New or amended Accounting Standards and Interpretations adopted
The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the External
Reporting Board ('XRB') that are mandatory for the current reporting period.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial
performance or position of the Group.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
NZ IFRS issued but not yet effective
Future changes
●NZ IFRS18 - Presentation and Disclosure in Financial Statements
Replaces NZ IAS 1 as the standard describing the primary financial statements and sets out requirements for the
presentation and disclosure of information in NZ IFRS-compliant financial statements. Amongst other changes, it
introduces the concept of the "management-defined performance measure" to financial statements and requires the
classification of transactions presented within the statement of profit or loss within one of the five categories -
operating, investing, financing, income taxes, and discontinued operations. It also provides enhance requirements for
the aggregation and disaggregation of information. This change is effective for annual reporting periods beginning on or
after 1 January 2027. The Group has not undertaken an assessment as to the impact of these changes at this stage.
●Amendments to NZ IFRS 9: Financial Instruments and NZ IFRS 7: Financial Instruments: Disclosures
This will provide clarifications on accounting for the settlement of liabilities through electronic payment systems, and on
the application of the classification requirements for financial assets, including financial assets with environmental,
social and corporate governance and similar features. In addition, it also introduces new disclosures for investments in
equity instruments designated at fair value through other comprehensive income, and financial instruments with
contingent features. This change is effective for annual reporting periods beginning on or after 1 January 2026. The
Group has not undertaken an assessment as to the impact of these changes at this stage.
No other standards, amendments or interpretations that have been issued but are not yet effective are expected to
materially impact the consolidated financial statements
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
2. Material accounting policy information (continued)
9
Basis of preparation
Statement of compliance
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand ('NZ GAAP'). They comply with the New Zealand Equivalents to International Financial Reporting Standards
and other applicable Financial Reporting Standards, as appropriate for Tier 1 for-profit entities. The consolidated financial
statements of the Group also comply with International Financial Reporting Standards (IFRS). The consolidated financial
statements were authorised for issue by the directors on the date included on page 3. The Group is a reporting entity for the
purposes of the Financial Reporting Act 2013 and its consolidated financial statements comply with that Act.
Accounting policies
The accounting policies set out below have been consistently applied to all periods presented in these consolidated financial
statements. Where applicable, certain comparatives have been reclassified to comply with the accounting presentation
adopted in the current year to ensure consistency with the current year classification.
Historical cost convention
The consolidated financial statements have been prepared under the historical cost convention.
Functional and presentation currency
Amounts are expressed in New Zealand Dollars ($) which is the functional and presentation currency and are rounded to the
nearest dollar.
Going concern
The Group prepares its consolidated financial statements on a going concern basis and expects to be able to realise its
assets and meet its financial obligations in the normal course of business.
The Group is an early-stage organisation and as such has reported a loss for the year ended 31 March 2025 of $3.5 million
(31 March 2024: $8.0 million), and operating cash outflows of $1.5 million (31 March 2024: $5.8 million).
As previously announced, in response to various external factors, the Group shifted focus to growing revenues from core
profitable products and to significant cost reductions to provide a pathway to monthly EBITDA breakeven in March 2025.
The Group’s proven disciplined cost structure is planned to continue through FY26, and is expected to deliver annual
EBITDA profit for that period.
As at 31 March 2025, the Group held cash and cash equivalents of $0.4 million (31 March 2024: $0.2 million). During the
period the Group successfully raised $2.2 million equity capital (before capital raise costs) which enabled it to achieve its
budgeted monthly EBITDA breakeven in March 2025. No additional funding is required under the financial forecasts.
The Board-approved financial forecasts for FY26 and FY27 project sufficient cash available to satisfy all financial obligations
which arise in the next 14 months from 31 March 2025. The forecast cash flows are dependent on the key assumptions
outlined below:
a.Achievement of targeted revenue growth.
Sales are budgeted to increase between 25% to 37% on the prior year. As reported in these consolidated financial
statements, the revenue for FY25 is $8.0 million representing an increase of 30% over the same period last year. The
full year impact of new customers and price increases implemented during FY25 is expected to generate the majority of
the additional growth in FY26.
b.Successful operation of cost-reduced business.
A low cost operating structure has been successfully implemented and in FY25 has proven the Group’s continued ability
to serve its current and future customers, meet market demand and generate revenue from existing solutions.
c.Compliance with ASB loan covenants.
The Group is in full compliance with the terms of its ASB loan facility. A breach of these undertakings, which is not
anticipated, could result in acceleration of remaining outstanding loan balance. Following regular monthly repayments
from April 2025, a final payment is due to ASB of around $570 thousand in October 2026. As at 31 March 2025, this
balance was $1.0m.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
2. Material accounting policy information (continued)
10
The forecast’s assumptions have been stress tested against a range of scenarios including material reduction in new
business revenue without commensurate cost cutting, which demonstrates that the cashflow forecast is sensitive to changes
in key growth assumptions.
Should the Group be unable to achieve the forecast cash flows mentioned above, the Group may have insufficient liquid
assets to be able to continue as a going concern for a period of at least 12 months from the issuance of these financial
statements. Therefore, material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a
going concern and therefore that the Group may be unable to realise its assets and discharge its liabilities in the normal
course of business.
The Directors consider the Group to be a going concern and believe the Group will achieve its financial forecasts to the
extent necessary to ensure the Group will have sufficient liquidity to continue as a going concern and meet its financial
obligations for the foreseeable future.
Impairment
The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill and
indefinite-lived intangible assets are tested annually for impairment.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its
estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The Group
has adopted the Value in Use method (previously Fair value less cost of disposal).
Subject to an operating segment ceiling test, CGUs to which goodwill has been allocated are aggregated so that the level at
which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes.
Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies
of the combination.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to
reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts
of the other assets in the CGU (group of CGUs) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortisation, if no impairment loss had been recognised.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Trade Window Holdings
Limited ('Company' or 'parent entity') as at 31 March 2025 and the results of all subsidiaries for the year then ended. Trade
Window Holdings Limited and its subsidiaries together are referred to in these consolidated financial statements as the
'Group'.
Subsidiaries are all those entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control ceases.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
11
3. Critical accounting judgements, estimates and assumptions
The preparation of the consolidated financial statements in conformity with NZ IFRS and IFRS requires management to
make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates.
The critical judgements are detailed below:
●Note 2 'Going concern', in determining whether the Group is a going concern.
●Note 13 'Intangible assets', in determining whether the Group's assets are impaired.
4. Revenue
The Group generates revenue primarily from customers subscribing to and utilising its software platforms. In the following
table, revenue from contracts with customers is disaggregated by primary nature and timing of revenue recognition.
20252024
$$
Transactional revenue4,288,953 2,970,783
Installation revenue230,115 123,784
Subscription revenue3,280,335 2,815,492
Service revenue231,126 269,018
Total revenue8,030,529 6,179,077
The Group's revenue disaggregated by primary geographical markets is as follows:
20252024
$$
New Zealand4,623,329 3,974,394
Australia3,073,223 1,827,586
Rest of world333,977 377,097
8,030,529 6,179,077
Revenue policy
Revenue is measured based on the consideration specified in the contract with a customer. The Group recognises revenue
when it transfers control of a good or service to a customer. Revenue is disclosed net of credit notes and discounts. Unbilled
revenue at year-end is recognised as a contract asset and any unearned revenue at year-end is recognised as a contract
liability. See table below for details of contract assets and liabilities at year-end.
Transactional revenue
Transactional revenue is recorded at the time the transactions are processed by the customer using the Group’s software
platforms. Transaction revenue is based on volume of usage and is recognised at a point in time. Customers are mainly
invoiced monthly and have payment terms of up to 30-days.
Subscription revenue
Subscription revenue comprises recurring monthly fees from customers who have subscribed to the Group’s software
platforms. The fee provides the customer with access to the various software platforms, regular software updates and
customer support services. Subscription revenue is invoiced either in advance or monthly in arears, depending on the
software product. Subscription revenue is recognised over time as the services are used or delivered to the customer.
Customers are mainly invoiced monthly and have payment terms of up to 30-days.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
4. Revenue (continued)
12
Service revenue
Service revenue relates to ad-hoc customer support services outside of the scope of the standard support agreement. The
services are mainly for customer support to customers who request non-standard customisation or assistance with a specific
project. Service revenue is recognised over time as the service is delivered to the customer, these range from a few hours to
a week. Customers are mainly invoiced monthly and have payment terms of up to 30-days.
Installation revenue
Installation revenue comprises of one-off installation, software customisation and user training services. The Group has
assessed that installation is a separate performance obligation for certain products, and all the activities are considered as
one performance obligation which is satisfied over the term of the contract as the customer simultaneously receives and
consumes the benefits provided to them. On commencement of the software installation, the customers subscribe to
ongoing maintenance and support services to ensure that the software is regularly maintained by the Group. The Group
uses the output method of measuring progress of installation as it fairly depicts the entity’s performance towards complete
satisfaction of the performance condition. Majority of customers are invoiced in advance and then on milestone completion.
Payment terms are up to 30-days from invoice date.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with
customers.
20252024
$$
Receivables, which are included in "Trade and other receivables"982,126 693,117
Contract assets5,250 30,239
Contract liabilities(709,903)(638,979)
277,473 84,377
The contract liabilities primarily relate to advance consideration the Group received from customers for installation and for
subscribing to its software platforms, for which revenue is recognised over time.
The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting
date. Contract assets are assessed for impairment under the requirements in the financial instruments standard. Any
unconditional rights to consideration are presented separately as a receivable.
Information about remaining performance obligation has not been provided as these have an expected duration of less than
12 months.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
13
5. Other revenue
20252024
$$
Profit on sale of fixed assets32,478 40,573
Grant income- 309,750
Other income7,550 223,613
40,028 573,936
Grant income
In the prior year, the Group was eligible for the IRD’s Research & Development Tax Incentive (RDTI) scheme which allows
for a 15% tax credit for eligible R&D expenditure not claimed under any other scheme.
Other income
Other income in the prior year included a settlement payment resulting from the cancellation of a strategic partnership
agreement.
6. Other expenses
Other expenses include the following:
20252024
$$
Director fees178,582 201,375
Bad debts written off758 7,978
The following fees were paid or payable for services provided by the auditor
- Fees relating to the audit155,520 124,000
7. Personnel and employee expense
20252024
$$
Short-term employee benefits (salaries)5,568,580 7,153,095
Post-employment benefits (superannuation)236,193 251,073
Contracted resources741,495 1,179,644
Other employee benefits361,830 870,627
6,908,098 9,454,439
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
14
8. Net finance expense
20252024
$$
Interest income(16,147)(80,017)
Interest expense138,109 140,546
Interest on lease liabilities6,896 25,991
128,858 86,520
Finance income and expense policy
Interest income is income on funds invested using the effective interest method. Interest expenses are expenses on
borrowings and interest on lease liabilities.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are
recognised in profit or loss using the effective interest method.
9. Income tax
20252024
$$
Income tax expense
Current tax9,917 4,629
Aggregate income tax expense9,917 4,629
Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense(3,507,768)(8,008,986)
Tax at the statutory tax rate of 28%(982,175)(2,242,516)
Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible expense51,658 242,392
Non-assessable income- (490,284)
Deferred tax not recognised in current tax year930,683 2,491,631
Effect of different tax rates9,751 3,406
Income tax expense9,917 4,629
The current tax asset of $Nil (2024: $4,995) represents the amount of New Zealand income taxes receivable in respect of
the current period. The current tax liability of $14,767 (2024: $4,686) represents the amount of Philippines income taxes
payable in respect of the current period.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
9. Income tax (continued)
15
Deferred Tax
Balance 1
April 2024
Recognised
in profit/loss
Balance 31
March 2025
$$$
Year ended 31 March 2025
Intangible and Property, plant and equipment(950,373)391,048(559,325)
Lease liabilities2,6931,3214,014
Accruals and Employee Benefits133,88731,414165,301
Net taxable loss813,793(423,783)390,010
---
Balance 1
April 2023
Recognised
in profit/loss
Balance 31
March 2024
$$$
Year ended 31 March 2024
Intangibles and Property, plant and equipment(1,204,249)253,876(950,373)
ESOP52,902(52,902)-
Lease liabilities8,540(5,847)2,693
Accruals and Employee benefits128,1275,760133,887
Net taxable loss1,014,680(200,887)813,793
---
The Group has $37,917,918 (2024: $36,267,332) of tax losses for which no deferred tax asset has been recognised in the
statement of financial position as it is not probable that the Group will be achieving sufficient taxable profits in the
foreseeable future. The current year tax loss is subject to Inland Revenue assessment.
10. Cash and cash equivalents
20252024
$$
Cash at bank392,212 188,177
The bank accounts include cash balances held with ASB Bank Limited of $210,906 (2024: $82,280), which is a related
party. Bank balances are also held with the Commonwealth Bank of Australia, the parent company of ASB Bank Limited, of
$141,817 (2024: $ 95,889). The Group also had an undrawn overdraft facility with ASB Bank limited to a maximum of
$150,000. The interest rate at balance date was 8.85% (2024: 10.88%) per annum.
Restricted cash is comprised of cash balances held with Commonwealth Bank Australia of $Nil (2024: $26,853), that is held
as a rent guarantee over one of the leases.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
16
11. Trade and other receivables
20252024
$$
Current assets
Trade receivables982,126 693,117
Less: Allowance for expected credit losses(69,111)(46,801)
913,015 646,316
Prepayments237,210 321,214
Other receivables- 642
237,210 321,856
1,150,225 968,172
Non-current assets
Prepayments48,711 51,457
Bad debt expense of $758 (2024: $7,978) has been recorded within other expenses in the statement of profit or loss and
other comprehensive income.
Allowance for expected credit losses
20252024
$$
Opening loss allowance46,801 6,745
Loss allowance recognised during the year22,120 54,637
Bad debts written off during the year(758)(7,978)
Loss allowance unused and reversed during the year- (1,431)
Effects of movements in exchange rate948 (5,172)
Closing loss allowance69,111 46,801
Trade and other receivables policy
Trade and other receivables (unless it is a trade receivable without a significant financing component) is initially recognised
at fair value plus transaction costs. A trade receivable without a significant financing component is initially measured at the
transaction price. It is then subsequently measured at amortised cost using the effective interest method, less any provision
for impairment.
A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be
able to collect all amounts due according to the original terms of receivables. Impairment is calculated based on an
expected credit loss (ECL) model under NZ IFRS 9. Refer to Note 16 for information about calculation and recognition of
expected credit losses. The amount of the provision is recognised in profit or loss.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
17
12. Property, plant and equipment
Leasehold
Improvements
Furniture and
fittings
Plant and
equipment
Motor
vehiclesTotal
$ $ $ $ $
Year ended 31 March 2025
Opening balance59,01678,930423,490-561,436
Effects of movements in exchange rate182-451-633
Additions15,163-43,760-58,923
Disposal(59,198)(50,797)(327,621)-(437,616)
Total cost15,16328,133140,080-183,376
Accumulated depreciation
Opening balance58,77654,099382,015-494,890
Effects of movements in exchange rate182-491-673
Depreciation on disposal(63,389)(49,050)(328,267)-(440,706)
Depreciation expense11,3404,71348,600-64,653
Total accumulated depreciation6,9099,762102,839-119,510
Summary
Net carrying amount at 31 March 202424024,83141,475-66,546
Net carrying amount at 31 March 20258,25418,37137,241-63,866
Leasehold
Improvements
Furniture and
fittings
Plant and
equipment
Motor
vehiclesTotal
$ $ $ $ $
Year ended 31 March 2024
Opening balance58,68478,394427,8639,556574,497
Effects of movements in exchange rate332536307-1,175
Additions--7,949-7,949
Disposal--(12,629)(9,556)(22,185)
Total cost59,01678,930423,490-561,436
Accumulated depreciation
Opening balance28,88313,539280,6187,024330,064
Effects of movements in exchange rate88536154-778
Depreciation on disposal--(9,451)(8,864)(18,315)
Depreciation expense29,80540,024110,6941,840182,363
Total accumulated depreciation58,77654,099382,015-494,890
Summary
Net carrying amount at 31 March 202329,80164,855147,2452,532244,433
Net carrying amount at 31 March 202424024,83141,475-66,546
Property, plant and equipment policy
All property, plant and equipment is measured at cost less accumulated depreciation and accumulated impairment losses.
The depreciation rates for significant items of property, plant and equipment are as follows:
Leasehold improvements20.00% - 33.30%
Motor vehicles21.00%
Furniture and fittings10.50%
Plant and equipment30.00% - 40.00%
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
12. Property, plant and equipment (continued)
18
Impairment
The carrying amounts of property, plant and equipment are reviewed at each balance date to determine whether there is
any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.
There was no impairment of assets recognised for during the year.
13. Intangible assets
Software
Customer
relationshipsGoodwillTotal
$$$ $
Year ended 31 March 2025
Opening balance8,860,557456,0167,615,76116,932,334
Total cost8,860,557456,0167,615,76116,932,334
Accumulated amortisation
Opening balance5,370,207193,808-5,564,015
Amortisation expense1,622,46945,602-1,668,071
Total accumulated amortisation6,992,676239,410-7,232,086
Summary
Net carrying amount at 31 March 20243,490,350262,2087,615,76111,368,319
Net carrying amount at 31 March 20251,867,881216,6067,615,7619,700,248
Software
Customer
relationshipsGoodwillTotal
$$$ $
Year ended 31 March 2024
Opening balance8,860,557456,0167,615,76116,932,334
Total cost8,860,557456,0167,615,76116,932,334
Accumulated amortisation
Opening balance3,581,207148,206-3,729,413
Amortisation expense1,789,00045,602-1,834,602
Total accumulated amortisation5,370,207193,808-5,564,015
Summary
Net carrying amount at 31 March 20235,279,350307,8107,615,76113,202,921
Net carrying amount at 31 March 20243,490,350262,2087,615,76111,368,319
Intangible assets policy
Goodwill is measured at cost less accumulated impairment losses. Other intangible assets that are acquired by the Group
and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses.
The estimated useful lives and remaining amortisation period are as follows:
Asset class
Software1 to 5 years
Customer relationships10 years
The Group tests whether goodwill has suffered any impairment on an annual basis. No impairment on the carrying amount
of goodwill has been recognised during the financial year (2024: $Nil).
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
13. Intangible assets (continued)
19
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. The Group
has adopted the Value in Use method.
In assessing Value in Use, estimated future cash flows are discounted to their present value using a pre-tax discount rate of
17% that reflects current market assessments of the time value of money and the risk specific to the asset.
Future cashflows are based on five-year projections for the Group, which included the Board approved budget for the year
to 31 March 2026. The forecast financial information is based on both past experience and future expectations of operating
performance and requires judgements to be made as to the revenue growth, operating cost projections and the market
environment. Revenue is projected to grow at a compound average growth rate of 16% for the first 5 years. Actual results
may be substantially different. The terminal growth rate assumed is 2.5% which does not exceed the long-term average
growth rate for the market in which the Group operates.
Management believes that any reasonably possible change in the key assumptions on which the recoverable amount is
based would not cause the carrying amount to exceed its recoverable amount.
Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at
the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible
assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are
subsequently measured at cost less amortisation and any impairment.
Research and development
Research costs are expensed in the period in which they are incurred. Development costs are capitalised when it is
probable that the project will be a success considering its commercial and technical feasibility; the Group is able to use or
sell the asset; the Group has sufficient resources and intent to complete the development; and its costs can be measured
reliably. Capitalised development costs are amortised on a straight-line basis over the period of their expected benefit, being
their finite life.
Software
Significant costs associated with software are deferred and amortised on a straight-line basis over the period of their
expected benefit, being their finite life.
14. Trade and other payables
20252024
$$
Trade payables253,746 256,176
Accruals442,326 422,217
Sundry payables290,479 253,072
Employee benefits362,298 434,433
1,348,849 1,365,898
Trade and other payables policy
Trade and other payables are measured at amortised cost. These amounts represent liabilities for goods and services
provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid
within 30 days of recognition.
Employee benefits policy
Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service
is provided. A liability is recognised for the amount expected to be paid for outstanding annual leave balances if the Group
has a present legal or constructive obligation to pay this amount as a result of past services provided by the employee and
the obligation can be estimated reliably.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
20
15. Leases
Right-of-use assets
20252024
$$
Buildings
Cost
Opening balance1,248,7381,784,505
Additions110,492-
Disposals(1,248,738)(544,957)
Effects of movements in exchange rates-9,190
Total cost110,4921,248,738
Accumulated depreciation
Opening balance1,179,364941,707
Disposals(1,248,738)(261,125)
Depreciation expense120,016495,719
Effects of movements in exchange rates-3,063
Total accumulated depreciation50,6421,179,364
Opening net carrying amount69,374842,798
Closing net carrying amount59,85069,374
The right-of-use assets are regularly assessed for impairment.
Lease Liabilities
20252024
$$
Current liabilities
Lease liability45,325 78,994
Non-current liabilities
Lease liability4,861 -
Amounts recognised in statement of comprehensive income
Interest on lease liabilities6,896 25,991
Depreciation on right-of-use assets120,016 495,719
Variable lease payments 37,513 125,959
Short-term lease expenses54,142 102,221
Amounts recognised in statement of cash flow
Interest on lease liabilities6,896 25,991
Principal lease payments96,886 273,271
The table below describes the nature of the Group's leasing activities by type of right-of-use asset recognised on the
consolidated statement of financial position.
Right-of-use assetBuildings
No. of right-of-use assets leased1
Range of remaining terms in months13
Average remaining term in months13
No. of leases with options to purchase-
No. of leases with termination options-
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
21
16. Interest bearing loans and borrowings
20252024
$$
Current liabilities
ASB term loan310,104 -
Callaghan R&D loan59,711 58,100
369,815 58,100
Non-current liabilities
ASB term loan728,199 1,038,303
Callaghan R&D loan285,015 344,726
1,013,214 1,383,029
Terms and repayments schedule
LoanCurrencyInterest rateMaturity date $ $
ASB term loanNZD10.39% 30/10/20261,038,3031,038,303
Callaghan R&D loanNZD3.00% 13/08/2030344,726402,826
1,383,0291,441,129
The face value and carrying value of the loans are the same.
Financial covenants
Trade Window Services Limited (TWSL) has a secured bank loan with ASB Bank with a carrying amount of $1,038,303 at
31 March 2025 (2024: $1,038,303), to which Trade Window Limited is the guarantor. The loan is repayable in monthly
instalments of interest and principal until 30 October 2026, followed by a final payment of around $570 thousand in October
2026. The loan contains financial covenants, which if breached, could permit the lender to immediately call on the loan. The
specific covenants relating to financial ratios of Trade Window Services Limited is required to meet within 12 months of
reporting date are:
RatioGearing ratioInterest cover ratioEquity ratioRevenue target
DetailCore debt to equity
EBITDA to total bank
interest
Shareholders' funds to
total assets
Actual revenue as a
percentage of forecast for
the past 12 months
RequirementLess than 2.5 timesMore than 3 timesGreater than 45%Greater than 85%
Timing
End of each financial
quarter
End of each financial
quarter
End of each financial yearEnd of each month
Actual
0.3 times at 31 March
2025
37.4 times at 31 March
2025
90% at 31 March 2025
102% for the period ended
31 March 2025
At balance date, the Company has met all its covenants.
The ASB loan is secured over the assets of TradeWindow Services Limited together with an unlimited guarantee and
indemnity from Trade Window Limited.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
16. Interest bearing loans and borrowings (continued)
22
On 13 August 2020, the Company received an R&D loan of $400,000 from Callaghan Innovation as assistance for the
economic impacts of COVID19 on the business. The loan balance at 31 March 2025 was $344,726 which included an
interest accrual of 3% (2024: $402,826).
17. Issued capital
2025202420252024
Number of
shares
Number of
shares$$
Shares
Balance 1 April117,195,875113,026,23247,290,67346,180,576
Issue of ordinary shares12,690,8582,057,6142,033,196500,000
Shares issued in respect of payment of vendor services483,4661,079,69393,115291,506
Shares issued in respect of employee share options
exercised420,7491,032,336-318,591
Reclassification--(318,534)-
130,790,948117,195,87549,098,45047,290,673
During April 2024, Trade Window Holdings Limited raised $2,221,132 before capital raise expenses, by way of a private
placement ($2,000,226) and a share purchase plan ($221,907). As announced through NZX on 17 April 2024, and
approved at the 13 June 2024 special meeting of shareholders, TradeWindow Founder and CEO, AJ Smith’s share
subscription had delayed settlement dates of July 2024 and November 2024.
During the period vendors accepted payment in shares of $93,115 (shares issued 483,466).
At 31 March 2025, share capital comprised 130,790,948 shares. All issued shares rank equally, are fully paid and have no
par value.
Capital management
For the purpose of the Group's capital management, capital includes issued capital, convertible notes and all other equity
reserves attributable to the equity holders of the parent. The primary objective of the Group's capital management is to
maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in
economic conditions and the requirements of the financial covenants. There are no externally imposed capital requirements.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
23
18. Share-based payments reserve
As at 31 March 2025 the Group had the following share-based payments arrangements:
2019/20 Share Option scheme
The Group established a share option programme that entitled senior management to purchase shares in the Company on
31 October 2019, which was revised on 25 March 2020 and 19 November 2021. Under this programme, holders of vested
options are entitled to purchase shares at the exercise price specified at grant date. All options are to be settled by the
physical delivery of shares.
Under this plan, grantees have been granted options to purchase ordinary shares at an exercise price based on the fair
value of Trade Window Holdings Limited's shares on the date of the grant as approved by the directors. Once granted,
options vest over a period of time which is stated in the options offer letter to the grantee. The grantee may exercise an
option that has vested at any time during the period commencing on the date on which the option vested and ending on the
expiry date. Under the terms of the scheme unvested options lapse immediately on termination of service. For a good
leaver, as defined, vested options must be exercised within three months following termination of services, and any options
exercised and converted to shares may be retained. For a bad leaver, as defined, vested options are cancelled on the
leaving date.
No options were approved to be issued under the existing scheme since prior to listing on 19 November 2021.
The number and weighted average exercise prices of share options under the employee share option programmes were as
follows:
Number of
options
Weighted
average exercise
price
Year ended 31 March 2025
Outstanding at the beginning of the period14,4900.00092
Granted during period--
Revoked during period--
Exercised at end of 31 March 2025 --
Outstanding at the end of the period14,4900.00092
Comprised of:
Vested (and not exercised)14,490-
Granted but not vested--
14,490-
Number of
options
Weighted
average exercise
price
Year ended 31 March 2024
Outstanding at the beginning of the period85,5110.00092
Revoked during period(12,294)0.00092
Exercised at end of 31 March 2024 (58,727)0.00092
Outstanding at the end of the period14,4900.00092
Comprised of:
Vested (and not exercised)14,490-
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
18. Share-based payments reserve (continued)
24
2022 Share Option schemes
Employees LTI Option Plan
During the financial year ended 31 March 2023, the Group introduced a share option programme to replace the 2019/20
scheme. The establishment of the 2022 Share Option Plan is designed to provide long-term incentives for senior managers
(including executive directors) to deliver long-term shareholder value, as well as retain and motivate participants. Under this
programme, participants were issued options at the equivalent price of $0.74. This price was determined with reference to
TWL's closing share price on 29 July 2022. Under the terms of the scheme, unvested options lapse on the date employment
ceases.
The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled
by the physical delivery of shares:
Grant date
Number of
instrumentsExercise priceVesting dateVesting conditions
Contractual life
of options
July 20221,169,670Nil1 July 2025Subject to hurdle rate of
17.5% per annum growth in
the share price, based on the
issue price.
5 years
July 202254,054Nil1 July 2025Must be employed by the
company on vesting date
5 years
Non-Executive Directors Option Plan
Also during the prior year the Group introduced a share option programme for Non-Executive Directors.
Under this programme, holders of vested options are entitled to purchase shares at an exercise price equal to the VWAP of
TradeWindow shares over the 20 Business Day period prior to the date of issuance of the Options, subject to a floor price of
$0.70 per share.
The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled
by the physical delivery of shares:
Grant date
Number of
instrumentsExercise priceVesting dateVesting conditions
Contractual life
of options
Sep 2022300,000$0.70Progressively
over two years
from grant date
None3 years
2023/24 Salary Sacrifice Option Plan
During the prior year, the Group introduced a share option programme for senior management where participants make a
salary sacrifice in exchange for employee share options in the Company. The programme ran for 13 months, ending 30 April
2024. Under this programme, the number of options to be granted to a participant was determined each payday by dividing
150% of the salary sacrifice amount by the mid-point share price on the salary payment date. Granted options vest
immediately and the participant has five years from issue date to exercise the options. Holders of vested options are entitled
to purchase shares at $Nil exercise price.
The key terms and conditions of the share options granted under this programme are as follows, all options are to be settled
by the physical delivery of shares:
Grant period
Number of
instrumentsExercise priceVesting dateVesting conditions
Contractual life
of options
1 April 2023 -
31 March 2024
1,592,695$0.00ImmediatelyNone5 years
1 April 2024 -
31 March 2025
290,854$0.00ImmediatelyNone5 years
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
18. Share-based payments reserve (continued)
25
The number and weighted average exercise prices of share options under the employee share option programmes were as
follows:
Number of
options
Weighted
average exercise
price
Year ended 31 March 2025
Outstanding at the beginning of the period1,832,7950.10185
Granted during period290,854-
Revoked during period(133,896)0.34853
Exercised at end of 31 March 2025 (420,749)-
Outstanding at the end of the period1,569,0040.08923
Comprised of:
Vested (and not exercised)743,214-
Granted but not vested825,790-
1,569,004-
Number of
options
Weighted
average exercise
price
Year ended 31 March 2024
Outstanding at the beginning of the period1,448,6490.14496
Granted during period1,646,719-
Revoked during period(288,964)0.08075
Exercised at end of 31 March 2024 (973,609)-
Outstanding at the end of the period1,832,7950.10185
Comprised of:
Vested (and not exercised)873,110-
Granted but not vested959,685-
1,832,795-
Expense recognised in profit or loss
The total expense recognised in the statement of comprehensive income during the year was $140,843 (2024: $523,638).
19. Contingent liabilities
The Group has a contingent liability in 2025 of $1,035,902 relating to R&D tax losses cashed out (2024: $1,035,902). If the
Group becomes profitable in the future, there is a change in the shareholders greater than 90%, or a liquidation event
occurs, it would become payable.
There are no other contingencies.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
26
20. Financial instruments classification and risk management
The Group's overall financial risk management programme focuses primarily on maintaining a financial risk profile that
provides flexibility to implement the Group's strategies, while optimising return on assets. Financial risk management is
centralised, which supports compliance with the financial risk management policies and procedures set by the Board.
The Group holds the following financial assets and liabilities, the table below shows their carrying amount and measurement
basis.
Categories of financial assets and liabilities
Amortised
cost
Financial
liabilities at
amortised costTotal
31 March 2025$ $ $
Assets
Cash and cash equivalents392,212-392,212
Trade receivables913,015-913,015
Total financial assets1,305,227-1,305,227
Liabilities
Trade payables-1,348,8491,348,849
Interest bearing loans and borrowings-1,383,0291,383,029
Lease liability-50,18650,186
Total financial liabilities-2,782,0642,782,064
Amortised
cost
Financial
liabilities at
amortised costTotal
31 March 2024$$$
Assets
Cash and cash equivalents188,177-188,177
Trade and other receivables646,316-646,316
Restricted cash26,853-26,853
Total financial assets861,346-861,346
Liabilities
Trade and other payables-1,365,8981,365,898
Interest bearing loans and borrowings-1,441,1291,441,129
Related party payables-4,0764,076
Lease liability-78,99478,994
Total financial liabilities-2,890,0972,890,097
Financial risk management
The Group had exposure to the following risks from its use of financial instruments:
- Market risk (mainly interest rate risk)
- Credit risk
- Liquidity risk
Risk management framework
The Company's board of directors has overall responsibility for the establishment and oversight of the Group 's risk
management framework. The board of directors has established the Audit and Risk Committee, which is responsible for
developing and monitoring the Group 's risk management policies. A risk register is maintained, and the Committee reports
regularly to the board of directors on its activities. The Group's risk management policies are established to identify and
analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
20. Financial instruments classification and risk management (continued)
27
Market risk
Market risk is the risk that changes in market prices - e.g. foreign exchange rates, interest rates and equity prices - will affect
the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return.
Interest rate risk
The Group 's exposure to the risk of changes in interest rates primarily affects borrowings. The Group had floating interest
rates throughout the year.
The following table illustrates the sensitivity of profit/ (loss) and equity to a reasonably possible change in interest rates of +/-
1% (2024: +/- 1%). These changes are considered to be reasonably possible based on observation of current market
conditions. The calculations are based on a change
in the average market interest rate for each period, and the financial instruments held at each reporting date that are
sensitive to changes in interest rates. All other variables are held constant.
2025 20242024
Change in
profit/(loss)
Change in
equity
Change in
profit/(loss)
Change in
equity
$$$$
Variable interest rates +1%(6,461)(6,461)(11,647)(11,647)
Variable interest rates -1%6,4616,46111,64711,647
Foreign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised financial assets and liabilities
denominated in currencies other than the Group's functional currency, New Zealand dollars (NZD). The Group's primary
exposure to currency exchange rate fluctuations stems from its overseas sales and purchases, predominantly in Australian
dollars (AUD).
To manage this risk, the Group employs natural hedging by aligning AUD revenue with AUD expenses within the same
entity, significantly reducing the impact of exchange rate volatility. As an early-stage company undergoing recent changes in
operations, expenses, and revenue, the timing of cash flows is uncertain. Management regularly monitors unhedged
exposures and will consider formal hedging strategies when greater certainty around cash flow timing is established.
Credit risk
The Group is not exposed to any significant credit risk. There is no history of customer default and management consider
the credit quality of trade receivables to be good. The Group trades with recognised, creditworthy third parties or requires
payment in advance. The profile of future customers is expected to be similar to that of past customers. On this basis,
the Group does not feel it necessary to have a written credit policy in place, however management continue to monitor this
risk.
Credit risk relating to bank balances is managed by banking with major financial institutions with high quality external credit
ratings.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset.
The Group manages liquidity risk by maintaining adequate cash reserves and banking facilities. Forecast and actual cash
flows are continuously monitored with the maturity profiles of the majority of financial assets and liabilities matched.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
20. Financial instruments classification and risk management (continued)
28
Liquidity profile of financial assets
1 Year or
less1 to 5 Years
More than 5
years
Total
contractual
cash flows
$$$$
Year ended 31 March 2025
Cash and cash equivalents392,212--392,212
Trade and other receivables913,015--913,015
1,305,227--1,305,227
Year ended 31 March 2024
Cash and cash equivalents188,177--188,177
Trade and other receivables646,958--646,958
Restricted cash26,853--26,853
861,988--861,988
Financial liabilities based on contractual cashflows due within
1 Year or
less1 to 5 Years
More than 5
years
Total
contractual
cash flows
Carrying
amount of
liabilities
$$$$$
Year ended 31 March 2025
Trade and other payables1,348,849--1,348,8491,339,628
Interest bearing loans and borrowings446,8601,052,60329,0771,528,5401,383,030
Lease liabilities48,2884,037-52,32550,186
1,843,9971,056,64029,0772,929,7142,772,844
Year ended 31 March 2024
Trade and other payables1,365,898--1,365,8981,365,898
Interest bearing loans and borrowings166,1001,519,029-1,685,1291,441,129
Related party payables4,076--4,0764,076
Lease liabilities78,994--78,99478,994
1,615,0681,519,029-3,134,0972,890,097
21. Commitments
As at balance date there were no known capital commitments.
22. Segment reporting
An operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision
maker ("CODM") on a monthly basis. The CODM, who is responsible for allocating resources and assessing performance of
the operating segment(s) is part of the senior leadership team and is involved in strategic decision making of the Group.
Management has determined there is one operating segment based on the reports reviewed by the CODM.
The reason for looking at the business as one segment is because of the inter-related nature of the services and their
dependence on the Trade Window software which cannot be separated between different products and services. The
performance of the operating segment is reviewed by the CODM and action plans are agreed with the management where
necessary to improve performance of the business.
The reportable operating segment derives its revenues from the provision of software solutions to its customers. There are
no major customers that contribute more than 10% of revenues. The CODM assesses the performance of the operating
segment from revenue to net income. The total revenue, direct costs, operating expenses, interest and foreign exchange
gains and losses, tax and net income are reviewed.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
22. Segment reporting (continued)
29
The amounts reported with respect to segment total assets and liabilities are measured in a manner consistent with the
consolidated statement of financial position. Reportable segment assets and liabilities are equal to total assets and liabilities
hence no reconciliation is required.
23. Related party transactions
Key management personnel
The Group has related party relationships with its directors and other key management personnel as listed below.
Remuneration of key management personnel during the year amounted to $1,101,049 (2024: $1,247,769), of which
$1,011,029 (2024: $923,774 ) was for short-term employee benefits and $90,020 (2024: $323,996) was for share-based
payment expense.
Remuneration for the directors during the year amounted to $181,580 (2024: $217,668), of which $178,582 (2024:
$201,375) was for directors fees and $2,998 (2024: $16,293) was for share-based payment expense.
Other related parties
ASB Bank Limited is a shareholder of the Group. The ASB Bank is 100% owned by the Commonwealth Bank of Australia
(CBA). The Group has bank balances with the ASB Bank and CBA (see note 10) as well as some interest bearing loan
facilities as stated in note 16.
Transactions involving related entities
The entities, the nature of the relationship and the types of transactions which the Group entered into during the period are
detailed below:
Related entityNature of relationshipTypes of transactions
ASB Bank LimitedShareholderFunds advanced, balances payable, cash at
bank, shares issued
Commonwealth Bank of AustraliaUltimate parent of ASB Bank
Limited
Cash at bank, restricted cash
Kerry FriendExecutive director, beneficial
shareholder
Employment agreement, ESOP
Albertus Johannes SmithExecutive director,
shareholder
Employment agreement, ESOP
The following transactions and outstanding balances between related parties occurred during the year:
Purchases/
Salaries
Balances
payable
Interest
bearing
loansCash at bank
Restricted
cash
$$$$$
31 March 2025
ASB Bank Limited--1,038,303210,906-
Commonwealth Bank of Australia---141,817-
--1,038,303352,723-
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
23. Related party transactions (continued)
30
Purchases/
Salaries
Balances
payable
Interest
bearing
loansCash at bank
Restricted
cash
$$$$$
31 March 2024
ASB Bank Limited--1,038,30382,280-
Commonwealth Bank of Australia---95,88926,853
Independent Verification Services Limited6,420184---
OntrackNZ 2020 Limited44,5733,892---
50,9934,0761,038,303178,16926,853
Transactions with Directors and Related Entities
Other than disclosed above, there were no other transactions with Directors or their related entities.
24. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following material subsidiaries of
the Group:
Ownership interest
Principal place of business /20252024
NameCountry of incorporation%%
Trade Window LimitedNew Zealand100% 100%
Trade Window Pty LimitedAustralia100% 100%
Trade Window Pte LimitedSingapore100% 100%
TradeWindow Services LimitedNew Zealand100% 100%
Trade Window Origin LimitedNew Zealand100% 100%
Trade Window IncorporatedPhilippines100% 100%
All subsidiaries have a 31 March balance date.
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
31
25. Reconciliation of loss after income tax to net cash used in operating activities
20252024
$$
Loss after income tax expense for the year(3,517,685)(8,013,615)
Classification differences
- Net finance expense128,858 86,520
- Gain on disposal(33,750)(40,573)
Statement of financial position movements
- Trade and other receivables (excluding related party)(164,982)933,231
- Contract assets24,988 62,220
- Trade and other payables(66,523)(861,003)
- Contract liabilities75,424 87,143
- Income tax payable10,118 46,244
- Other movements25,443 42,096
Other non-cash items
- Depreciation, amortisation and impairment1,852,747 2,512,165
- Employee share scheme140,843 607,650
- Revaluation of contingent consideration- (1,216,000)
Net cash used in operating activities(1,524,519)(5,753,922)
26. Reconciliation of liabilities arising from financing activities
The changes in liabilities arising from financing activities can be classified as follows:
Lease
liabilitiesLong-termShort-termTotal
$ $ $ $
1 April 202478,9941,383,02958,1001,520,123
- Repayment(96,886)-(58,100)(154,986)
- Interest(6,896)-(135,671)(142,567)
(24,788)1,383,029(135,671)1,222,570
Non-cash:
- Reclassification-(369,815)369,815-
- Disposals86,492--86,492
- Repayment settled in shares(18,413)--(18,413)
- Interest6,896-135,671142,567
Balance as at 31 March 202550,1871,013,214369,8151,433,216
Trade Window Holdings Limited
Notes to the consolidated financial statements
For the year ended 31 March 2025
26. Reconciliation of liabilities arising from financing activities (continued)
32
Lease
liabilitiesLong-termShort-termTotal
$ $ $ $
1 April 2023873,2981,264,885529,5802,667,763
Cashflows:
- Repayment(273,271)-(357,741)(631,012)
- Interest(25,991)-(125,707)(151,698)
574,0361,264,88546,1321,885,053
Non-cash:
- Reclassification-113,739(113,739)-
- Disposals(303,562)--(303,562)
- Repayment settled in shares(207,505)--(207,505)
- Effects of movements in exchange rates(9,966)--(9,966)
- Interest25,9914,405125,707156,103
Balance as at 31 March 202478,9941,383,02958,1001,520,123
27. Earnings per share
The earnings per share for the year ended 31 March was as follows:
20252024
$$
Loss after income tax(3,517,685)(8,013,615)
NumberNumber
Weighted average number of ordinary shares used in calculating basic earnings per share127,744,895114,428,949
Weighted average number of ordinary shares used in calculating diluted earnings per share127,744,895114,428,949
CentsCents
Basic earnings per share(2.75)(7.00)
Diluted earnings per share(2.75)(7.00)
As at 31 March 2025 share options that could potentially dilute basic earnings per share in the future, but were not included
in the calculation of diluted earnings per share because they are antidilutive for the periods presented total 1,583,494 (2024:
1,847,285).
28. Events after the reporting period
No matter or circumstance has arisen since 31 March 2025 that has significantly affected, or may significantly affect the
Group's operations, the results of those operations, or the Group's state of affairs in future financial years.
Trade Window Holdings Limited
Interest register
For the year ended 31 March 2025
33
Interest register
In accordance with Section 140(2) of the Companies Act, the directors named below have made a general disclosure of
interest by a general notice disclosed to the Board and entered in the Company's interests register. General notices given
by directors which remain current as at 31 March 2025 are as follows:
Albertus J Smith
Trade Window Origin LimitedDirector
Trade Window Services LimitedDirector
Trade Window LimitedDirector
Trade Window Pty LimitedDirector
Trade Window Pte LimitedDirector
Trade Window IncorporatedDirector
77X Ventures Pty LimitedDirector/Shareholder
Kerry M Friend
Tomadachi No.1 TrustTrustee
Tomadachi No.2 TrustTrustee and Shareholder in TWHL
Trade Window LimitedDirector
Trade Window Services LimitedDirector
Northpower LimitedDirector
Northpower Fibre LimitedDirector
Northpower Generation LimitedDirector
Alasdair J MacLeod
Trade Window LimitedChair
Silverstripe LimitedChair
Kotahi Engineering Studio (appointed 16 May 2024)Chair
Hold Fast Investments LimitedChair
Silverstripe Trustees LimitedDirector
IHC- Board Appointments CommitteeIndependent Director
Hawkes Bay Regional Economic Development Agency (resignation effective 13 June
2025)
Chair
Phillip J Norman
Trade Window LimitedDirector
Nortek Management Services LimitedDirector/Shareholder
TruScreen Limited (NZX listed)Shareholder
MyWave Holdings LimitedShareholder
Touchpoint Group LimitedDirector/Options Holder
Atrax Group New Zealand LimitedAdvisory Board Member
Xero Limited (ASX listed)Shareholder
Loyalty New Zealand Limited (in liquidation)Director
Activedocs LimitedShareholder
Trade Window Holdings Limited
Interest register
For the year ended 31 March 2025
34
As required by Section 211 of the Companies Act 1993 we disclose the following information:
Directors remuneration
The persons who held office as directors of Trade Window Holdings Limited at any time during the year ended 31 March
2025 and their remuneration, are as follows:
Director and
consulting
feesSalaryESOPTotal
$ $$ $
Albertus J Smith*-392,87944,495437,374
Kerry M Friend*-130,07921,200151,279
Alasdair J MacLeod104,125-1,499105,624
Phillip J Norman74,457-1,49975,956
No directors fees were paid to directors of subsidiary entities.
*The Executive Director's ESOP remuneration included 2023/24 Salary Sacrifice Options Plan issuances as described in
note 18.
Employee remuneration
Trade Window Holdings Limited and our subsidiaries have employees in New Zealand, Australia and Singapore. Our pay
levels reflect the different market rates in each country and region. The overseas remuneration amounts are converted into
New Zealand dollars. Noted in the table below are employees who received remuneration and other benefits that exceed NZ
$100,000:
Remuneration including share-based remuneration Number of employees
($)(Total: 25)
100,001 - 110,0004
110,001 - 120,0003
120,001 - 130,0001
130,001 - 140,0003
140,001 - 150,0003
150,001 - 160,0002
160,001 - 170,0002
170,001 - 180,0001
210,001 - 220,0001
230,001 - 240,0001
240,001 - 250,0001
270,001 - 280,0001
290,001 - 300,0001
430,001 - 440,0001
Donations
During the year ended 31 March 2025, the Group made donations of $Nil (2024: $Nil).
Independent Auditor’s Report
To the Shareholders of Trade Window Holdings Limited
Opinion
I have audited the consolidated financial statements of Trade Window Holdings Limited (“the Company”) and
its subsidiaries (“the Group”), which comprise:
• the consolidated statement of financial position as at 31 March 2025;
• the consolidated statement of profit or loss and other comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended;
and
• the notes to the consolidated financial statements including a summary of material accounting
policies.
I am a partner with UHY Haines Norton Chartered Accountants Sydney (the Firm) and I have used the staff
and resources of the Firm to perform the audit of the Group.
In my opinion, the accompanying consolidated financial statements present fairly, in all material respects,
the consolidated financial position of the Group as at 31 March 2025, and its consolidated financial
performance and cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (“NZ IFRS”) issued by the New Zealand Accounting Standards
Board and IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board.
Basis for Opinion
I conducted my audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”)
issued by the New Zealand Auditing and Assurance Standards Board. My responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of my report.
I am independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (IESBA Code), and I have fulfilled my other ethical responsibilities in accordance with these
requirements and the IESBA Code.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my
opinion.
Other than in my capacity as auditor, neither myself, the firm or the firm’s staff have no relationship with, or
interests in, the Group.
Material uncertainty related to going concern
I draw attention to Note 1 in the consolidated financial statements, which indicates that the Group incurred
a loss of $3.5 million and operating cash outflows of $1.5 million for the year ended 31 March 2025. These
events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty
exists that may cast significant doubt on the Group’s ability to continue as a going concern. My opinion is
not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in my professional judgement, were of most significance in my
audit of the consolidated financial statements of the current year.
Except for the matter described in the
material uncertainty related to going concern, I summarise below those matters and my key audit procedures
to address those matters in order that the shareholders as a body may better understand the process by
which I arrived at my audit opinion. The procedures were undertaken in the context of and solely for the
purpose of my statutory audit opinion on the consolidated financial statements as a whole and I do not
provide a separate opinion on these matters.
Why the audit matter is significant How my audit addressed the key audit matter
Revenue recognition
The Group has recognised revenue of
$8.03m (FY 2023: $6.18m) (Note 4).
The Group has several revenue streams,
and the revenue recognition policy for
each stream is different. I focused on this
area because the recognition of revenue
in accordance with NZ IFRS 15 involves
judgement and the outcome has a
significant impact on profit or loss and
the financial position of the Group.
Also, there is a risk of overstatement of
revenues through premature revenue
To address the risk associated with revenue
recognition, the following audit procedures were
carried out:
• Evaluated the design of management's internal
controls related to revenue recognition.
• Reviewed revenue recognition policies for
appropriateness and compliance with the
requirements of the relevant accounting
standard NZ IFRS 15;
• Selected a sample of transactions and agreed
them to supporting documentation
such as
customer contract, sale invoice, cash receipt
and assessed whether all criteria related to
revenue recognition has been met before being
recognised as revenue;
• Reviewed credit notes posted after year end to
ascertain correct revenue recognition during
the year;
• Performed revenue cut off procedures by
selecting revenue samples before and after
year end and testing that revenue is recorded
in the correct period;
recognition or recording fictitious
revenues to meet budgets and/or
market guidance.
• Tested a sample of deferred revenue balances
and agreed it to the supporting documents;
• Reviewed manual revenue journals as part of
the journal entry testing process
with the
criteria specifically targeting unusual entries to
revenue accounts; and
• Assessed the reasonability and completeness
of the revenue related disclosures to test
compliance with the requirements of the
accounting standards.
Why the audit matter is significant How my audit addressed the key audit matter
Intangible assets & Goodwill
The Group has significant intangible
assets relating to the acquisitions made
in previous periods.
The Group has significant intangible
assets with finite useful lives including
software and customer relationships
totalling $2.08m (note 13) of carrying
value as at 31 Match 2025 that are
amortised over their useful life.
In addition there is a significant goodwill
balance recorded of $7.62 million (note
13) as at 31 March 2025.
I consider this area to be significant as
balances are material to the financial
report and the significant estimates and
judgements applied in testing these
balances for impairment.
To address the risk associated with intangible balance,
the following audit procedures were carried out:
• Assessed reasonability of the useful life used
for the purpose of calculating amortisation on
software and customer relationship i.e. finite
life intangible assets;
• Analysed the Group’s impairment assessment
for the correct methodology with particular
emphasis on the key assumptions being
discount rate, growth rate and forecast cash
flows;
• Performed an independent recalculation of the
Group’s recoverable amount and compared it
to management’s assessment and the relevant
carrying amount;
• Performed stress testing of the key
assumptions; and
• Assessed the reasonability and completeness
of the related disclosures to test compliance
with the requirements of the accounting
standards.
Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the annual report
but does not include the consolidated financial statements and my auditor’s report thereon. The annual
report is expected to be made available to me after the date of this auditor’s report.
My opinion on the consolidated financial statements does not cover the other information and I do not and
will not express any form of audit opinion or assurance conclusion thereon.
In connection with my audit of the consolidated financial statements, my responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements or my knowledge obtained
in the audit, or otherwise appears to be materially misstated.
When I read the annual report, if I conclude that there is a material misstatement therein, I am required to
report that fact.
Directors’ Responsibilities for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
My objective is to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an
audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-
standards/auditors-responsibilities/audit-report-1/.
This description forms part of my auditor’s report.
Restriction on use of my report
This report is made solely to the Group’s shareholders, as a body. My audit work has been undertaken so
that I might state to the Group’s shareholders, as a body those matters which I am required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or
assume responsibility to anyone other than the Group and the Group’s shareholders, as a body, for my audit
work, for this report or for the opinion I have formed.
Vikas Gupta
Audit Partner - UHY Haines Norton Chartered Accountants Sydney
Signed at Sydney, Australia on 29 May 2025
---
Trade Window Limited
Level 4, Partners Life Building, 33 – 45 Hurstmere Road, Takapuna, Auckland 0622
info@tradewindow.io
www.tradewindow.io
Results announcement
30 May 2024
Results for announcement to the market
Name of issuer Trade Window Holdings Limited (“TWL”)
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$8,031 Up 30%
Total Revenue $8,071 Up 20%
Net profit/(loss) from
continuing operations
($3,518) Decrease of 56%
Total net profit/(loss) ($3,518) Decrease of 56%
Interim/Final Dividend
Amount per Quoted Equity
Security
Trade Window is currently investing for future growth and during
this phase does not propose to pay dividends.
Not applicable Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
-$0.01 -$0.02
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Authority for this announcement
Name of person
authorised
to make this announcement
Deidre Campbell
Contact person for this
announcement
Deidre Campbell, CFO
Contact phone number 021 272 4008
Contact email address deidre@tradewindow.io
Date of release through MAP
29 May 2025
Audited financial statements accompany this announcement.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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