INDEPENDENT NEWS

Announcement to NZX for the Six Months to 30 Sept

Published: Thu 20 Oct 2005 02:54 PM
Media Statement
20th October 06
DOMINION FINANCE HOLDINGS LIMITED
DIRECTORS’ ANNOUNCEMENT TO NZX
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
The Directors of Dominion Finance Holdings Limited (DFH) are pleased to report another solid performance for the six months ended 30 September 2005.
Key points are:
- Net Profit after tax for the Group for the six months ended 30 September 2005 was $4.139 million. This profit was wholly generated in DFH’s subsidiary Dominion Finance Group Limited (DFG) whose profit after tax for the same six month period in the previous year was $3.868 million representing an increase of 7.01%
- Total revenue for the six months to 30 September 2005 was $14.2 million compared with $12.2 million in DFG for the same 6 month period in the previous year an increase of 16.4%
- Total net finance receivables has increased by $12.9 million during the six month period and now stand at $162.9 million
- Shareholders Funds have increased from $25.924 million as at 31 March 2005 to $27.450 million as at 30 September 2005
- DFG continues to experience strong demand for its lending products but has taken a conservative position in maintaining a strong liquidity base and as at 30 September 2005 had cash reserves and undrawn bank lines of over $21 million
- The Directors have resolved to declare a fully imputed interim dividend of 2.7000 cents per share. The Record Date for the proposed dividend shall be 5.00pm on 4 November 2005 Payment Date 11/11/2005
- Shares on issue total 55,500,000
Outlook
Mr Terry Butler, Chief Executive Officer, said the six months for Dominion Finance Group (DFG) the operating company, was very satisfactory with revenue up 16.4% to $14.2 million and indications for the next 6 months were positive.
Total Assets had increased from $151 million as at 31 March 2005 to $168 million as at 30 September 2005. Shareholders Funds stood at $27.45 million. The interim fully imputed dividend of 2.7 cents per share is 23.8% higher than the interim dividend for the same period last year.
Enquiries for lending opportunities were still good but the Company had determined to maintain a greater level of liquidity and to manage organic growth to an acceptable level. The company had cash reserves and undrawn bank lines of over $21 million as at 30 September 2005. Dominion would continue to look for growth opportunities and had considered a number but for a variety of reasons had not progressed further with them.
ENDS

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