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

 


UPDATED: Abano says FY earnings before minorities to rise

UPDATED: Abano says full-year earnings before minorities to beat Grant Samuel estimate


(Recasts to reflect company explanation of profit figures)

March 18 (BusinessDesk) – Abano Healthcare says annual profit before minority interests will exceed the estimate in a Grant Samuel report given last November when the healthcare investor was fending off a proposal from a hostile shareholder.

The Auckland-based company gave the guidance in a market update. Net profit after minority interests would be between $4.5 million and $5 million in the year ending May 31. The Grant Samuel report gave a profit forecast of $5.4 million, although this included $1.4 million owing to non-controlling shareholders in subsidiaries, chief financial officer Richard Keys told BusinessDesk.

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, although up from $207 million in 2013. A strong New Zealand dollar against its Australian counterpart had depressed the forecast results.

Abano said underlying earnings, 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 increase 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 company has previously put a $400,000 price tag on a takeover bid by Archer Capital and Abano investors Peter Hutson and James Reeves.

They had given an indicative price range of $6.97 - $7.14 per Abano share, lower than the $8.30 to $10.05 valuation given by Grant Samuel.

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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news