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

 

Provincial Finance continues strong profit growth

Tuesday November 23

Provincial Finance continues strong profit growth

Canterbury based finance company, Provincial Finance Ltd is diversifying further into property and business lending after more than doubling its profits for the six months ending September 30, 2004.

Provincial Finance’s operating profit before tax increased by 117 per cent to $11.3 million on the same period last year when the profit before tax was $5.2 million.

In announcing the strong profit result, Company Founder and Director, David Lyall, says future plans include increasing the company’s involvement in property and business lending. Demand for consumer finance, the area in which Provincial Finance now specialises, remains stable, he says.

Provincial Finance’s after tax profit for the six months to September 30, 2004, was $7.065 million on a turnover of $36.8 million. This compares with the after tax profit of $3.2 million on the turnover of $17.3 million in the corresponding six months last year.

Mr Lyall says the company’s strong growth is also reflected in a more than 100 per cent increase in its equity to $22.2 million from $11 million for the corresponding period last year.

“We are obviously very pleased at the company’s continued growth and optimistic about future increases. We are also confident about further investor support given our consistently strong results,” Mr Lyall says.

It has been a year of achievements for the company which was 13th on the Deloittes Fast 50 which lists the 50 fastest growing companies in New Zealand. Provincial Finance has grown 336 per cent in the last three years.

Provincial Finance lends mainly second mortgages on homes and motor vehicle and rural finance. The company, which also operates an office in Auckland, uses legendary All Black Colin Meads to front its advertising campaign.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



The Download Weekly: Vodafone FibreX back in court

Vodafone and the Commerce Commission head back to court over FibreX in a week the TCF issues broadband marketing codes that should avoid similar problems in the future... More>>


NIWA: Tonga Eruption Discoveries Defy Expectations
New findings from the record-breaking Tongan volcanic eruption are “surprising and unexpected”, say scientists from New Zealand’s National Institute for Water and Atmospheric Research (NIWA)... More>>


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

Stats: Quiet Start For Retail In 2022
The volume of retail sales was relatively unchanged in the March 2022 quarter, following a strong increase in the December 2021 quarter, Stats NZ said today... More>>



Finder: RBNZ Survey: 64% Of Experts Say Rising Inflation Will Push More Kiwis Into Debt

Soaring inflation and cost of living pressures will see many households pushed to the financial limit, according to experts... More>>



Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>