2006 unaudited results announcement

2006 unaudited results announcement

The Directors of Blue Chip Financial Solutions are delighted to announce an A$19.145 million (NZ$21.738 million) unaudited net profit before tax result for the group to the year ended December 31, 2006, up 51% on the previous corresponding figure of $A12,659 million (NZ $14.376 million) to December 2005. Revenue was up 45% and sales volumes up 35% during the period.

Despite a flat New Zealand market during the 2006 year, the directors are delighted to report a 19% increase in sales volume in New Zealand and a 34% increase in revenue for the New Zealand business from A$57.210 million (NZ $64.970 million) in the 2005 year to A$76.667 million (NZ$87.078 million) for the 2006 year.
Chairman, Julian Gosse, was delighted with the result:

“We are pleased with a 51% growth in our bottom line this year, which was testament to the sound strategy outlined in last year’s Annual Report of growing our Australian business, launching new products and continuing to improve on our business efficiencies” he says.

“What was particularly exciting was that 2006 represented a year of development in both markets in terms of distribution, infrastructure and product development - the fruits of which will be realised in 2007.”

“In what was perceived to be a flat market last year in New Zealand, we were delighted to report a 19% increase in sales volume, which was achieved without expansion of the distribution network.”

“We still consider Australia to be in its launch phase and so the strong growth at this stage was extremely encouraging. With the establishment of a nationwide distribution network now finalised, 2007 should see this yielding significant sales growth.”

“We continue to look at streamlining our business to focus on core activities and improve efficiencies within the group. 2007 should be a very exciting year.”

“We were also aware of recognising shareholder value, and our current growth phase gives the directors an opportunity to consider paying the March dividend in shares, after audited results have been published”.

Mark Bryers also announced his retirement from February 1, 2007 as an executive and director of the Board of Blue Chip Financial Solutions Ltd. Mark will continue to maintain close links with the business in a consultancy capacity.

“I am extremely proud of what the company has achieved. In particular, the transition from a private to a publicly listed company and growth into Australia. Now is the time for the current executive team to concentrate on the day to day operations and allow me the time to focus on product development and strategic direction,” says Mark Bryers.

Julian commented, “On behalf of the board, I thank Mark for his direction and significant contribution to Blue Chip’s success story. We understand his decision and are delighted that we will still enjoy the benefit of his experience in his new consultancy role.”

ENDS

© Scoop Media