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


Hanover Group After Tax Profit Up 35% to $105m

12 September 2006
Media Release

Hanover Group After Tax Profit Up 35% to $105m

One of New Zealand’s leading finance and investment banking institutions has reported a 35% increase in after tax profit to $105 million for the financial year to June 2006.¹

The organisation has consolidated assets of $1.82 billion. Total assets have grown from $1.74 billion in 2005, demonstrating Hanover’s careful selection and prudent management of its asset base.

In recent years the organisation has been steadily building its assets in Australia and has now reached a point where the Australian loan book represents 24% of its total asset base. Current Australian financial assets are predominantly property finance and consumer finance loans. Local banking funding lines to support growth have already been secured.

Chief Executive Andrew Schmidt says, “These results demonstrate that Hanover has firmly established itself in the financial services space and is now ready to pursue the natural evolution of the business into investment banking style activities such as funds management, private equity and private banking services.”

Hanover is committed to a ‘three pillar’ approach to its business structure, with the establishment of a Funds Management Division alongside the existing Finance and Property & Infrastructure Divisions.

Mr Schmidt says, “The evolution of our Funds Management Division is in direct resonse to investor feedback which indicates an appetite for new product offerings. We are already developing considerable expertise in private equity and funds management and this is an area of our business that we will develop further in the coming year.

Hanover Chairman Greg Muir says, “Hanover is a real New Zealand success story with an impressive track record of performance and growth, and today’s profit result demonstrates that.”

Shareholder Mark Hotchin says, “Under Mr Schmidt and his teams’ management, the business has been going from strength to strength. This is a great result and I look forward to continuing success in the coming year.”


Footnote 1: Hanover’s financials are derived from the audited statements of its debt issuing finance companies and the management accounts of its privately held property and funds management divisions.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Tourism: Employers Welcome Back Working Holidaymakers

Tourism businesses gearing up for the return of Australian visitors from next week will be relieved to learn that they will also have access to an offshore pool of much-needed job candidates, Tourism Industry Aotearoa says. Tourism employers around ... More>>

Commerce Commission: Latest Broadband Report Confirms Improved Performance Of Premium Fibre Plans

The latest report from the Commerce Commission’s Measuring Broadband New Zealand programme shows that the performance of Fibre Max plans has improved substantially. This follows a collaboration between the Commission, its independent testing partner, ... More>>

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: New Report Shows Impact Of Demands On Land In New Zealand

A new environmental report released today by the Ministry for the Environment and Stats NZ, presents new data on New Zealand’s land cover, soil quality, and land fragmentation. The land cover data in the report, Our land 2021 , provides the most ... More>>


Stats NZ: March Card Spending Rebounds Despite COVID

There was a lift in retail card spending in March following a fall in the lockdown-disrupted February month, Stats NZ said today. Seasonally adjusted retail card spending rose by $53 million (0.9 percent), compared with February 2021. Visit our website to read ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>