Quotable Value Group Reports Strong Increase in After Tax Surplus
Crown-Owned property information company Quotable Value Limited has reported a 252% increase in group net surplus after
tax and amortisation, from $0.689 million in 2002 to $2.426 million in 2003, Quotable Value's Chairman, Richard
Westlake, announced today.
This significant improvement in the final result follows a 12% increase in group turnover, to $29.3 million, and
represents a 42% return on average shareholders' funds. Quotable Value Limited will pay the Crown a special (one-off)
dividend of $1.0 million on top of the normal dividend of $1.2 million representing 50% of the operating surplus after
taxation.
“A huge cultural change has taken place within the organisation” said Mr Westlake. “This new culture combined with the
innovative new work processes and technology implemented over the past 5 years have combined to deliver an outstanding
result.”
“While our core focus remains in New Zealand, expanding into new markets ensures that growth and value-creating
opportunities are maximised while our ability to deliver our New Zealand clients cost effective, value-adding services
is preserved.”
Continued investment in Quotable Value’s Australian businesses has involved the acquisition of three branches of Egan
National Valuers giving QV a strong entry into the valuation and property consultancy markets of New South Wales,
Victoria and ACT. “We anticipate a strong contribution from these ventures in future years,” said Mr Westlake.
Mr Westlake also reported that Quotable Value had sold its 50% shareholding in QVRP for a good return, after a
successful year of trading.