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

 


Abano Healthcare Group 2013 Half Year Results

Media Release 21 December 2012


Abano Healthcare Group 2013 Half Year Results

Abano delivers strong results and growth for first six months

Abano Healthcare Group has reported strong earnings growth for the six months to 30 November 2012 as it continues to successfully roll out its long term growth strategy. The results are based on unaudited management accounts and are in line with market guidance.

The company reported revenues of $107.9 million (up 6%, reflecting the change in the contracting basis for Australian dentists), Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of $14.8 million (up 26%) and a Net Profit After Tax (NPAT) of $1.5 million (up 160%).

Excluding items required to be expensed under the International Financial Reporting Standards (IFRS), the one off gain from the sale of the company’s brain injury rehabilitation business and a review of Bay International’s goodwill and tax losses, the underlying EBITDA was $15.4 million (up 23% on a comparable basis), resulting in an underlying NPAT of $2.7 million (up 108% on a comparable basis).

Chairman of Abano, Trevor Janes commented: “The company also reports underlying earnings as the Board believes that this is a more appropriate representation of Abano’s performance and provides more useful information on the “normalised” profit of the company, rather than the accounting requirements of IFRS.”

He continued: “Recent changes to IFRS have also affected how acquisitions of minority holdings are accounted for. The result is that Abano’s $17.9 million acquisition of the 30% minority holding in Dental Partners is accounted for as a reduction in equity rather than an increase in the value of assets owned. This treatment results in a significant understatement of Abano’s equity and the carrying value of Dental Partners in Abano’s financial statements.”

Managing director of Abano, Alan Clarke, commented: “Our businesses have performed well over the six month period, and we are now realising some of the early benefits from our accelerated dental acquisition programme and the investment into our dental and radiology businesses during FY12 and the first six months of FY13. These benefits will continue to be evident during the second half of the year and into FY14.”


[…]


Full release: REL__Abano_2013_Half_Year_Results.pdf

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news