Cover-More Delivers on Annual Forecasts

Cover-More Delivers on Annual Forecasts

August 27, 2014

Cover-More New Zealand, a specialist, integrated travel insurance and medical assistance provider, has seen its gross profit increase by more than 40 percent to $6.88 million.

In announcing its full year results for the 12 month ending June 30, 2014, Cover-More saw New Zealand sales rise by 62 percent over last year’s result to $26.03 million, resulting in a gross profit of $6.88 million.

In expressing pleasure at the outcome, Cover-More’s New Zealand CEO, Bruce Morrison, says, based on a strong year, the travel insurer will develop a much stronger brand presence now the Cover-More brand has replaced Travelsure.

“Our message that travel insurance is essential is being heard by increasing numbers of travellers, however more need to understand the risks when experiencing other parts of the world and must protect themselves from those risks,” Bruce Morrison says.

“Over the next 12 months our commitment is to make people aware of the need for comprehensive coverage and medical assistance and the security that Cover-More provides.

“It’s the rite of passage for travellers from New Zealand and Australia to explore and contribute to the world and we want them to enjoy the experience and achieve it without risk to themselves.”

Cover-More’s parent company in Australia has announced a 20.1 percent growth in pro-forma gross travel insurance sales to $369.1 million, 26.9 percent growth in pro-forma EBITDA to $51.9 million, up 9.7 percent on prospectus forecast of $47.3 million, 38.5 percent growth in pro-forma NPATA to $30.6 million, up 11.3 percent on prospectus forecast of $27.5 million and 51.2 percent growth in pro-forma NPAT to $25.1 million, up 14.1 percent on prospectus forecast of $22 million.

Group CEO, Peter Edwards, says Cover-More has performed strongly since listing on the Australian Stock Exchange (ASX) in December 2013 and its strong intermediary relationships in the Australian market underpins a full year result, comfortably ahead of prospectus forecasts.

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