Bancorp Wealth Management New Zealand Ltd.
Bancorp Wealth Management New Zealand Limited: Positive Half Year Results
Bancorp Wealth Management New Zealand Limited / Key word(s): Half Year Results Bancorp Group: Positive Half Year Results – Significant cash reserves of EUR 10.89 million Auckland/New Zealand, 23 March 2015 – Bancorp Wealth Management New Zealand Limited (Bancorp, ISIN: NZBWME0001S2) generated consolidated revenues of rounded NZ$ 13.83 million (EUR 8.91 million) in the first six months of the current financial year 2014/2015 (prev. year: NZ$ 10.61 million, EUR 6.84 million). Due to the successful sale of the former subsidiary Auckland Airbus the operating revenues declines from NZ$ 10.45 million in 2013 to NZ$ 8.63 million in 2014 while other income increases to NZ$ 5.20 million (2013: NZ$ 0.16 million). The results for the period show a nearly stable development, amounted to NZ$ 1.77 million (EUR 1.14 million) (prev. year: NZ$ 1.81 million; EUR 1.16 million). Earnings per share increased to NZ$ 0.22 (EUR 0.14) (Prev. year: NZ$ 0.18 (EUR 0.12). As at the balance sheet date, cash and cash equivalents of the Bancorp Group increased substantially to NZ$ 16.89 million (EUR 10.89 million) (30 June 2014: NZ$ 3.80 million (EUR 2.45 million) due to the proceeds from Auckland Airbus sale. This excellent cash funds enables Bancorp to redeploy in investment options generating further growth in the aviation business. Total assets amounted to NZ$ 64.83 million (EUR 41.78 million) (30 June 2014: NZ$ 63.40 million; EUR 40.86 million). Shareholders equity increased by around NZ$ 9 million resulting in a substantially better equity ratio of 40.0% (30 June 2014: 26.9%). “The half-yearly results 2014/2015 are in line with management’s planning. Having successfully sold the Auckland Airbus business last year we could concentrate on our aviation and private banking divisions and we have significant cash reserves. Of course we have a reduced income base until the cash is reinvested. Currently we had not redeployed all those cash funds. We hold some for further growth of aviation insurance broker Boston Marks, the share buyback and new investment options. We expect to be on target for the year end result similar to that of 2014,” commented Craig Brownie, Managing Director of Bancorp. Board of Directors For further information go to: www.bancorp.co.nz About us 2015-03-23 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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