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Quotable Value Increases After Tax Surplus

1 November 2001

Quotable Value Increases After Tax Surplus

Property information company Quotable Value New Zealand has reported a net surplus after tax of $0.833 million, Quotable Value Chairman, Mr Richard Westlake announced today.

The surplus represents a 24% increase on the 2000 result of $0.670 million, and reflects the investment in new products and ways of delivering information since becoming a Crown owned company three years ago, said Mr Westlake. Quotable Value will pay the Crown a dividend of $0.413 million.

All three divisions of the company, QV rating, QV valuations and QV on-line, have increased their business significantly over the last 12 months and Quotable Value’s business in New South Wales has doubled, said Mr Westlake.

“During our first year the board and the management team led by Chief Executive Bill Osborne realised that the company had to invest in new forms of information delivery and stay ahead of our competitors in a de-regulated market. We also had to seek out new customers both here and overseas. Sticking firmly to that strategy over the last three years is now paying off and gives us confidence that our growth path will be built on delivery of information, using the very latest methods, and through our expansion in Australia.”

Mr Westlake said Quotable Value’s key new product in the last 12 months was e-valuer (www.quotable.co.nz). It provides up to the minute estimates on property values to both the general public and subscribers and, like the Infobase product introduced last year, is already in high demand. “Property information is ideal for delivery through the internet and is fundamental to Quotable Value’s future. We are determined to remain an innovator and leader in this area.”

“It should also be noted that innovation by Quotable Value, following de-regulation of the rating valuation market in 1998, has delivered significant direct benefits to New Zealand taxpayers and ratepayers. Taxpayers benefit through Quotable Value’s dividends to the Crown shareholder, and ratepayers have, we estimate, saved about $15 million in costs of their rating valuation services each year since then,” said Mr Westlake.

Contact: Bill Osborne, Chief Executive, on 04 495 0302

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