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Quotable Value Annual Report

Quotable Value New Zealand has reported a net operating surplus of $0.670 million after current year tax expense, Quotable Value Chairman, Richard Westlake, announced today.

However the impact of a Privy Council decision, ruling out tax deductibility on the transfer of leave liabilities from the original government department into the new company in 1998, has reduced the reported after tax surplus to $0.102 million.

“The operating result is a very strong one for Quotable Value as it continues to adjust to a fully de-regulated market. Revenue was, as predicted, down significantly from $28.2 million to $21.6 million, but the company’s ability to provide service to customers, develop innovative products and keep a close eye on costs has ensured another year in which achievements were beyond expectations,” said Mr Westlake.

Quotable Value’s three divisions, QV Rating, QV Valuations and QV On-line, have all had strong years, said Mr Westlake. QV rating has retained more of the company’s traditional rating valuation business than expected and has also won business in the Australian market for the first time. QV Valuations has increased business by 35% in the last year, when growth in the overall commercial valuation market was static. QV On-line’s major product, InfoBase ( www.qvonline.co.nz ), has captured more than a third of the market and is continuing to develop new products and services to meet the strong demand for information delivered through the internet.

“In the next 12 months Quotable Value intends to

 continue to develop new markets, especially in Australia.
 develop new services for the key local body client base,
 continue to expand our commercial valuation services, and
 meet the strong demand for accurate and timely information delivered through the internet,” said Mr Westlake.

“The Quotable Value Team led by Bill Osborne has done an excellent job in confronting the challenge of de-regulation and positioning Quotable Value as a leading player in the delivery of high quality, property-related information. The company is well placed to continue to exceed expectations,” said Mr Westlake.

ENDS

Contact: Nigel Jeffries on 04 473 8555
Richard Westlake on 021 443137

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