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

 


Abano achieves second year of 75% profit growth

Abano achieves second year of 75% profit growth

July 28 (BusinessDesk) - Abano Healthcare, the medical investor fending off a hostile takeover from its biggest shareholder, posted a 75 percent jump in full-year profit, beating guidance and allowing it to maintain dividend payments for a sixth straight year.

Profit climbed to $6.1 million in the year ended May 31, from $2.8 million a year earlier, the Auckland-based company said in a statement. Sales climbed 2 percent to $274 million.

That's the second year in a row that profit has climbed 75 percent and the company said today it expects to list earnings again in 2015, allowing it to lift dividends starting in the first half of the current year. The shares rose 1.5 percent to $6.15 and are rated a 'buy' based on two analysts who follow the stock, having declined about 3.5 percent this year while the nation's benchmark stock index gained.

Abano's trans-Tasman dental business was the biggest contributor to revenue growth in the latest year, along with the company's Australian audiology joint venture and it said today that "growth through acquisitions is still the key focus for the dental sector as we build scale in this very large and attractive market."

"The increasing size of the dental group is providing a stronger negotiating position with suppliers and more economies of scale are being achieved," it said.

The weak Australian dollar had eroded returns from dental, slicing about $14.3 million off gross revenues and $1.8 million off underlying Ebitda, versus a year earlier. Abano's Bay Audio Australian joint venture reduced its losses in the latest year while its Bay Audio Asia group "is still focussing on achieving a monthly Ebitda breakeven performance," the company said.

Abano will pay a final dividend of 13.7 cents a share, making 21 cents for the year, with a record date of Aug.11.

At a special meeting on June 13, dissident shareholders Peter Hutson and James Reeves lost in an attempt to oust chairman Trevor Janes, who has led opposition to their takeover attempts. Hutson and Reeves control close to 20 percent of the company.

Hutson owns the other 50 percent of Abano’s Bay International audiology business and would have gained full control for a nominal sum under last year’s aborted takeover. He was removed from the board last September.

(BusinessDesk)

© 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