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


Strong 1/2 year results sets positive growth expectations

26th February 2014




Strong half year results sets positive expectations for growth


- Operating Profit Before Financing Costs and Tax (EBIT) of $7.2M up $1.9M on the prior corresponding period (pcp)

- Net Profit After Tax of $2.5M versus a loss of $(0.5M) for pcp

- Interim dividend of 5 cents per share declared versus 2 cents for pcp up 150%

- Net Debt decreased to $97M down $37M on the pcp

- FY14 year end NPAT forecast of $10.5M up 175% on previous year actual result of $3.8M

- Strategic financial goals set at the Annual Meeting are well on track

thl today released an interim result well ahead of the previous year’s performance setting a strong base for a dramatically improved FY14 result.

Chairman of thl Mr Rob Campbell said: “We have publicly set some clear financial goals for the business and this result keeps us ahead of that plan and reinforces the commitments we have made to all shareholders.”

“We are now in a position to forecast a FY14 year end Net Profit after Tax of $10.5M which will be an increase of 175% on the prior year. The business is well on track with its transformation and a decisive focus on achieving appropriate returns for shareholders. The 5cps dividend should also be seen by all as a positive indication of our progress and commitment to those targets.”

thl has now positioned itself to protect recent gains with discipline and is creating a plan for growth. As a board we are collectively focussed on both of these elements.”

thl Chief Executive Officer Mr Grant Webster said: “All parts of the business have growth planned for the FY14 year and are performing in line with those plans. Significantly, the approach to rectifying the Australian result is working and we remain confident in achieving an appropriate return on capital over the next 18 months.” thl – Financial Results Six Months Ended 31 December 2013 Page 2 of 9

Mr Webster also said: “We are also very pleased with the net debt position of $97M at December. Whilst a portion of the decrease against guidance is timing, we can also now confidently forecast a net debt figure for June 2014 of $95M, a drop of 40% since the New Zealand rentals merger in November 2012. This forecast net debt figure is after the payment of $5.6M to shareholders through the interim dividend to be paid in April 2014.”

Revenue for the half of $112M represented an increase of 4% on the pcp. Operating Profit before financing, joint venture earnings and tax (EBIT) of $7.2M was an increase of $1.9M on the pcp. All businesses performed in line with expectations.

Read full press release here:



© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news