Sharechat Logo

Abano posts gains

Wednesday 30th July 2008

Text too small?
Abano Healthcare, whose stock has outperformed the NZX 50 Index in the past 12 months, posted a 56% gain in full-year profit on acquisitions and revenue from its health clinics.

Net income rose to $7.9 million from $5 million a year earlier, the Auckland-based company said in a statement. The profit about matched Abano's January forecast of $7.9 million.

Profit this year may rise to $10.5 million, though the extent of the current downturn in economic growth "must be regarded as a risk factor," chairwoman Alison Paterson said

The company's stock has gained 26% in the past 12 months, a stand-out compared to the benchmark NZX 50 Index, which dropped by about the same amount. Two suitors, the Stewart family's Masthead Portfolios and Crescent Capital Partners, have sought to control Abano in the past year, helping drive the stock price higher.

"In spite of several months of distraction from external corporate interest, the core business has continued growing," Paterson said.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Abano mulls rebel shareholder request for meeting, affirms support for Janes
Hutson fails to respond to Abano buyout offer, takeover 'rife with insider elements'
Abano steps up pressure on bidders over audiology unit price
Abano shareholders clamour for discounted stock in share purchase plan
Hutson quits Abano board after urging from other directors
Abano board questions Hutson's conflict of interest in takeover bid
Abano continues to resist takeovers, rejects approach from Archer, Hutson
Abano seeks $18.5 mln in share purchase plan
Abano shares climb to 4-month high amid prospect of takeover bid
Abano faces takeover bid after rejecting unsolicited offer