Specialist medical company Abano Healthcare's after-tax annual net profit of $4.4 million met forecasts, but was less than half its record result for the previous year due to a slowdown at its Australian audiology business, and ACC changes.Abano's revenue
Specialist medical company Abano Healthcare's after-tax annual net profit of $4.4 million met forecasts, but was less than half its record result for the previous year due to a slowdown at its Australian audiology business, and ACC changes.
Abano's revenue of $178.1m for the year ended May 31 compared with $187m the previous year, and earnings before interest, tax, depreciation and amortisation of $20.2m undershot ebitda of $31.5m a year earlier. Both were in line with a company forecast in March.
A one-off gain of $77.1m following the sale of Bay Audiology in November, and a non-cash write-down of $4.5m on the Abano Rehabilitation brain injury business after ACC funding changes hurt profitability, resulted in a consolidated group net profit of $76.9m.
The company continued to focus on increasing its audiology businesses in Australia and Asia, dental business in New Zealand and Australia, and radiology in New Zealand, while also continuing to operate its pathology, brain injury rehabilitation and orthotics businesses.
"Although New Zealand remains our biggest geographical base, Australia and Asia now offer expanded potential and growth opportunities going forward, with revenue sourced from overseas expected to increase to over 35 percent of "Abano's total revenue in the 2011 year," chairwoman Alison Paterson said.
A final dividend of 13.7c per share to be paid on August 17 brings the total dividend to 21c per share, matching the previous year.
Speculation over a possible sale of National Hearing Centre, in which Abano holds a stake, meant the company would delay an on-market share buyback programme, Ms Paterson said.
The dividend reinvestment plan for the full-year dividend was also suspended.
Abano shares closed up 10c at $5.30 before the results were released.
