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Hanover confirms profit

Thursday 3rd of April 2008

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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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
1 day ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
2 days ago Backstage
FMA outlines its latest expectations for advisers
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4 days ago Jon-Paul Hale
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4 days ago Jon-Paul Hale
FMA outlines its latest expectations for advisers
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4 days ago Paul Flood