NZX Governance Explorer

How Vista Group International Limited makes money

Where VGL’s revenue went in FY2024: operating costs, depreciation, interest and tax, and what was left as net loss. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. VGL company profile

How Vista Group International Limited makes money — FY2024

Revenue $150.0m · EBITDA $21.6m (14.4% of revenue) · Net loss $600k (-0.4% of revenue) · Balance date 31 December 2024

Vista Group International Limited (VGL) FY2024: where revenue of $150.0m wentRevenue → EBITDA: $21.6mRevenue → Operating costs (net of other income): $128.4mEBITDA → EBIT: $1.8mEBITDA → Depreciation & amortisation: $19.8mEBIT → Interest: $1.8mOther items (net gain) → Interest: $1.0mOther items (net gain) → Income tax: $1.8mNet loss → Income tax: $600kRevenue: $150.0mRevenue$150.0mEBITDA: $21.6mEBITDA$21.6mOperating costs (net of other income): $128.4m (derived)Operating costs (net ofother income)$128.4m · derivedEBIT: $1.8mEBIT$1.8mDepreciation & amortisation: $19.8mDepreciation &amortisation$19.8mOther items (net gain): $2.8m (balancing item)Other items (net gain)$2.8m · balancingNet loss: $600kNet loss$600kInterest: $2.8mInterest$2.8mIncome tax: $2.4mIncome tax$2.4m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Vista Group International Limited FY2024 figures used in the chart
FY2024AmountStatusNote
Revenue$150.0mReported
Operating costs (net of other income)−$128.4mDerived *Reported operating expenses $66.4m do not reconcile; not used.
EBITDA$21.6mReported
Depreciation & amortisation−$19.8mReported
EBIT$1.8mReported
Interest (net finance costs)−$2.8mReported
Income tax−$2.4mReported
Other items (net gain)+$2.8mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net loss-$600kReported
  • * operating costs: $128.4m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($150m) vs the summary table ($150m): agree within 2%.
  • Passed: EBITDA − D&A = $1.8m vs reported EBIT $1.8m: reconciles.
  • Not met: Reported operating expenses ($66.4m) leave $83.6m, not EBITDA of $21.6m (gap $62m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $2.8m is 1.9% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: 2024 Annual Report (PDF, NZX)

Year-on-year EBITDA bridge (FY2023 → FY2024)

Bridge not available: FY2023 is not charted: EBIT is -$9.9m. This layout does not draw an operating loss.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (6 of 9 years from FY2017). The shaded line is the median of 6 other listed Information Technology operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
VGL ebitda margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 23.4%; peer median — (1)FY2018: VGL 22.3%; peer median — (1)FY2019: VGL 21.5%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL 7.8%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL 14.4%; peer median 12.5% (2)FY2025: VGL 17.2%; peer median 13.6% (2)
EBIT margin
VGL ebit margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 20.1%; peer median — (1)FY2018: VGL 18.9%; peer median — (1)FY2019: VGL 14.7%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL 1.6%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL 1.2%; peer median 6.2% (2)FY2025: VGL 4.1%; peer median 6.9% (2)
Net margin
VGL net margin by financial year, with peer median-20%5%30%FY17FY18FY20FY22FY24FY25FY2017: VGL 9.4%; peer median — (1)FY2018: VGL 10.0%; peer median — (1)FY2019: VGL 8.9%; peer median — (1)FY2020: not charted — operating lossFY2021: not charted — operating lossFY2022: VGL -15.5%; peer median — (0)FY2023: not charted — operating lossFY2024: VGL -0.4%; peer median 10.4% (2)FY2025: VGL 1.6%; peer median 8.3% (2)

VGL   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

VGL margins by year with peer medians
YearEBITDA margin: VGL · peer median (n)EBIT margin: VGL · peer median (n)Net margin: VGL · peer median (n)Note
FY201723.4%— (1)20.1%— (1)9.4%— (1)
FY201822.3%— (1)18.9%— (1)10.0%— (1)
FY201921.5%— (1)14.7%— (1)8.9%— (1)
FY2020—— (1)—— (1)—— (1)Not charted: operating loss
FY2021—— (1)—— (1)—— (1)Not charted: operating loss
FY20227.8%— (0)1.6%— (0)-15.5%— (0)
FY2023—— (0)—— (0)—— (0)Not charted: operating loss
FY202414.4%12.5% (2)1.2%6.2% (2)-0.4%10.4% (2)
FY202517.2%13.6% (2)4.1%6.9% (2)1.6%8.3% (2)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2023: EBIT is -$9.9m. This layout does not draw an operating loss.
  • FY2021: EBIT is -$7.4m. This layout does not draw an operating loss.
  • FY2020: EBITDA is -$11.4m. This layout draws revenue flowing into profit and does not draw an operating loss.
  • FY2016: After placing every reported line, $39.3m (44% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.

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Data sourced from NZX company annual reports (income statements). 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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