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Quotable Value Group Reports Strong Increase

Quotable Value Group Reports Strong Increase in After Tax Surplus

Crown-Owned property information company Quotable Value Limited has reported a 252% increase in group net surplus after tax and amortisation, from $0.689 million in 2002 to $2.426 million in 2003, Quotable Value's Chairman, Richard Westlake, announced today.

This significant improvement in the final result follows a 12% increase in group turnover, to $29.3 million, and represents a 42% return on average shareholders' funds. Quotable Value Limited will pay the Crown a special (one-off) dividend of $1.0 million on top of the normal dividend of $1.2 million representing 50% of the operating surplus after taxation.

“A huge cultural change has taken place within the organisation” said Mr Westlake. “This new culture combined with the innovative new work processes and technology implemented over the past 5 years have combined to deliver an outstanding result.”

“While our core focus remains in New Zealand, expanding into new markets ensures that growth and value-creating opportunities are maximised while our ability to deliver our New Zealand clients cost effective, value-adding services is preserved.”

Continued investment in Quotable Value’s Australian businesses has involved the acquisition of three branches of Egan National Valuers giving QV a strong entry into the valuation and property consultancy markets of New South Wales, Victoria and ACT. “We anticipate a strong contribution from these ventures in future years,” said Mr Westlake.

Mr Westlake also reported that Quotable Value had sold its 50% shareholding in QVRP for a good return, after a successful year of trading.

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