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


Provenco Group affirms 2004 profit forecast

Provenco Group affirms 2004 profit forecast and is well placed for growth

Provenco Group Limited today said its improved profit projections for the current financial year remain on track and that directors will consider a dividend if the projections are met.

Speaking at Provenco's annual meeting, Chairman David Wolfenden described the past year as one of positive change for the company.

"We have capitalised on the strong domestic retail sector activity; we have added a very strategic business (Transtech) to this domestic business base and we have secured an early advantage in the payments sector of the international retail oil business," Mr Wolfenden said.

"This has been achieved despite a backdrop of continuing uncertainty in the information technology sector. We are well placed to materially grow the performance and the returns of this business in the coming years. I am confident that we will continue to see improved operating profitability in the 2004 year and beyond."

Provenco had previously advised the market that it expects an operating result before taxation between $4.8 million and $5.2 million in the current financial year.

Group Managing Director Tony Bradley said the company had taken appropriate actions to align costs with revenues without sacrificing investment in future projects.

"As a result, we were able to continue to invest R&D in new products and in developing new markets. We now have an impressive portfolio of products and services and we have made good progress in breaking into new markets, especially the high growth Asian market."

Mr Bradley said the acquisition of Transtech would allow Provenco to extend its products and services and market reach.

Provenco is seeing immediate and substantial opportunities in payment solutions for the oil industry. The introduction of EMV smart cards throughout the world has tremendous opportunities for Provenco as a provider of EMV smartcard compliant technology.

"We have extended our domestic market with both organic and acquisition-led growth and we have made early penetration in the recovering international markets with exciting new products," Mr Bradley said. "More importantly, we can now see sustainable growth in both our domestic and international markets."

© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>