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

 


Profitable Future For Abano With New Acquisitions


Profitable Future For Abano With New Acquisitions

Chairman of Abano Healthcare Group, Mr Jim Syme, today confirmed the company’s move into the audiology sector, after shareholders approved the purchase of 70 percent of Bay Audiology, with an option to acquire the remaining 30 percent in 2010, at the annual meeting in Auckland.

Bay Audiology is New Zealand’s largest and only national service provider of a range of specialist audiology services, and will be an important cornerstone business in the Abano portfolio. Settlement is planned for early October 2005.

Mr Syme also confirmed the company was on track to produce positive core profit results in future years. This follows a year of significant change and growth for the company, including the sale of the aged care business, ElderCare, and investment into other less capital intensive healthcare sectors.

“The core financial performance for the six months ending on 30 November 2005 will be well down on last year, as it will exclude returns from the aged care business which was sold on 13 July, one month into the current financial year.

“However, following the additional planned acquisitions of the Orthotic Centre and Bay Audiology in October and returns from our existing businesses, the board remains confident that Abano will achieve a core consolidated, full year result to 31 May 2006, which will exceed last year’s pre-tax profit performance and will allow us to introduce an annual dividend payment for shareholders.”

Managing director, Mr Alan Clarke, provided shareholders with further information on the Group’s recent acquisitions, including the acquisition of 70 percent of Orthotic Centre (NZ) Limited, to be settled in October 2005, and the continuing national rollout of its dental network, Lumino.

“We continually review the healthcare and medical services market, to identify businesses in new and existing sectors to add to our portfolio.

“We believe we now have a strong portfolio which will deliver balanced revenue streams, generate an improving return on investment that will be above our cost of capital and provide consolidated and sustainable bottom line profitability. “

Shareholders agreed to all resolutions, including:

Re-electing Price Waterhouse Coopers as external auditors for the company;

Re-electing Mr Phil Newland to the board;

Electing two new independent directors – Mr Trevor Janes and Mrs Susan Paterson – to the board, following the retirement of Mr Maurice Kidd and Dr Clint Teague

Approving the acquisition of 70 percent of Bay Audiology, with an option to acquire the remaining 30 percent in 2010;

Approving a Long Term Incentive share scheme for key executives;

Approving a new salary package for Mr Alan Clarke; and

Ratifying previous increases in salary for Mr Alan Clarke, over the past five years, which was done to comply with New Zealand Exchange listing rules.

- ends –


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: 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>>

ALSO:

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>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news