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Another Award For Mike Pero Mortgages

Thursday, 28 October 2004

Another Award For Mike Pero Mortgages

Mike Pero Mortgage’s latest award – as the fastest growing listed company in New Zealand – is an endorsement of the company’s very sound and sustainable business strategy, says Chief Executive Jeff Staniland.

The Christchurch-based company has been named in the Deloitte Fast 50 Awards as the fastest growing company listed on the New Zealand Stock Exchange.

“Mike Pero Mortgages has grown strongly throughout New Zealand over the past few years. It is very encouraging to see recognition of this long-term growth in its first year as a listed company,” says Jeff Staniland.

The Deloitte award for fast growth follows last year’s Westpac Supreme Award in the New Zealand Franchise Awards, when Mike Pero Mortgages was judged the best overall franchise operator in the country.

Brett Chambers, the Deloitte partner heading the Fast 50 research programme, says this is the first year that a listed company category had been included in the awards.

“Many of our fast growing companies have come from small bases and their revenue growth probably reflects the relative maturity of their development. And it’s no surprise that technology companies feature strongly as these typically have business models that support the rapid scalability associated with high growth. We are very interested in learning about these businesses but we also want to know how the larger companies cope with fast growth. By adding new categories, such as for listed companies and a corporate category for companies with revenue or more than $20 million, we believe we have made the awards more relevant for the larger companies and of more interest to the business community and investors,” says Brett Chambers.

“Mike Pero Mortgages is a strongly growing and well established business. Although it finished just outside the overall top 50 growth performers, Mike Pero Mortgages collected the inaugural listed company award.”

Jeff Staniland says Mike Pero Mortgages in the past year or so has concentrated on sustainable growth and profitability, ahead of its Stock Exchange listing.

A number of other listed companies entered for the Deloitte award.

Christchurch-based Mike Pero Mortgages took the honours, however, with strong revenue growth over the past two years as the company expanded its network of franchisees throughout the country.

Mike Pero Mortgages listed on the New Zealand Stock Exchange in May this year and as with all listed companies provided detailed financial accounts and a forecast of future earnings. In its most recent financial release to the NZSE, it provided its result for the four months ended 30 June 2004. After-tax profit for the four months was $407,841, ahead of the prospectus forecast of $338,028, on revenue of $4.89 million (forecast $4.92m).

ENDS

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