Improved financial performance reflects renewed business goals to streamline operations
- $7.6M EBITDA in FY25 (up from $4.1M in FY24) – one of the best ever operating profits (before distributing community grants).
- $4.7M reduction in support office costs through efficiency gains.
- Over $4M in total community benefits, including staff wellbeing, living wage, grants, donations and sponsorships.
The Trusts, comprising the Portage and Waitākere Licensing Trusts, today released their Annual Report for the financial year ending 31 March 2025, announcing one of its strongest operating results yet. FY25 was a milestone year for The Trusts, with combined EBITDA reaching $7.6 million (before community grants), almost doubling last year’s $4.1 million.
This success was achieved through a sustained focus on efficiency. Support office costs were reduced by $4.7 million during FY25 alone, building on the strategy approved by the boards in 2022 to create a leaner and more resilient business.
The Trusts CEO, Allan Pollard, said the results highlight the effectiveness of the transformation programme. “This has been our strongest year yet in my tenure as CEO. To deliver a strong operating profit while reducing central costs by nearly five million dollars is an extraordinary achievement, and it shows what can be done when the whole organisation is focused on becoming leaner, more efficient, and more accountable. This achievement is a testament to the hard work and dedication of our entire team over the past four years as well as our board members.”
Strengthening retail and hospitality
Retail and hospitality operations remained resilient in challenging conditions, supported by the transition to Super Liquor and Liquorland franchise partnerships, which decentralised logistics and reduced costs by approximately $3 million per year.
In FY25, three hospitality venues were upgraded, most notably the transformation of Miss Q’s into Greenfields. Other venues received refurbishments to modernise the facilities and improve the food and beverage offers. These initiatives strengthened our customer engagement and helped counter what was otherwise a very challenging market environment.
Pollard said the outcome reflects four years of sustained reform. “In the past, inefficiency and structural challenges held us back. Over the last four years we’ve fundamentally reshaped the business. We’ve cut unnecessary costs and been relentless on margin control, strengthened governance, and reinvested in our people and our assets. The result is a much stronger platform for both commercial success and community impact.”
Increased community investment
Alongside record financial results, FY25 saw The Trusts reinvest more money back into the community. More than $1.1 million in grants was distributed through the Your West Support and Innovation Funds, with 47 initiatives receiving a total of $750,000 through the Support Fund and a further eight projects supported by a total of $350,000 through the Innovation Fund.
These investments backed a diverse range of initiatives, from youth development and wellbeing projects to cultural celebrations, sports clubs, and environmental restoration programmes.
In total, The Trusts invested more than $4 million into wider community benefits. This included paying the living wage as a minimum to all of their employees, strengthening workplace health and safety, sponsorships, grants and community donations.
Pollard said the community ownership model ensures West Auckland continues to benefit from The Trust’s financial success. “Our commercial success directly fuels our social responsibility, by funding community grants, property investment and initiatives that support our team, we are able to support the people and organisations that make this place special.”
Building on momentum for West Auckland
The wider community also expressed strong support for The Trusts’ direction. Independent research by Curia found that half of West Aucklanders believe The Trusts are doing a good job overall, with 49% recognising their contribution to local causes and 46% rating their retail and hospitality operations positively.
Looking ahead, The Trusts will continue investing in hospitality upgrades, advancing property and infrastructure projects, and ensuring that community distributions grow in line with financial performance.
“We’ve built a stronger organisation and continuing on this momentum, means we can deliver more to the people of West Auckland. That is, and always will be, our purpose.” Pollard said.
To read the full Annual Report, visit here.
The Trusts Annual Report & Financial Statements 31 March 2025
