New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Hallenstein Glassons Holdings / Equity Bottom-Up

<ul><li>Hallenstein Glasson (HLG) reported an FY23 result in line with our expectations and the middle of its guidance range.</li><li>The result, which was largely pre-released, contained few surprises.</li><li>Revenue growth and gross margins were resilient in FY23, and this supported profitability despite a significant uplift in operating costs from FY22 levels.</li></ul>

Hallenstein Glasson (HLG) reported an FY23 result in line with our expectations and the middle of its guidance range.The result, which was largely pre-released, contained few surprises.Revenue growth and gross margins were resilient in FY23, and this supported profitability despite a significant uplift in operating costs from FY22 levels.

Hallenstein Glasson - FY23 Result — Signs of Slowing