Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Strathmore’s $1.4M Profit In Line With Expectation


FOR IMMEDIATE RELEASE


Strathmore’s $1.4 Million Half Year Profit In Line With Expectations

Shareholders’ Funds Now Stand at $19 Million

AUCKLAND, Friday, 14 April, 2000 – Strathmore Group Ltd (NZSE: SMR) has announced a consolidated profit of $1.4 million on a gross turnover of $1.9 million for the half year ended 31 January 2000. The result represents earnings of 2.3 cents per share compared with a loss of 6.9 cents per share in the previous corresponding half year.

According to Strathmore’s Executive Chairman Phil Norman, the result contains no real surprises. “While reporting a profit turnaround is satisfying, the important decisions for future value creation have largely been made since the end of the period. As a result we have now almost doubled our shareholders’ funds to $19 million and made four significant investments. The greater significance for shareholder value lies in understanding the dynamic transformation in the company’s business arising from these new investments rather than the half year report,” says Norman.

“Accounting conventions require the reporting of the one-off profit realised from the sale of our investment in Wellington Drive Technologies Limited, as well as the consolidated results from CommSoft Communications Limited which are presented as a 100 percent owned subsidiary,” continues Norman.

“Conversely, the substantial increase in shareholders’ funds reflects tremendous market confidence in the quality of both Strathmore’s investments and focussed management. The value in these investments grows through our ability to assist management to focus on growth enablers and to leverage our international networks in order for them to achieve accelerated growth in global markets. Identification of high growth and EBIT businesses, quality management, innovative technology and global prospects are the keys to our success; however they will not unlock any doors to profitability without operating excellence. We must continue to leverage Strathmore’s existing investment and management capabilities to grow sustainable capital appreciation from our investee companies for all our shareholders.”

Other details announced in the Strathmore result included total assets with a book value of $17.7 million while liabilities were $7.2 million. The capital raising of just under $8 million in early March was reported, but not booked in the results.

About Strathmore Group Limited

Strathmore Group Limited is a technology investment company with approximately $NZ 19 million of shareholders’ funds. It targets Internet, e-Commerce and information technology companies with potential to deliver accelerated growth in shareholder value by competing in global markets. It provides strategic advice, capital support, operational assistance, industry expertise and a network of relationships to assist technology companies to migrate internally.

For further information, please call:

Phil Norman, Executive Chairman, Strathmore Group Limited
Phone +64 21 667 210, Email phil.norman@strathmoregroup.com

Nicholas O’Flaherty, Senior Account Manager, Botica Conroy & Associates
Phone +64 9 303 3862, Email nicholaso@bca.co.nz

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news