Impressive Growth for Canterbury Finance Co

Friday, 28 May 2004, 8:46 am
Press Release: Provincial Finance

Impressive growth for Canterbury consumer finance company

Canterbury based finance company Provincial Finance Ltd has increased its operating profits by a hefty 141 per cent in the last financial year.

Provincial Finance¹s operating profit before tax jumped to $14.14 million in the financial year ending March 31, 2004, well up on the previous year¹s profit of $5.79 million.

Announcing the annual results today (May 27) Company founder and director, David Lyall says the company¹s strong growth is expected to continue. The after tax profit for the year was $8.79 million compared with $3.51 million the previous year on a turnover of $46.6 million.

Mr Lyall says the total assets for the group now stand at $148 million, an increase on the previous year¹s $80 million. Provincial Finance has 15,000 clients with demand increasing every month for its services.

³Such a strong performance will be welcomed by our investment clients and their financial advisers. Looking to the year ahead, we intend boosting our involvement in the property and business sectors,¹¹ he said.

Provincial Finance lends mainly second mortgages on homes and motor vehicle and rural finance. While business growth in all sectors is increasing, the company¹s motor vehicle component is particularly strong. In 2003 the company was 22nd in the Deloittes Fast 50, which lists the 50 fastest growing companies in New Zealand, and fifth in 2002.

The company, which also operates an office in Auckland, uses legendary former All Black Colin Meads to front its advertising campaign.

Christchurch lawyer and former partner in Lane Neave, Colin Averill recently joined the Provincial Finance board. Mr Averill is also a director of Tasman Pacific Insurance, David Lyall Holdings, former Chairman of Nurse Maude Association and former director of Ernest Adams Ltd and Canterbury Frozen Meat Ltd. Provincial Finance¹s other directors are David Lyall, Warren Bell and John Edilson, the company¹s chief executive officer.

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