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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.

Ends

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