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Abano confirms record half year result in line with guidance

Fuseworks Media
Fuseworks Media

Abano Healthcare Group Limited (NZX:ABA) has today reported a lift in both revenue and underlying earnings as it delivered a half year result in line with its November 2017 guidance.

The company has benefitted from acquisition growth in the dental business and a continuing trend of improving same store sales growth in both New Zealand and Australia.

Based on unaudited management accounts, Abano has reported gross revenue[i] of $158.7 million (HY17: $138.9m) and revenue of $133.2 million (HY17: $116.8m).

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA[ii]) were $17.9 million (HY17: $16.5m), with Net Profit After Tax (NPAT) of $6.0 million (HY17: $5.9m).

The result is after non-cash expenses including accelerated depreciation relating to the decision to relocate Lumino’s largest practice to a new location in Auckland in early 2018 and a $0.2 million loss on sale on the associated divestment of its small non-core laboratory business.

Abano also reports on underlying earnings[iii] which provides the basis of Abano’s dividend policy. The Company’s Underlying EBITDA was $18.3 million (HY17: $16.8m), resulting in an Underlying NPAT of $6.7 million (HY17: $6.3m).

The directors have declared an interim dividend of 16 cents per share on all shares (HY17:16cps), including those issued under the recent 1 for 5 rights offer.

Chair of Abano, Trevor Janes, commented: "The record half year result reflects Abano’s continued focus on growing its share of the $11-billion trans-Tasman dental market and our goal to be a leading provider of dentistry in Australia and New Zealand. Our strategy of dental practice acquisitions and selected greenfield openings, combined with realising organic growth opportunities, is continuing to deliver earnings growth."

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