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Hanover confirms profit

Hanover Finance has confirmed its audited profit before tax of $17.2 million for the six months to December 31 and says cash reserves at the balance date were "just over $80 million".

Thursday, April 3rd 2008, 3:36PM
Chairman Greg Muir says the result reflects the company's ongoing strength and performance in the face of challenging market conditions.

"Banking and finance markets continue to be impacted by an adverse macroeconomic environment both locally and globally.

And no sector has been immune from this volatility, from debentures through to debt/credit markets, funds management and the sharemarket."

Hanover Finance remained well placed to meet market demands, he said, with strong liquidity, judicious management and shareholder equity well above trust deed requirements.

"Our priorities remain a continued focus on prudent cash management, selected lending on quality assets, and rigorous debt collection and provisioning," Muir says.

The company's conservative approach was a key contributor to its ongoing resilience.

"In line with recent industry commentary, we expect a softening in profit through to the year end as we focus on maintaining significant cash reserves," Muir says.

"However, we believe the outlook remains positive for finance companies that demonstrate strong governance and management, and have a consistent record of profit and an international credit rating," he says.

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