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

 


Abano posts 1H profit of $1.5M, meeting guidance

Abano posts 1H profit of $1.5M, meeting guidance; shares gain

Dec. 21 (BusinessDesk) - Abano Healthcare, a specialist healthcare investor and operator, met its guidance with a jump in first-half profit as it acquired more dental practices in Australia and New Zealand.

Net profit was $1.5 million in the six months ended Nov. 30, from $600,000 a year earlier, the Auckland-based company said in a statement. Sales rose to $107.9 million from $102 million. That’s in line with its October guidance of profit between $1.3 million and $1.8 million, and sales of between $105.4 million and $107.4 million.

The shares rose 4.1 percent to a three-year high of $6.30 and have advanced 43 percent this year. The shares are rated ‘outperform’ based on two recommendations compiled by Reuters. Abano will pay an unchanged first-half dividend of 7.3 cents a share.

Revenue growth would have been even higher if it hadn’t changed the way it recognises sales from its Dental Partners business in Australia, which are now accounted for after dentists’ commissions, it said.

In the first half, the company acquired 19 dental practices, adding $16.9 million in annual gross revenue and bringing its total practices to 136 across Australia and New Zealand. Sales from dental rose to $80 million from $70.6 million and operating earnings climbed to $7.7 million from $5.2 million.

Revenue from its diagnostics businesses rose to $20.8 million from $19.8 million and operating earnings rose to $2.8 million from $2.6 million.

Rehabilitation sales declined to $7.1 million from $11.6 million, for an operating result of $1.4 million, down from $1.6 million. Abano Rehabilitation was sold to Bupa Care Services NZ in June.

Abano’s underlying profit, excluding IFRS items, a one-time gain from the sale of the company’s brain injury rehabilitation business and a review of goodwill and tax losses at its Bay International unit, rose to $2.7 million from $1.3 million.

“Our businesses have performed well over the six month period and we are now realising some of the early benefits of our accelerated dental acquisition programme and the investment into our dental and radiology businesses,” said managing director Alan Clarke.

“These benefits will continue to be evident during the second half of the year and into 2014,” he said.

The company said it will give full-year guidance in March.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news