Bancorp Wealth Management New Zealand Ltd.
Bancorp Wealth Management New Zealand Limited: Bancorp publishes 2015/2016 Annual Report
DGAP-News: Bancorp Wealth Management New Zealand Limited / Key word(s): Final Results/Miscellaneous Bancorp publishes 2015/2016 Annual Report Auckland, New Zealand, 22/12/2016 – Bancorp Wealth Management New Zealand Limited (Bancorp, ISIN: NZBWME0001S2) generated revenue of NZ$ 25.5 million (previous year: NZ$ 23.5 million) in the 2015/2016 financial year. The net loss after tax amounted to roughly NZ$ 3.4 million due to higher losses in the amount of approximately NZ$ 3.4 million from the Group’s subsidiaries. In the comparable period of the previous year, the Group reported a net profit of NZ$ 0.61 million. The loss per share for the 2015/2016 period amounted to NZ$ 0.34 compared to a profit of NZ$ 0.06 in the comparable period of the previous year. As at the 30 June 2016 reporting date, the Bancorp Group had cash and cash equivalents of NZ$14.3 million (30 June 2015: NZ$ 14 million). Based on total assets of NZ$ 106.5 million (30 June 2015: NZ$ 77.5 million) and equity of NZ$ 18.9 million (30 June 2015: NZ$ 21.4 million), the equity ratio amounted to 17.7% (30 June 2015: 27.7%). Due to the profitability of the Private Banking and Aviation segments (excluding Boston Marks), the management intends to pay a dividend of NZ$ 2.1 cents per share in December 2016 resulting in a total dividend for the 2015/2016 financial year of NZ$ 4.6 cents per share. “The management plans to restructure the Boston Marks operations in the year 2017 in order to significantly improve the profitability of the overall Group. The objective is to position Bancorp in the market as a well-capitalised, debt-free company. Management also plans to implement a new organisational structure, mainly in an effort to improve the shares’ liquidity. Management does not believe that the value of the existing assets is properly reflected in the share price and is therefore reviewing the option of listing on the New Zealand or Australian stock exchange”, commented Craig Brownie, CEO of Bancorp.
22.12.2016 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |