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

 


Craigs Investment Partners 2013 profit more than triples

Craigs Investment Partners 2013 profit more than triples to record, led by brokerage

By Jonathan Underhill

March 24 (BusinessDesk) - Craigs Investment Partners, the brokerage owned by its executives and Deutsche Bank, more than tripled profit in 2013 as a boom year for share sales drew investors back to the market and lifted the firm’s funds under management.

Profit rose to a record $17.8 million in calendar 2013, from $5.7 million a year earlier, according to the Tauranga-based company’s annual report. Sales jumped 46 percent to $109 million. The company paid dividends of $15.41 per qualifying share, or $12.3 million for 2013, almost quadruple its 2012 payment of $3.97 a share, or $3.2 million.

There were 10 new listings on the New Zealand stock exchange last year, with initial public offerings at a nine-year high and some $7.5 billion of new capital listed, according to NZX data. Cash trading activity also surged, with the total value up about 40 percent to$42.3 billion and the volume of trades up 32 percent to 1.19 million.

Craigs's share of equity market transactions last year included lead manager for the $1.88 billion Meridian Energy IPO and Z Energy’s $840 million sale, as well as SLI Systems’s IPO, Veritas’s reverse listing of Mad Butcher. It was bookrunner for Quadrant Private Equity’s sale of its Summerset Group stake and News Ltd’s exit from Sky Network Television, for which it was also underwriter. It advised and managed bond sales for clients including Genesis Energy.

Revenue growth in 2013 was driven by brokerage, which rose 53 percent to $40.3 million, while fees climbed 37 percent to $54 million and commissions jumped 67 percent to $13.9 million. The firm now has about $8.5 billion in funds under management, which chairman Neil Craig says underpins the business.

“All parts of the business performed extremely well – there were no laggards and no extraordinary costs,” Craig told BusinessDesk. The 2014 year was shaping up as “another reasonably good year” although profit was unlikely to top last year’s record, he said.

IPOs and placements last year helped stoke secondary market activity, he said.

Operating expenses in the year rose about 28 percent to $85.6 million, led by a 36 percent increase in employee benefits to $60.9 million.

Key managers at Craigs are shareholders of CIP Holdings, which owns 50.1 percent of the company Deutsche Bank acquired its 49.9 percent holding in the company in August 2010. Craigs has 798,437 shares on issue.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news