Bremworth shareholders back board amid strategic shift, recovery efforts

At its annual meeting on November 12, 2025, Bremworth shareholders approved all five resolutions, including the re-election of directors Julie Bohnenn, Trevor Burt, Murray Dyer, and Rob Hewett, and the auditor's remuneration. This support comes as the company continues its strategic review, which has led to a proposed Scheme of Arrangement with Floorscape Limited, a subsidiary of Mohawk Industries, offering shareholders between $1.05 and $1.15 per share, including an additional NZD$0.30 to NZD$0.40 from excess cash.

The board highlighted its decisive actions since March 2025, including reinstating wool yarn production at Napier, reintroducing SDN carpet, and right-sizing its cost base. These efforts resulted in improved operational efficiency, with downgrade rates significantly reduced from 12% to below 2%, and a stronger cash position of NZD$42.2 million as of the end of June. The company aims for a return to profitability in the second half of FY26.

Despite a challenging year, Bremworth saw revenue increase to NZD$88.4 million in FY25, up from NZD$80.3 million in FY24, and reported a net profit after tax of NZD$19.1 million. Regulatory approvals for the Floorscape transaction are progressing, with ACCC approval already secured, and implementation expected in the second half of FY26.