Investment company Hellaby Holdings would remember the
2013 financial year as a turning point in which significant
progress was made towards reshaping its investment portfolio,
chairman John Maasland said.
The company reported an operating profit of $28.7 million for
the year ended June, down 20% on the $29.1 million reported
in the previous corresponding period.
The reported profit of $18.6 million was 40% down on the
$19.3 million reported in the pcp. Revenue was up 10% to
$545.8 million, lifted by a three-month contribution from
Contract Resources. A final dividend of 8c per share was
declared, taking the total dividend to 13cps.
Mr Maasland said Contract Resources, in which Hellaby had an
85% stake, had made a strong contribution to the group.
''We have long communicated our ambition to have a more
balanced portfolio, spread across different geographies and
sectors, providing greater earnings opportunities and
currency diversification through economic cycles.
''The acquisition of Contract Resources signals the starting
point for the new Hellaby.''
Contract Resources was a substantial business which was
forecast to earn $20 million operating earnings in the 2014
financial year, compared with $5.4 million in the three
months to June 30.
Of equal significance was the successful raising of $50
million of capital in the latter part of the year, he said.
''This has not only given us the flexibility to move quickly
on our next acquisition, but also reflects the confidence of
our new institutional investors in Hellaby's growth
Managing director John Williamson said the next significant
lift in profitability would come from further acquisitions.
''We will continue to play the long game as we reshape our
portfolio and remain patiently determined to make the 'right'
acquisitions for Hellaby.''