Highlights

  • MCK reported FY25 revenue of NZD 186.7 million, up 6% year-on-year and the highest in five years.
  • Hotel revenue increased 19.5% to NZD 130.9 million, supported by refurbishment completions and acquisition activity.
  • A fully imputed dividend of 3 cents per share has been declared, payable on 15 May 2026.

Millennium & Copthorne Hotels New Zealand Limited (NZX:MCK) has released its financial results for the 12 months ended 31 December 2025, reporting revenue at a five-year high. Growth in the Hotels division helped offset softer conditions in the residential property sector through its majority-owned subsidiary, CDL Investments New Zealand Limited (CDI). Shares of Millennium & Copthorne Hotels NZ closed at NZD 3.32, up 0.61%, as at 24 February.

Revenue Climbs to Five-Year High

For FY25, MCK reported total revenue of NZD 186.7 million, up 6% year-on-year, marking its highest annual revenue in five years. The increase was driven by continued gains in the Hotels business, where revenue rose 19.5% year-on-year to NZD 130.9 million.

Hotels Revenue Supports Group Performance

MCK’s Hotels business saw increased demand from international, corporate, and domestic markets. Refurbishments at key properties, alongside the acquisition of The Mayfair Hotel in Christchurch, contributed to higher revenue and profit. In Australia, Sofitel Brisbane (50% JV) contributed NZD 2.64 million after tax. Sales of Zenith Apartments in Sydney continued, with 16 units sold during the year.

Property Subsidiary Faces Headwinds

CDI, MCK’s 65% owned property subsidiary, experienced softer conditions amid subdued residential market confidence. This reduced the overall contribution to operating profit, though capital management and project delivery remain priorities for FY26.

Key Financial Metrics

  • Total Revenue: NZD 186.7 million, up 6% yoy
  • Hotels Revenue: NZD 130.9 million, up 19.5% yoy
  • Operating Profit: NZD 30.6 million, down 28% yoy
  • Profit Before Tax: NZD 33.0 million, down 30% yoy
  • Profit After Tax (MCK Shareholders): NZD 20.2 million (2024: NZD 2.8m including one-off adjustment)
  • Cash & Short-Term Deposits: NZD 24.2 million
  • Bank Debt: NZD 20 million
  • Total Assets: NZD 800.5 million, up 5% yoy
  • Fair Market Value of Hotels & Properties: NZD 1.1 billion
  • Net Asset Backing per Share (Market Value): NZD 5.24
  • Fully Imputed Dividend: 3 cents per share, payable 15 May 2026

2026 Outlook

The Hotels division is expected to continue benefitting from near full room availability following refurbishment works and positive demand trends. CDI’s contribution may remain moderate as residential market conditions gradually recover.

Millennium & Copthorne Hotels New Zealand achieved its highest revenue in five years for FY25, led by Hotels operations and supported by acquisitions. While property market headwinds impacted operating profit, the company maintained a strong balance sheet and declared a fully imputed dividend of 3 cents per share.

Frequently Asked Questions

  1. What was MCK’s total revenue for FY25?
    MCK reported total revenue of NZD 186.7 million for the year ended 31 December 2025, up 6% year-on-year.
  2. How did the Hotels division perform in FY25?
    Hotel revenue increased 19.5% year-on-year to NZD 130.9 million, supported by refurbishment completions, acquisitions and demand from international travellers.
  3. What dividend has MCK declared for FY25?
    The company declared a fully imputed dividend of 3 cents per share, payable on 15 May 2026.