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

 


Mad Butcher franchisor Veritas to boost dividends

Mad Butcher franchisor Veritas to boost dividends; 1H profit falls 6.8% percent

By Suze Metherell

Feb. 27 (BusinessDesk) – Veritas Investments, which own the Mad Butcher franchise chain, said earnings fell 6.8 percent reflecting a drop in sales and accounting adjustments, while boosting forecast annual dividends.

Net profit fell to $2 million in the six months ended Dec. 31, from $2.2 million a year earlier, the company said in a statement. The decline was in part due to accounting costs not previously recognised.

Revenue slipped 1.2 percent to $14.5 million. Its accounts show a 4.3 percent drop in carcass purchases to $9.4 million.

“We are seeing a shortage of protein available following the 2013 drought and higher meat exports both contributing to domestic supply shortages,” Mad Butcher chief executive Michael Morton said in a statement. “We are operating in a tougher retail environment from the points of view of both competitive activity and consumer spend.”

The company affirmed forecast of a full-year net profit of $4.2 million and full-year sales of $35.8 million. It will pay an interim dividend of 3.94 cents per share on March 28, with a March 14 record date.

Veritas lifted its forecast dividend for the 2014 financial year to 70 percent of net profit, from an earlier forecast of 60 percent, dependent on the need for cash for further acquisitions. It didn’t pay a dividend in the previous year.

The company said it is actively looking for further acquisitions, but is “not currently in any advanced discussions”. The Mad Butcher franchisor unit continued to expand, opening three new stores in the period.

The Auckland-based company bought the Mad Butcher in May 2013 in what was effectively a reverse listing, having sold its assets and returned capital to shareholders.

The NZX-listed investment company, which focuses on the food and beverages sector, bought half of Kiwi Pacific Foods in December for $2.8 million in cash and $400,000 in shares at $1.38 apiece, with potential earn-outs if certain export targets are met. The remainder of the business is owned by Antares Restaurant Group, which holds the New Zealand Burger King franchise.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news