News Release
3 June 2005
St Laurence Property & Finance Produces a Record $18 Million Profit
St Laurence Property & Finance Limited (SLP), part of the Wellington based investment and finance group St Laurence, has announced a record consolidated net
surplus after tax of $18.06 million for the financial year ended 31 March 2005, a significant increase on the net
surplus of $3.82 million in the previous year.
Total operating revenue for the group was $35.70 million compared with $15.50 million as at 31 March 2004.
The net surplus for the year included revaluation gains of $13.6 million on the group’s property portfolio, representing
capital growth of in excess of 8% on the portfolio. This growth reflects the continued improvement in the performance of
the group’s portfolio and the strong New Zealand property market generally with a reduction in market yields for good
quality property.
John Mallon, chief executive of St Laurence Property & Finance Limited said, “The group has had a good year resulting in strong operating performance and a significant
increase in profitability. We are pleased with the results which reflect our continued focus on profitable growth and
improved performance from the existing asset base”
The last year has seen the company grow its assets and equity, ensuring it is well positioned to take advantage of
investment and funding opportunities. Total group assets were increased by 18% to $275.7 million as at 31 March 2005 and
group equity increased significantly to $74.5 million, from $56.6 million as at 31 March 2004.
Since the 31 March 2005, St Laurence Property & Finance has continued to be active. “We have acquired a further retail property on Great South Road, Manukau for $13.8
million with this purchase in line with the company’s investment strategy and increasing the overall weighting to retail
property within the group’s portfolio. Further property acquisitions are also currently under consideration” Mallon
said.
“We have also launched a bond offer to enhance our funding base and enable us to take advantage of further investment
opportunities”
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ENDS
BACKGROUND
St Laurence Property & Finance Limited (SLP) is a wholly-owned subsidiary of St Laurence Holdings Limited. With offices in Sydney and Wellington, St Laurence
Holdings manages more than $600 million of assets for more than 12,000 investors.
SLP was established in April 2000 and is an active property investment and financing company. Its activities include
property investment, property projects and developments, lending and underwriting services, securities investment, and
investment in property backed commercial enterprises.
SLP’s chairman is Kevin Podmore; he is also the managing director of parent company, St Laurence Holdings Limited, which
was founded in 1994. He has been primarily responsible for the St Laurence group’s growth, which has seen assets under
management grow from it inception to over $600 million today.
Fellow SLP director, Philip Newland, is an executive director of the St Laurence group. Philip is an experienced director who has
held board positions in both public and private companies in Australia and New Zealand. He was previously group managing
director of Cullen Investments, and is currently a director of the NZSX listed company, Abano Healthcare Ltd.
Recently appointed independent director, Quentin Hay, is a commercial barrister with broad experience in the finance,
investment and property sectors in New Zealand. Quentin is a former senior partner in Bell Gully, a leading New Zealand
law firm.
SLP chief executive, John Mallon, has over 13 years experience in the financial services and investment industry, including
senior positions in the corporate trust division of Perpetual Trust Limited and the lending division of BNZ Finance
Limited.