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

 


Cover-More Delivers on Annual Forecasts

Cover-More Delivers on Annual Forecasts

August 27, 2014

Cover-More New Zealand, a specialist, integrated travel insurance and medical assistance provider, has seen its gross profit increase by more than 40 percent to $6.88 million.

In announcing its full year results for the 12 month ending June 30, 2014, Cover-More saw New Zealand sales rise by 62 percent over last year’s result to $26.03 million, resulting in a gross profit of $6.88 million.

In expressing pleasure at the outcome, Cover-More’s New Zealand CEO, Bruce Morrison, says, based on a strong year, the travel insurer will develop a much stronger brand presence now the Cover-More brand has replaced Travelsure.

“Our message that travel insurance is essential is being heard by increasing numbers of travellers, however more need to understand the risks when experiencing other parts of the world and must protect themselves from those risks,” Bruce Morrison says.

“Over the next 12 months our commitment is to make people aware of the need for comprehensive coverage and medical assistance and the security that Cover-More provides.

“It’s the rite of passage for travellers from New Zealand and Australia to explore and contribute to the world and we want them to enjoy the experience and achieve it without risk to themselves.”

Cover-More’s parent company in Australia has announced a 20.1 percent growth in pro-forma gross travel insurance sales to $369.1 million, 26.9 percent growth in pro-forma EBITDA to $51.9 million, up 9.7 percent on prospectus forecast of $47.3 million, 38.5 percent growth in pro-forma NPATA to $30.6 million, up 11.3 percent on prospectus forecast of $27.5 million and 51.2 percent growth in pro-forma NPAT to $25.1 million, up 14.1 percent on prospectus forecast of $22 million.

Group CEO, Peter Edwards, says Cover-More has performed strongly since listing on the Australian Stock Exchange (ASX) in December 2013 and its strong intermediary relationships in the Australian market underpins a full year result, comfortably ahead of prospectus forecasts.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news