Rangatira full-year operating earnings rise 23%, raises dividend

Wednesday 8th June 2016

Rangatira, the diversified investor whose shares trade on the Unlisted platform, posted a 23 percent gain in full-year operating earnings and raised its final dividend.

Earnings rose to $11.5 million in the year ended March31, from $9.2 million a year earlier, the Wellington-based company said in a statement. Net profit jumped to $50.2 million from $13.7 million and included a $36.3 million gain from the revaluation of its stake in smallgoods maker Hellers, which has been consolidated as a subsidiary.

"Our return was driven by improved performance in a number of our portfolio companies, the additional purchase of a further 12.5 percent shareholding in Hellers, taking our share to 62.5 percent, and a rebalancing of our New Zealand public portfolio,” said chairman David Pilkington.

The company didn't provide details of returns on investments, which include Tuatara Brewery, the Rainbow's End theme park, a 70 percent holding in Bio-Strategy, a scientific instrument distributor, and 8 percent of Partners Life, a life, health, and trauma insurer. Rangatira said US private equity manager Blackstone is to co-invest in Partners Life.

Rangatira declared a final, fully imputed dividend of 31 cents, making a total of 51 cents for the year, up from 47 cents a year earlier.

BusinessDesk.co.nz

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