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Speaker 1: And Jeremy Hutton joins me from Milford Acid Management.

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Speaker 2: Hello, Jeremy, good evening, Andrew.

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Speaker 1: Reporting season kicked off this week with Vulcan Steel. So

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Speaker 1: what are we expecting for the financial results of inz

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Speaker 1: X companies? And I tell you we just had the

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Speaker 1: result from ASB which is a tick up and people

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Speaker 1: are saying, oh, that might be a suddenly a sprout

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Speaker 1: of green.

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Speaker 2: Yeah, Vulcan Steel. They kicked off what will be a

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Speaker 2: very busy three week period for inzidex stock market analysts.

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Speaker 2: So there should be a lot of newsflow coming out

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Speaker 2: of New Zealand companies over the next few weeks. So

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Speaker 2: that'll be really interesting seeing how they're seeing the world

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Speaker 2: at the moment. Now. This result period does cover the

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Speaker 2: second half of twenty twenty four, which, unsurprisingly the market

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Speaker 2: has pretty low expectations for now. Vulcan Steel their results

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Speaker 2: confirmed some of those challenges we're expecting. As a reference

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Speaker 2: for listeners. Vulcan is a steel and aluminum distributor based

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Speaker 2: in New Zealand and Australia and their first half net

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Speaker 2: profit result was down six versus last year and this

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Speaker 2: is now down from around eighty five percent from the

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Speaker 2: peak times that they had just after COVID and is.

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Speaker 1: And this is before the steel and ear the indium

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Speaker 1: tariffs that are coming in as well. But Vocus Steel

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Speaker 1: had some very interesting comments yesterday on their outlook for

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Speaker 1: twenty five.

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Speaker 2: Yeah. One of the most interesting aspects in my view

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Speaker 2: of the reporting season is it is a really good

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Speaker 2: chance to hear from a variety of New Zealand businesses

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Speaker 2: on their view of the go forward. So what are

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Speaker 2: their expectations for twenty twenty five. And Vulcan Steel, as

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Speaker 2: we know, has been at the really pointy end of

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Speaker 2: a construction and building activity slowdown and this is a

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Speaker 2: really important part of the New Zealand economy. But they

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Speaker 2: finally had some more positive news. So the Vulcan management

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Speaker 2: team they were much much more optimistic on their view

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Speaker 2: of the next twelve months. They were talking to tangible

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Speaker 2: green shoots that they're seeing and better customer orders in

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Speaker 2: their forward pipeline as well. So finally some good news

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Speaker 2: for that sector.

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Speaker 1: THEAK to Buildings next week, do you think they might

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Speaker 1: say something similar.

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Speaker 2: Yeah, I'd say that Fletchers are unlikely to be as positive.

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Speaker 2: They have warm of the market up fairly well for

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Speaker 2: a tough six month period that's just been and the

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Speaker 2: business has been through a lot of change recently at

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Speaker 2: the senior leadership level, so a relatively new CEO, CFO

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Speaker 2: and the chair also just appointed fairly recently as well,

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Speaker 2: So they're all getting their feet under the table somewhat.

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Speaker 2: But the market won't have that much patience, you know.

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Speaker 2: They'll be expecting some pretty significant thinking from those senior

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Speaker 2: leaders on what the go ford plans for the business

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Speaker 2: are and further furthermore, the new Zealand Convention Center another

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Speaker 2: delay last week. It just highlights some of the challenges

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Speaker 2: that Fletcher's is continuing to work through.

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Speaker 1: And we're expecting news out of the electricity gent tailors.

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Speaker 2: Yeah, Contact Energy. They're kicking off the big electricity gent

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Speaker 2: tailors on Monday, and some of the gen tailor results

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Speaker 2: will be a little soft around the edges, you know,

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Speaker 2: some have been impacted by that very dry end to

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Speaker 2: the winter in twenty four some of them had to

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Speaker 2: buy some very expensive gas to keep the market supplied

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Speaker 2: with electricity. I also expect the gent tailors to announce

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Speaker 2: a range of renewable projects. It's very important that they

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Speaker 2: continue to build more generation for the country as it demands.

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Speaker 2: And then finally, any comments that they have on system

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Speaker 2: resilience or gas that will be followed very closely, especially

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Speaker 2: by politicians. They will not be wanting a repeat of

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Speaker 2: some of the winter stresses that we had last year.

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Speaker 1: Is I've got some news on that after the news

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Speaker 1: which is up next year. Mehudton from Milford Asset Management.

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Speaker 1: I thank you so much for your time today. For

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