Development West Coast reports positive result

Development West Coast reports positive result

Development West Coast had a positive result for the 2014/15 financial year generating $13.5 million in income and increasing total assets to $126.3 million.

DWC Chairman John Sturgeon and CEO Joseph Thomas have today released the annual report at a public meeting in Westport. Mr Sturgeon says it was a pleasing result with DWC distributing $1.7 million to the community and increasing total assets by $5.6 million from the year before.

“The positive result positions DWC well for supporting business development and growth on the West Coast at a time when the region is experiencing further change. Initiatives like the recent launch of a $3 million District Economic Stimulus Fund will help provide some stability and develop solutions that promote sustainable employment and generate economic benefit for the region,” he says.
Mr Sturgeon says highlights for the year include: a loan for the purchase of an aircraft to deliver an essential air service out of Westport; funding to support the enhancement and development of ICT for secondary and area schools; the purchase of freehold property on Richmond Quay; continued facilitation of the West Coast Construction Alliance; successful delivery of the Regional Business Programme; and continuity of the Leadership and Governance Programme.
DWC CEO Joseph Thomas says the financial result was very positive due to strong performance in the financial markets.

“This financial result adds further strength to DWC’s balance sheet and provides a sound base from which to pursue our strategic priorities. These include pursuing financial sustainability, enhancing business services, investing in research and development to help establish new industries and looking for successful commercial distribution opportunities,” he says.

The annual report shows DWC approved 9 loan applications to a value of just under $7 million in the financial year. This is an increase on the year before when $3 million was approved over six loans.

In light of the downturn in dairy prices, DWC is closely monitoring its investment in Cranley Farms Limited. At year-end, DWC wrote down the value of this investment from $3.45m to $1.5m.

Mr Thomas says DWC has maintained a sound understanding of the challenges and opportunities on the West Coast and will continue to align its service delivery to the constantly changing needs of the West Coast.

“DWC has a leadership role to play in being part of the solution as a facilitator, enabler, catalyst, influencer, advocate and investor. We look forward to working with others to achieve greater outcomes and providing opportunities for securing a sustainable future for the Coast,” he says.

ENDS

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