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Abano announces full year results

Healthcare investor and operator Abano Healthcare Group (NZX:ABA.NZ - News) has continued delivering year on year growth with a result at the top end of the Company’s guidance for the financial year ended 31 May 2015.

Revenues for the year increased to $222.2 million, with gross revenues[i] of $300.4 million. This increase was primarily driven by Abano’s expanding dental businesses and strong growth from the Australian operations of the Company’s audiology joint venture.

Dental, audiology and radiology all maintained or improved margins during the year. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA[ii]) were $29.6 million, with Underlying EBITDA[iii], which excludes acquisition costs, of $30.7 million.

The FY15 results reflect the divestment of the orthotics and pathology businesses during the year and a corresponding loss in earnings contribution following each business sale. The two business sales resulted in a $9.0 million non-cash loss and reduction in goodwill. Abano therefore reported a Net Loss After Tax of $(1.3) million on an Underlying Net Profit after Tax3 of $8.8 million, which was 46% up on last year.

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The Board believes that underlying earnings performance provides shareholders with a more accurate portrayal of the Company’s true performance on a like for like basis with previous years and it is also the basis for the Company’s dividend policy.

Directors have confirmed a final fully imputed dividend of 15cps, taking the full year dividend to 25cps, up 19% on the FY14 full year dividend. This is equal to 59% of Underlying NPAT. The Dividend Reinvestment Plan (DRP) will again be offered to shareholder. Historically, this has been well supported with approximately 50% of dividends taken up in shares under the DRP.