Healthcare company Abano has announced a half-year net profit after tax of $3.8 million, up 35 per cent on the corresponding period a year ago.
Results for the six months to November 30 were above forecast, the company said yesterday.
Revenue was up 42 per cent to $59.2million and ebitda (earnings before interest, tax depreciation and amortisation) was $11 million, up 74 per cent. An interim dividend of 8.5cps, fully imputed, was to be paid in January.
It can only be declared once the current Masthead offer expires because the offer precludes Abano from declaring a dividend during the offer.
Masthead, Abano's largest shareholder, originally offered $3.85 a share in a bid to take its 19.9 per cent stake to 51 per cent, then later raised the offer to $5.
The level of uptake for the Masthead bid has been low, with acceptances for less than the 302,000 of the 7.1 million shares Masthead required by December 10 to succeed with its partial takeover bid.
"One of the larger shareholders, Rotorua Energy Charitable Trust, has publicly stated that it would not be selling into the Masthead offer," chairwoman Alison Paterson said.
Four dental clinics and six audiology clinics in New Zealand and Australia were purchased in the past two months, the full impact of which will be seen in the second half of this financial year, the company said.
Paterson said the board expected a significantly stronger second half result.
Abano had operational cash flow and banking facilities sufficient for the planned capital expenditure and acquisition growth programme.
