Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Cabletalk has good opening quarter

Cabletalk has good opening quarter

For the first three months of the current year Cabletalk Group traded ahead of expectations, chairman Ross Keenan told shareholders at the company’s annual meeting in Auckland today.

He said the recently announced acquisition of the Fort Lock Security business was making an immediate contribution to the company’s earnings.

“This is a very interesting acquisition because it fits our skill base, uses similar technology and is able to be grown nationally using our branch structure.”

As announced, Cabletalk lifted its EBITDA for the year to March 31 by 47 per cent to $4.13 million and is paying its first dividend, a fully-imputed 3c a share.

Mr Keenan said the company closed the year with a strong balance sheet and no debt.

The company’s managing director, Peter Wilson, told the meeting the company had invested significantly in productivity-enhancing tools and systems, as well as staff training.

“This has happened over the past two to three years and it is gratifying to see that it has worked.

“Last year our revenue was down from $54.6 million to $41.1 million but our EBITDA was up from $2.8 million to $4.1 million.

“In respect of the current year our revenue will be below last year’s level but you can expect our EBITDA to be ahead.

“These gains reflect the productivity improvements which have been bedded into the business so that you get the gains not once, but year after year.”

He said the company was still looking at acquiring associated businesses that fitted with its core strengths of technical skills, service delivery capability, national coverage, management team, an experienced board and strong balance sheet.

He said the security company Fort Lock was a good fit. Security was a growing business and hardware suppliers are picking the industry to grow at an annual rate of 20 per cent.

He said the company had now added security to its core skill sets of telecommunications and IT installation and services.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news