Improved interim profit for Abano

LAURA WALTERS
Last updated 09:46 20/12/2013

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Abano Healthcare has posted an improved half-year net profit of $2.3 million.

The listed healthcare company reported revenue of $106.1m and improved its half-year net profit to November 30 by $800,000 compared to the same period last year, it said in a market announcement this morning.

The company said that during the first half it completed an $18.5m capital raising, which would provide "sufficient" capital for the "foreseeable future".

Abano also acquired 10 dental practices, which would provide $18.8m in additional annual gross revenue, three more since the end of the period, which would add a further $6.3m in annual gross revenue.

Abano's Aotea Pathology also signed a $26m contract extension.

Abano chairman Trevor James said the company had increased its investment in growth businesses and building the organisational and clinical strength of its dental networks.

James said about 50 per cent of Abano's came from Australia and the high New Zealand dollar had had a $7.5m non-cash impact on gross revenue.

Abano also incurred about $400,000 in extraordinary costs related to an unsolicited takeover offer from the consortium of Archer Capital, former Abano director Peter Hutson and investor James Reeves.

The consortium had since withdrawn its offer.

Abano would pay an interim dividend of 7.3 cents a share. Its shares last traded at $6, down 4.8 per cent compared to a year ago.

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- © Fairfax NZ News

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