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

 


Green Cross Health Limited Full Year Result Announcement

28 May 2014

Green Cross Health Limited Full Year Result Announcement

Green Cross Health (NZX:GXH), today reported a net profit of $15.0 million for the 12 months to 31 March 2014, an improvement of $2.0 million (15.6%) on the same period last year. The result was achieved on consolidated operating revenues of $257.9 million (2013: $248.5 million).

The company’s financial position is strong with a cash position, net of borrowings, of $16.0 million, $9.2 million up on last year.

Total assets of Green Cross Health are now $134.4 million (2013: $123.3 million) with total liabilities of $45.0 million (2013: $48.5 million).

"This is a very pleasing result,” said Peter Merton, Chairman of Green Cross Health. “Our profit growth has been achieved through improved performance of all business units together with contributions from new pharmacy and medical acquisitions.”

The Directors have resolved to pay a fully imputed final dividend of 3.5 cents per share to shareholders on the register as at 5pm on 11 June 2014. The dividend will be paid on 23 June 2014.The dividend reinvestment plan continues to operate.

The company’s name changed from Pharmacybrands to Green Cross Health to better reflect the greater diversity of the group and to signal the development of the business as a primary health care company.

“In time we would like Green Cross Health to be recognised as a quality mark that consumers can trust to help them manage their health needs,” Mr Merton commented.

“We believe the silo approach to care and funding in primary care is approaching its use by date. By having a range of services that span primary care we can develop better offerings to ensure the patient is at the centre of a coordinated care approach.”

The company’s growth as a provider of primary health care services was strengthened with $7 million invested in the acquisition of medical centres and pharmacies and, in March 2014, an investment in Auckland based community health care provider, Total Care Health Services.

Under the leadership of Grant Bai, who was appointed CEO in October 2013, activity was focused on brand consolidation, an enhanced consumer loyalty programme and reorganising the operations team to deliver improved in-store experience.

“We have rationalised our pharmacy brands from five to two - Life Pharmacy and Unichem - and relaunched our customer loyalty programme, Living Rewards. In future we envisage the Living Rewards loyalty programme applying across all our business units,” added Mr Merton.

The medical business continued to grow through appropriate equity acquisitions and expanding The Doctors brand across the medical group.

“The contribution to the group of our medical business is now substantial”, said Mr Merton. “We are confident that the platform we have established will create further opportunities for growth.”

In March 2014 the company invested in Total Care Health Services, a business offering predominantly nursing services to a mixture of private and government funded clients.

“We are pleased to have made our first move into this sector of the health care market. We intend to invest in further acquisition opportunities in this sector,” commented Mr Merton.
Over the last 12 months the company has been focused on structuring the business for future growth, improved sales and enhanced service offerings.

“We are confident that in time there will be opportunities for synergy across our pharmacy, medical and community health businesses,” said Mr Merton.

“We have the building blocks in place and the desire to turn Green Cross Health into a leading primary health care brand.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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