Unison delivers 'solid' $18 5m result

Hawke's Bay consumer-owned lines company Unison has announced an $18.5 million after tax profit, down from the $18.9 million record result last year.
Yesterday, the company declared an $8 million dividend to its shareholder, the Hawke's Bay Power Consumers' Trust, along with another $1.42 million set aside for the trust's underground programme.
Unison chairman Kevin Atkinson said the company had achieved a solid result despite the impact of the global financial crisis and was advancing its smart grid initiative with confidence.
"We started the new decade with a bold direction for business growth and enhanced customer service, moving from a traditional provider of electricity distribution, to a provider of energy and infrastructure solutions," he said.
Unison was helping lead its network regions in Hawke's Bay, Taupo and Rotorua forward in technology, innovation and communications, he said.
"Through our smart grid initiative we are investing in our future and creating benefits to be enjoyed by generations to come.
"Our new direction will see Unison deliver greater value, choice and reliability to the customer."
The smart grid was a fibre optic network that the company also used to provide internet access.
Unison Group chief executive Ken Sutherland said the company was preparing for the next stage of the smart grid, which included a full-scale deployment of network monitoring, automation technologies, smart meters, distributed generation, and high speed communications.
"The next stage involves engaging even more closely with customers and their communities as Unison begins to deliver these solutions to their homes and connect them to the smart grid," he said.
Ten million dollars was expected to be borrowed in the coming year to help with the delivery but the investment was expected to soon start paying back.
"It will set off the development of the business in other areas so that the overall borrowings is managed at a prudent level and we don't create too much of a debt drag on the business.
"That level of borrowing will level off into neutrality and then start to come back again," Mr Sutherland said.
More than 140km of fibre has been built throughout Hawke's Bay, Taupo and Rotorua to enable business, healthcare and education providers to connect to high speed internet.
Unison Contracting Services diversified into the civil engineering, fibre and vegetation sectors to support Unison's core electricity business and the subsidiary was now a major local employer with over 130 staff.
ETEL, Unison's distribution transformer manufacturing business, reported good growth in the Australian market that saw it supply transformers into Queensland, Victoria and Tasmania.
Hawke's Bay Power Consumers' Trust chairman John Newland commended Unison's success for the year.
"We commend the directors, management and all employees for their achievements over the past year," he said.
Shareholder value improved to $289.2 million, an increase of $4 million, or 1.4 per cent over last year.