Lighting the way for sustainable design

David Trubridge is not one for standing still.

Whether it’s finding his own path in seldom explored parts of the world, or reviewing the production processes of his internationally recognised lighting range, the English-born designer is, it would seem, in a constant state of movement.

That’s not to say he is always working.

For Trubridge, who has made his life in Aotearoa New Zealand, taking time to explore areas as diverse as Antarctica and Iceland through to Patagonia and remote parts of Australia, is about giving himself time just to be.

In Australia recently to celebrate the 20th anniversary of his emblematic Coral light at the Sydney Mondoluce store, as well as their affiliates in Brisbane and Hobart, he made time to take a hike through Tasmania.

“I need that ability to recharge,” he says. “I love to get right off the trail because when you stick to the path, there’s a safety factor where you know you will always find your way back.

“I want to find my own course, and see where it leads me. That’s my design philosophy too.”

Trubridge likes to take the road less travelled to mentall recharge.

Trubridge’s path to success is the stuff of legend. A self-taught designer and furniture maker, he studied naval design and had already enjoyed professional success on a small scale while living in the UK, initially creating pieces of furniture for his family and smaller clients before expanding to commissions for significant sites such the Victoria & Albert Museum and St Mary’s Cathedral In Edinburgh.

In the 1980s, Trubridge and his wife Linda decided to sell their house, buy a yacht and set sail with their two children, arriving in Aotearoa New Zealand in 1985. By 1988, he had exhibited at the National Furniture Exhibition at Auckland Museum.

As his opportunities expanded, the Trubridges sold their yacht in the early 1990s, using the money to fund building their own home — and a studio for David. Local interest in their house was such that Trubridge went on to design a number of homes in the area.

The Coral pendant propelled Trubridge’s work onto the international stage.

Designs for more furniture followed, notably, the Body Raft bench, which Trubridge took to the Milan Furniture Fair in 2000, where it was picked up by Italian design powerhouse Capellini.

Interested in the applications of plywood but, Trubridge turned his attention to lighting, resulting in the Coral design. Again, Trubridge made the trip to Milan in 2004, where it was warmly received — and an ‘overnight success’ story was born.

”I was a guy in a shed in the backyard when Capellini picked up the Body Raft bench,” he says. “The market for handmade furniture in New Zealand was very small and I was looking for a bigger market.”

Twenty years on, the Coral design has been joined by a range of biophilic pendant lights, including the Toru, the Navicula and the Kōura. All made from bamboo plywood and shipped out to clients in kit form to reduce the amount of packaging and space required, the lights are designed to be both sculptural and throw shadow patterns.

The Navicula pendant is inspired by microscopic diatoms, a type of plankton, that produce half the air we breathe.

While the lights are highly successful commercially, it’s evident that Trubridge continues to strive for improvement, particularly in terms of environmental impacts.

“The design process does not really change much for me,” he says. “It is more important for me where we source the materials,” he says. “A lot of the embodied energy you can’t recycle. I would like to source a new material that is of our land, that is compostable and recycled. I’ve been looking at New Zealand flax which is very fibrous, like hemp.”

In the meantime, he has eliminated almost all plastics from the production process in recent years and he is exploring energy efficient lighting options beyond LEDs. For every Toru light sold, $50 goes to Sustainable Coastlines, a New Zealand charity committed to keeping the country’s beaches clean and plastic free.

While there is still much work to be done in terms of sustainability, Trubridge is hopeful.

“There is an awful long way to go but the mood is there, I think. There will be some big changes,” he says.

“We are trying to achieve sustainability and we are working towards it. We are always trying to improve and do better. How can we supply the things that people need that have the least impact?”

Only time — and more work — will tell.

Reporting season has once again reminded investors that a strong profit does not guarantee a rising share price, and a large loss does not always trigger a sell-off. What matters most is how each result compares with expectations and, increasingly, what management says about the year ahead. During the August 2026 season, companies offering credible turnarounds or unexpectedly strong guidance were rewarded handsomely, while those flagging weaker margins, slowing demand or greater uncertainty were punished.

The following ranking draws on Morningstar’s review of 164 ASX-listed companies and measures each company’s share-price movement on the day it reported. This captures the market’s immediate response to the earnings announcement, before subsequent economic developments, dividends and company-specific news cloud the picture. Here are the five biggest winners, and the five hardest-hit losers, of the season so far.

The five winners

1. Bapcor (ASX:BAP): +41.0%

Bapcor delivered reporting season’s largest relief rally after presenting early evidence that its troubled automotive-parts business was stabilising. Although underlying revenue fell 1.8% to $1.92 billion and underlying NPAT collapsed 85% to $10.8 million, underlying EBITDA of $152.5 million exceeded guidance.

More importantly, working-capital initiatives released $68.5 million in the second half, lifting cash conversion to 109.4% and reducing net debt by 63% to $135 million. The statutory loss was $431.6 million, largely because of non-cash impairments. Investors focused on improving operational momentum, stronger liquidity and management’s expectation of modest FY27 revenue growth.

2. Zip Co (ASX:ZIP): +18.2%

Zip comfortably surpassed its FY26 targets, sending the buy-now-pay-later provider’s shares sharply higher. Transaction volume rose 23% to $16.7 billion, while cash earnings before tax, depreciation and amortisation jumped 58% to a record $268.9 million. Statutory profit climbed 46% to $116.4 million, and the cash operating margin expanded by 4.2 percentage points to 20%.

The strongest signal was guidance for FY27 cash earnings of $340 million—around 26% growth and above analysts’ forecasts. US transaction volume increased 42.5% and now represents three-quarters of group volume, offsetting weaker customer activity in Australia.

3. CSL (ASX:CSL): +17.3%

CSL’s result was hardly spectacular in isolation, but it cleared a market bar that had fallen dramatically following earlier downgrades and restructuring announcements. Underlying NPATA was US$3.1 billion, down 2% in constant-currency terms, while operating cash flow reached US$3.51 billion.

CSL maintained its full-year dividend at US$2.92 per share and completed a A$1 billion buyback. The real catalyst was FY27 guidance for approximately 5% underlying profit growth, compared with market expectations closer to 2%. After an extended period of earnings disappointments, investors interpreted the outlook as evidence that CSL’s core plasma business was approaching a sustainable recovery.

4. Judo Capital (ASX:JDO): +16.9%

Judo Capital demonstrated strong operating leverage as its specialist business-lending franchise expanded. Full-year profit before tax rose 34% to $168.1 million, while pre-provision profit increased 42%. Gross loans and advances grew 18% to $14.7 billion, reaching the top of the bank’s guidance range and comfortably exceeding broader system growth.

Deposits increased 24% to $12.2 billion, return on equity improved by 1.1 percentage points to 6.4%, and earnings per share rose 29% to 9.9 cents. Reaffirmation of the FY27 outlook gave investors confidence that loan growth could continue without sacrificing margins or credit quality.

5. Super Retail Group (ASX:SUL): +15.8%

The owner of Supercheap Auto, rebel, BCF and Macpac reported record sales of $4.2 billion, up 3.2%, despite cautious discretionary spending. Profitability went backwards: normalised profit before tax fell 7% to $306 million and normalised NPAT declined 2.8% to $226 million as transformation spending weighed on margins. Nevertheless, the result exceeded subdued expectations, online sales grew 5.3% and membership across the group’s loyalty programs reached 13.1 million. Investors were also encouraged by positive early FY27 trading, stable gross margins and continued market-share gains. A fully franked 33-cent final dividend added to the appeal.

The five losers

1. Hansen Technologies (ASX:HSN): –21.2%

Hansen’s historic result met expectations, but investors recoiled from its outlook. The utility and communications software provider achieved an underlying EBITDA margin of 31%, exceeding its 30% target, while generating strong cash flow. However, management designated FY27 an “investment and transition year”, signalling a roughly five-percentage-point margin contraction as spending on products, sales capabilities and organisational changes increased.

Revenue had already been broadly flat, leaving investors concerned that the investment program would depress earnings before new growth appeared. Leadership changes, including the chief executive’s departure, added uncertainty. Management expects revenue growth and margins above 30% to return in FY28, but the market was unwilling to wait.

2. Life360 (ASX:360): –19.4%

Life360’s headline growth was impressive: quarterly revenue rose 38% to US$159 million, subscription revenue increased 31%, and adjusted EBITDA climbed 53% to US$31.1 million. Monthly active users reached 102.4 million and paying circles grew 27% to 3.2 million. The sell-off reflected expectations rather than a collapsing business.

Net income fell 18%, the net margin contracted from 6% to 3%, hardware shipments dropped 18%, and full-year EBITDA guidance was merely maintained. After a strong valuation run, investors wanted a larger upgrade and clearer evidence that heavy investment in advertising, international expansion and artificial intelligence would generate additional earnings.

3. PEXA Group (ASX:PXA): –17.0%

PEXA reported a 7% increase in continuing-operations revenue and 12% EBITDA growth to $152 million, accompanied by a two-percentage-point margin expansion. Free cash flow increased 39%, suggesting the core Australian electronic-conveyancing platform remained highly profitable. Investors instead concentrated on management’s warning that property-transfer volumes could decline, alongside regulatory uncertainty surrounding the fees PEXA can charge.

The company is also continuing to invest heavily in its loss-making international expansion. Morningstar considered the market reaction excessive, arguing that structural transfer-volume assumptions had not materially changed, but the combination of softer near-term activity and regulatory risk overwhelmed the respectable headline numbers.

4. SEEK (ASX:SEK): –14.3%

SEEK produced solid FY26 figures, including 10% revenue growth to $1.20 billion, a 15% rise in EBITDA and 28% growth in adjusted earnings per share. It also lifted its fully franked annual dividend by 13% to a record 52 cents. Those achievements were overshadowed by falling paid job-ad volumes and cautious FY27 assumptions.

The statutory accounts included a $201 million loss from the SEEK Growth Fund and $377 million of significant items, making the headline result considerably less attractive. Investors were particularly concerned that economic weakness could limit volumes while the company continued investing in platform integration and artificial-intelligence products.

5. JB Hi-Fi (ASX:JBH): –12.3%

JB Hi-Fi’s full-year result was broadly respectable, with group sales rising 5% to $11.1 billion and underlying earnings per share increasing 6% to $4.48. The damage came from its current-trading update. Australian sales were almost flat during the June quarter and deteriorated further in July, while earnings in the core Australian electronics business fell 3.6%.

Housing-related categories were particularly weak as higher living costs and interest rates constrained household budgets. With JB Hi-Fi entering the season on a demanding valuation, an in-line historic result was not sufficient: the loss of sales momentum prompted investors to rapidly reduce their expectations for FY27.

Overall, the season showed that share prices react less to whether profits rose or fell than to the gap between results and expectations. Bapcor was rewarded for being less troubled than feared, while several fundamentally profitable companies were punished because their outlooks failed to justify elevated valuations.