General Capital Limited Analysis

Overview

General Capital was previously the listed shell Mykco.

General Capital purchased 2 financial services businesses ( General Finance Ltd, a licensed Non Bank Deposit taker established in 2001 and Investment Research Group Ltd.( IRG) , an NZX sponsor). The purchase was in August 2018 via the acquisition of a holding company Corporate Holdings Ltd.

Performance

The following information was extracted from General Capital Limited's full year results, released on 22 May 2026:

General Capital Announces Continued Growth

The Directors of General Capital Limited (GEN), the NZX listed Financial Services Group, are pleased to present another record year of growth for the year ended 31 March 2026. Consolidated Revenue was 18% higher than the previous year, increasing to $26.8m, whilst Net Profit After Tax (NPAT) of $2.7m was broadly in line with the prior year; Total Comprehensive Income was slightly higher at $2.8m when taking into account Other Comprehensive Income from a financial reporting perspective. This reflects continued balance sheet growth, partly offset by higher operating costs, expected credit loss provisioning and the IRG Goodwill impairment. On a normalised basis, the result would have been higher after adjusting for one-off items, including a goodwill impairment of $379k in subsidiary Investment Research Group (IRG), which was absorbed during a challenging global economic environment.

The Group has continued to grow, despite an uncertain economic environment with continuing economic pressure. General Finance Limited (GFL), a licensed non-bank deposit taker and wholly owned subsidiary of General Capital, delivered a solid financial result for the year ended 31 March 2026, including a full year contribution from Bridges Financial Services Limited (BFSL), an insurance premium funding business. GFL achieved a 15% increase in net revenue, and a 10% rise in NPAT. These results reflect management’s continued dedication to operational efficiency, effective cost management and focus on strategic outlook during challenging economic conditions.

The Group is pleased to announce a final dividend to be paid in addition to the half year dividend, amounting to a combined payout ratio of 40% of NPAT, which will be fully imputed and payable in July 2026, demonstrating a commitment to delivering shareholder value.

Details of the final dividend are:

• Record Date 12/06/26

• Dividend Payment Date 02/07/26

• Amount Per Share $0.0085

• Imputation Credit $0.0033