NZX Announcement 9 February 2007
Allied Prime Finance Posts Half Year Net Profit Of $1.98 Million
Allied Farmers Limited today announced that its wholly owned subsidiary, Allied Prime Finance Limited (“Allied Prime”)
has recorded a net profit before tax of $1.98 million for the half year ended 31 December 2006.
Allied Prime was formed through the amalgamation on 2 October 2006 of Allied Farmers Finance Limited and Prime Finance
Limited, which was acquired by publicly listed company Allied Farmers Limited in June 2006. Allied Prime is a
diversified finance company providing rural, property, commercial and consumer finance in New Zealand.
David Bale, Allied Farmers Group Chief Executive said, “We are pleased with the performance of Allied Prime over the
half year, taking into account the challenging operating environment and the focus on bedding down the amalgamation. We
remain positive about the prospects for the company over the second half of the year.”
The half year result was impacted by amalgamation and integration costs of $0.87 million pre-tax recognised over the
period. Net operating profit before tax and abnormal items was $2.85 million.
Allied Prime had total assets of $159.6 million as at 31 December 2006, including $151.6 million of finance receivables,
and its shareholders funds were $20.1 million.
John Mallon, recently appointed Chief Executive of Allied Prime, said “The amalgamation of the two finance companies has
provided us with a robust capital position and a solid platform for future growth and profitability.
“We will be particularly focusing on our rural, commercial and property financing activities and looking for growth
opportunities. The synergies with the parent company’s rural activities are also key strengths for Allied Prime.”
Allied Farmers expects to announce the group profit result for the half year to 31 December 2006 towards the end of
February.
ENDS