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Quotable Value profit in maiden year

Quotable Value New Zealand Limited today announced its maiden annual result featuring a net profit of $818,000 representing a return on shareholder’s funds of 14.6 per cent.

Quotable Value Chairman, Richard Westlake said the result was very pleasing and was a significant advance on budget.

“We are delighted to make a capital repayment to our shareholder of $1 million even though our original budget made no allowance for a dividend,” Mr Westlake said.

Annual revenue to 30 June 1999 was $28.2 million and expenses were $26.4 million resulting in an operating surplus before tax, but after restructuring provision of $1.722 million. Taxation for the year was $904,000 and the surplus after tax was $818,000.

The company had budgeted for a $177,000 loss in its first year.

“The profit comes after a year in which the company has made a huge investment in customer retention and our people, technology and network.

“Our chief executive, Bill Osborne and his senior management team and all Quotable Value people deserve tremendous credit for what has been achieved in our first year,” Mr Westlake said.

Quotable Value New Zealand, a crown-owned company was established on 1 July 1998 from Valuation New Zealand, a Government department. At the same time Quotable Value was formed, local authorities were given the freedom to tender out their mass appraisal rating services.

Quotable Value Chief Executive Bill Osborne said the highlights of the year include the retention of many key customers with new, fully competitive contracts.

“These contracts replace the monopoly service the Valuation Department provided for decades.

“In addition, we have made significant investment in new technology, we have strengthened the nationwide network and put in place performance management systems.”
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“We now have the tools and the people to have a true customer focus. Our customers can now expect us to provide better service at market prices and anticipate their future needs with new products,” Mr Osborne said.

“We are using technology to undertake a variety of valuation services and through it we can deliver a far wider range of property-based products to our customers.

“We can also react faster to our customer’s needs and bring the entire company’s knowledge to bear for the benefit of each customer,” he said.

Bill Osborne said that in the last year Quotable Value had begun to proven itself in the new contestable mass appraisal market both in terms of price and quality of service.

“We now have 60 contracts with local authorities at “market-based rates” to provide mass appraisal services.

“We believe we are the only ISO-accredited rating valuation service provider in the market. We know our prices are competitive and believe the quality of our service is unparalleled,” he said.

Bill Osborne said the biggest highlight of the year was working with Quotable Value people as they transformed the organisation and developed a new customer ethic.

“Quotable Value people now understand their role in creating value for their customers. They are meeting the challenge.

“In the next year we expect to build commercial valuation and property services and we aim to leverage our technology-based valuation and information systems to provide new products and services to our customers,” he said.

Property services company, Quotable Value New Zealand is a state-owned enterprise and is New Zealand’s leading rating valuation provider. Quotable Value has the largest nationwide valuation and property services network delivering a wide range of information technology-based property services.

Ends

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