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Zintel Group announces 16% increase in revenue

22 November 2005

Zintel Group announces 16% increase in revenue for half year end 30 Sept 2005

Zintel Group Ltd (NZAX: ZIN) today announced revenue increased 16% to $21.1M for the six month period to 30 September, up from $18.2M in the corresponding period last year.

Net profit before tax was $2.6 million, which exceeded an earlier published forecast by $100K. This result was lower than the $2.9M achieved last year due to a planned increase in operating expenses associated with various longer term growth initiatives. Zintel Group continued to generate strong operating cash flow of $2.171m for the period, resulting in a closing bank balance of $4.682m, (with no debt or term liabilities), and an increase in total assets to $13.545m.

Accordingly the Directors are pleased to declare an interim dividend of 1.74 cents per share (cps) net, matching the previous dividend and representing 49% of net profit. This dividend is fully imputed, giving a gross amount of 2.597 cps. Record date for dividend is 6 December, payable on 16 December 2005.

“Overall we are satisfied with the first half performance”, said Nick Gordon, Zintel Group Chairman. “We have established a solid base which the business will be able to leverage to secure a number of significant emerging opportunities in both the New Zealand and Australian markets”.

Since balance date, Zintel Group Ltd has also announced the appointment of Peter Halkett as Chief Executive officer.

Gordon goes on to say, “The Board is delighted to appoint someone of Peter’s calibre to the CEO role. The appointment of an experienced and strategic leader is a pivotal part of our growth strategy.”

As previously advised, Zintel expects pretax profit for the full year ending 31 March 2006, to match the $5M NPBT achieved last year despite the reduced first half result.

ENDS

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