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

 


Abano warns on FY profit, sales over kiwi, takeover bid

Abano sees smaller annual sales on strong kiwi dollar, takeover bid hit bottom line

March 18 (BusinessDesk) - Abano Healthcare, the healthcare investor, anticipates smaller annual revenue due to the strength of the New Zealand dollar and lower net profit after a failed takeover attempt last year from a consortium which included its biggest shareholder.

The Auckland-based company expects net profit of between $4.5 million and $5 million in the year ending May 31, down from a forecast $5.4 million by Grant Samuel in an independent adviser’s report when Abano was facing a takeover in November. The company has previously put a $400,000 price tag on takeover bid by Archer Capital and Abano investors Peter Hutson and James Reeves. Annual profit will still be higher than the $2.8 million it reported a year earlier.

Annual revenue is expected to be between $209.8 million and $211.8 million, down from a forecast of $213.8 million in the Grant Samuel report, though up from $207 million in 2013. It said a strong New Zealand dollar against its Australian counterpart had depressed the forecast results.

Abano said underlying net profit, which strips out one-off gains and losses, will be between $5.8 million and $6.3 million, compared to $4.5 million a year earlier.

“The forecast in reported and underlying NPAT for the FY14 year is the result of an improving dental performance along with Bay Audio’s solid progress as it moves towards achieving a breakeven result,” managing director Alan Clarke said in a statement. “The acquisition pipeline is still strong, although acquisition settlements are expected to be slower during the final quarter due to vendor requirements.”

The statement was released after the close of trading, with the shares unchanged at $6.55. The stock has increased 2.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news