Strategic books $30 mill profit
Strategic Finance has reported an audited net profit after tax of $30 million for the year ending June 30. This is an increase of $7.2 million (31.8%) from last year's figure of $22.8 million.
Friday, August 24th 2007, 1:46PM
The result confirms Strategic Finance's position as one of New Zealand's strongest performers in the non-banking financial services market.
Total assets grew 39.6% to $696 million, up $197.4 million from the same time last year. During the period shareholders' funds increased 101.7% percent to $120.4 million.
Finnigan said that Strategic Finance's continuing success in recording increased profits was due in part to the company sticking to what it knows best combined with experience and strict governance procedures.
"Our robust year-on-year growth and financial performance is testament to the confidence investors have in our business. This is despite recent and much publicised failures of some finance companies which have tarnished the reputation of the industry."
Strategic Finance's total liabilities – predominantly depositors' funds – grew by $136.7 million or 31% to $575.8 million. Despite difficulties in non-banking financial services markets, bad debts that were written off were minimal, totalling $185,000 for the year.
Strategic Finance continued to increase its large equity base and strong levels of liquidity with $140 million available in cash, representing 22% liquidity and almost double the figure from 30 June 2006.
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