Abano Healthcare produced a flat operating profit for the
year ended May but once it added in Australian dental revenue
and removed acquisition expenses, its financial results
Revenue for the year was $211.1 million, up 2% on the
previous corresponding period.
The company also reports gross revenue, which includes
revenue from the joint venture audiology group and Australian
dental revenue before payment of dentist commissions. Gross
revenue was up 6% at $274 million.
Operating earnings were unchanged at $27.8 million, but
underlying earnings, which exclude acquisition expenses, were
$29.1 million, giving an underlying profit after tax of $6.1
Directors confirmed a final dividend of 13.7c per share,
giving a total dividend of 21cps for the year.
Managing director Alan Clarke said the focus for Abano on
building long-term value had not over-ridden the the
company's ability to consistently deliver attractive
near-term value growth for shareholders.
''Over the last eight years, our portfolio has changed as we
have exited businesses which we believe have reached maturity
or have limited potential for further growth in the in the
Dental care remained the primary investment area for Abano in
the 2015 financial year.
While economic conditions in New Zealand were improving, they
remained difficult in Australia, Mr Clarke said.
Abano had strong and supportive relationships with its
bankers and, based on current projections, the group would
not need to raise additional capital or increase debt
facilities in the foreseeable future to fund its planned
acquisition and growth strategy investments.
Abano expected to deliver improved profits next year and
directors were reviewing the dividend policy.
A new policy was expected to be in place for the 2015 interim
dividend, Mr Clarke said.