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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news