by Paul McBeth
The company it had a 63% reinvestment rate in March and that has increased to 80% in April.
That will help cover its $6.7 million of debentures on call and $105.5 million maturing between April and September of its $164.1 million of debentures of a total $164.1 million, as at March 31, as the government's initial retail deposit guarantee expires.
F&P Finance managing director Alastair Macfarlane said the firm has banking lines already in place that exceed the value of maturities coming due which it has yet to draw on.
Last month, it was accepted into the government's extension to the retail deposit scheme, taking investors' cover out to the end of next year.
F&P Finance reported a normalised operating profit before interest and tax of $28.9 million in the year ended March 31, up from $21.1 million a year earlier. The company said the improved result was on the back of higher net margins, cost containment and a focus on asset quality and credit management.
Paul is a staff writer for Good Returns based in Wellington.
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