Hanover, United make big gains

Privately owned finance company Hanover Finance posted a 5.4 per cent rise in unaudited pre-tax profit to a record $60.4 million.

Fellow Hanover Group stablemate United Finance also posted a record pre-tax profit, of $13.6 million, up 106 per cent, for the year ended June.

"We lend across a very broad property portfolio, diversified by type and geography to maximise returns and offer spread of risk," said Hanover Group chief executive Sam Stubbs.

"We continue to focus the loan book on high-quality assets."

Audited results are due in August.

The company is jointly owned by multi-millionaires Mark Hotchin and Eric Watson.

- NZPA