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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news