Rangatira lifts annual underlying earnings 15%, seeks new investments
Operating earnings rose to $9.2 million in the 12 months ended March 31.
Rangatira lifted annual underlying earnings 15%, helped by an improved second half, and the Wellington-based investment group said it is on the prowl for new acquisitions.
Operating earnings rose to $9.2 million in the 12 months ended March 31, from $8 million a year earlier, and raised its total dividend to 47c a share, from 46c in 2014, it said in a statement. Net profit sank 65% to $13.7 million, having benefited from a $32.1 million gain a year earlier when it sold its 85% stake in Contract Resources to Hellaby Holdings.
Rangatira is looking for further investments, saying it prefers middle market businesses with strong growth potential and prefers to invest as a cornerstone shareholder. Last year, chairman David Pilkington told shareholders the firm was reviewing its portfolio.
"We made the second-half gains as a result of a number of initiatives we put in place to deliver for shareholders over the long-term," Pilkington said today. "These included making changes to some of our private businesses to improve their operating performance, the appointment of Phil Veal as our new chief executive, and a strategic focus on new investment opportunities to put our cash to work."
The company said the asset backing of its shares rose to $11.32 at March 31, from $10.76 at Sept. 30, and $11.20 at the end of its 2014 financial year.
Rangatira has two classes of shares that trade on the Unlisted platform, with 35% held as class 'A' shares and 65% in class 'B' shares to differentiate between charitable and non-charitable shareholders. The class A shares last traded at $9.50 and the class B shares at $9.30.
(BusinessDesk)
Suze Metherell
Wed, 10 Jun 2015
Wed, 10 Jun 2015
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Rangatira lifts annual underlying earnings 15%, seeks new investments
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