Winton Land half-year revenue falls 60%, CEO cites subdued economic environment

Revenue for listed property specialist Winton Land fell 60% in its latest half-year, with CEO Chris Meehan citing a subdued economic environment.

Revenue of $81.1 million in the December 31, 2024, half-year fell to $32.4m in the December 31, 2025, half-year. The net after-tax result improved from a $2m loss previously to a $900,000 loss.

Revaluations also turned, from a previous $2.8m devaluation to a $1.2m gain.

“These results reflect the subdued economic environment and a period of lower product delivery in Winton’s residential development timeline,” Meehan said.

“Unemployment continues to increase, net migration remains low and ready-made concrete volumes are below the 10-year average.”

The company settled sales of 14 residential titles, down from the 90 it sold in the previous corresponding period.

Those lower sales had partially been offset by a full six months of all venues trading at Ayrburn, Winton’s new hospitality precinct outside Arrowtown.

Ayrburn remains on track to be the most popular and most visited attraction in the region, the company said.

The focus remains on visitor growth, gaining further efficiencies from the multi-venue site, building the events pipeline, and continuing to deliver the high-end Ayrburn experience to every person who visits.

On Auckland’s waterfront near the Westhaven Marina, Winton has been working on a huge scheme. It’s called Cracker Bay.

The renovation and refurbishment of an older existing office building at 11 Westhaven Drive is complete, the company’s investor presentation said.

That is in the same building where celebrity chef Peter Gordon has his now-shut restaurant Homeland.

About 77% of the lettable area in the building has now been leased. The precinct’s first restaurant, to be called Bravo, is due to open next month.

Last August 27, Winton Land declared its results for the year to June 30, 2025.

“A continued difficult property market and very challenging economic conditions” were referred to in the investor presentation released with that.

Annual full-year revenue fell from $173m to $155.4m. Net profit after tax fell from $15.8m to $10.3m. A total of 266 retirement village units were settled in the 2025 financial year, a decrease of 79 units.

“Although there was a lower proportion of built product settled by volume in FY25, the cost per unit was higher as the built product was more premium than the built product settled in FY24,” the company said.

More than one million people are expected to visit the new Central Otago hospitality precinct annually.

Winton forecasts Ayrburn to be the most popular and most visited attraction in the region, Meehan announced last August.

Additionally, Winton is planning a $200m screen hub at Ayrburn.

Meehan says the project would increase New Zealand’s ability to attract high-quality films from around the world, and also means local film-makers would have good facilities in a unique, sought-after location.

The new hub is planned to be an all-inclusive film studio, enabling people to work and stay on-site during filming, production and post-production.

The screen hub development application has been accepted for fast-tracking.

“The fast-track process is ongoing, with a decision expected in April,” Winton said today.

Studio buildings, workrooms, office space for film departments, dressing rooms, a screening room and meeting spaces were planned.

A 185-room accommodation building for workers and visitors was also planned.

Winton shareholders get no dividend.

“During FY24 and FY25, the board paused paying a dividend to maintain financial discipline during softer market conditions, which remains the board’s view for FY26,” Winton said today.

As for the outlook, Meehan said there were some positive signs in Winton’s operating environment, including improved borrowing conditions for consumers, increased competition amongst suppliers, lower labour costs and policy changes attracting high net-worth overseas buyers.

“It remains our view that given the current economic environment and property market, we must remain cautious and constrained, and continue to conserve resources until there are clear signs of robust growth, rather than tentative signs of stabilisation,” Meehan concluded today.

Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.