Lombard Finance Declares Increased Profit
Lombard Finance & Investments Limited Declares Increased Profit
Lombard Finance & Investments Limited, part of the listed Lombard Group Limited (LOM), has announced a $4.64 million net profit before tax for the six months to 30 September 2007.
On a comparative basis, the result is 33 percent up (from $3.48 million) on the same period last year, despite a more difficult trading market during the last six months.
We have also had a positive movement in the total equity of the business increasing by 50 percent from $18.77 million at 30 September 2006, to $28.26 million at 30 September 2007.
Lombard Group Chairman, Sir Douglas Graham, said the result was very satisfying given challenging market conditions that had affected the finance markets generally. He said that the benefits of having an NZX listed parent company were coming to the fore, as transparency and good governance are essential requirements in the current market. Further strengths are that we have no related party lending, no offshore lending, good liquidity management and an experienced management team.
Sir Douglas commented that the current focus of Lombard Finance & Investments Limited is to maintain prudent liquidity management over the coming months, as we believe with a diminishing number of lenders and a consequent pent up demand for development capital, good opportunities will be available in both the type of lending and the quality of lending.
Lombard’s CEO, Michael Reeves, commented that Lombard is quietly confident that we can prosper in the current environment.