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


Strong six month result for NZ Finance Holdings

Strong six month result for New Zealand Finance Holdings Limited.

The Directors of New Zealand Finance Holdings Limited (NZF) are delighted to report a strong performance for the six months ended September 30 2006.

Revenue increased by just under 200%.

Net profit after tax was up 210 % on the same period last year.

And shareholders funds increased by just over 45 %.

Interim dividend of 0.75 cents per share to be paid.

Managing Director, John Callaghan elaborated on the figures, “The company’s total revenue grew by 194.6% from $8.444 million for the period September 30 2005 to $24.872 million for the same period this year.

“The net profit after taxation for the six months was $5.367 million compared with last year’s $1.730 million representing an increase of 210.2%.

“The net profit attributable to shareholders was up by 195.6% for the six months to September 30 2006 at $5.114 million compared with $1.730 million last year.

“Shareholders funds increased from $13.872 million as at September 30 2005 to $20.143 million – an increase of 45.2 %.

“We have had a good six months and are well-positioned to benefit during the next six months. The growth has come from our investment in Mike Pero Mortgages (MPM) and the other financial services within NZF. The finance company continues to grow and gain support as a result of the ‘flight to quality’ that investors are seeking when placing their investments.

“The consolidated results include a profit on the sale of the investment in Mike Pero Mortgages (MPM).

NZF formed a joint venture company with Australia’s leading independent speciality finance group, Liberty Financial and plan to strengthen Mike Pero’s reputation as the champion of choice and benefit.

“MPM is the largest and most recognised mortgage distribution brand in the country. The skills we both bring to the company will accelerate the Mike Pero network” added Mr Callaghan.

Chairman, Richard Waddel, announced, “The Directors had resolved to pay a fully imputed dividend of 0.75 cents per share. The record date for the proposed dividend will be November 20 with payment of the dividend being on November 27.

“The company has retained the majority of the profit to ensure steady and planned growth. We acknowledge the need to balance the income shareholders desire while providing a growth platform for the parent company to continue its expansion plans and build the necessary foundations for a strong and profitable company,” said Mr Waddel.

He continued, “We are very proud of the fact that yet again, in the last six months the company is able to say that it has not had to write off any bad debts – something that is unusual for a finance company and not a claim many can proudly make.

“The last six months have been volatile for the finance industry. We are seeing investors recognise that the search for quality investment has become more important. We are very proud that we have continued to re-attract investors into the secured debenture stock funding side of the business,” ended Mr Waddel.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>


Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>


Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>