Strong showing from Bridgecorp

The secondary-listed company says its surplus for the year ended March was $6.8 million and compares with $4.8 million last year. Revenue more than doubled from $19 million to just under $40 million.

Earnings per share increased 35% to 16.5 cents per share.

Chairman Bruce Davidson says the surplus after tax and minority exceeded both budget and forecasts.

"During the year, Bridgecorp consolidated its finance and investment banking operation, resulting in strong growth in this area.

"A major highlight of the year was the heavily oversubscribed issue of capital notes, raising $18.39 million which helped grow the finance book from $47.8 million to $160.5 million."

Mr Davidson says revenues from fees and interest were up by more than 180% on the previous year, and the company has now established itself as a major lender in the non-banking sector.

"We now have a strong investor following across all of New Zealand, especially in the South Island."

Revenue from the company's property division amounted to 30% of total revenues with over $12 million generated from property sales.

The company says it is planning to increase its focus on Australia where it is currently analysing several opportunities.

A fully imputed dividend of 3 cents per share has been recommended.

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