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Tainui commercial arm delivers results

Tainui commercial arm delivers results

Tainui Group Holdings Limited (TGHL) – the commercial arm of Tainui – today announced an improved financial performance for the year to March 2003 with total annual revenue of $41.8 million, an increase of $9.4 million – 29 percent - on the previous year.

The strong performance was driven by the exact targets set in a business plan developed by incoming CEO Steve Murray, under the guidance of the new Chairman John Spencer.

The positive results reflect growth across all portfolios and a net surplus of $8.3 million, up 115% from $3.8m in 2002.

Said Chief Executive Steve Murray: “For the first time TGHL has delivered a strong operating result, and we are now poised for continued growth”.

He said the pleasing result was due to a concentrated focus on business unit profitability, cost controls and group wide efficiencies following the company’s review of strategic investments earlier this year.

These results would lay the foundations that will allow TGHL to systematically implement its new investment strategy in the medium term.

Said Mr Murray: “The past year has been a period of transition, with a new board and management team.

Chairman John Spencer said looking ahead, the journey had just begun and the team would continue to improve shareholder value. “We know the goals we need to achieve in the next three to five years and robust governance processes are in place to assist us achieve these targets.”

Te Kaumaarua Chairman Kingi Porima said the corner has been turned. “It is reasonable to expect ongoing improvements in key activity and financial performance again next year.”

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