Abano reports 51% increase in half year profit

Abano Healthcare Group (NZX:ABA.NZ - News) has delivered a 51% increase in half year profit and confirmed an increased interim dividend payment of 10 cents per share, up 37% on the previous year.

For the six months ended 30 November 2014, Abano reported revenues of $114.9 million, EBITDA of $14.9 million and a Net Profit After Tax (NPAT) of $3.5 million, an increase of 51% on HY14. The results are based on unaudited management accounts.

Gross revenues were $153.2 million, while Underlying EBITDA was $15.4 million and Underlying NPAT was $4.0 million.

The stronger results were mainly driven by growing revenues and improvements in same store EBITDA across Abano’s dental group and an increase in revenues and reduction in losses from Abano’s joint venture audiology business.

Based on the steady and continuing growth of the Company and taking into account relevant factors including working capital and investment growth, the Directors have confirmed an increased interim dividend payment of 10 cents per share. This equates to 52% of Underlying Net Profit After Tax.