By Phil Boeyen, ShareChat Business News Editor
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Wednesday 6th March 2002 |
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Releasing its maiden result on Wednesday BCA reminded shareholders that although the accounts include the full financials for the six months ended December for Australia's Data Advantage, they only cover 18 days of Baycorp results for the period after the December 14 merger date.
On a pro-forma basis, which combines both companies' full interim results, revenues rose 17% to A$75.55 million while earnings before interest, tax, depreciation and amortisation were also ahead 17% to $24.92 million.
The company says the result was driven by strong revenue growth across the board with all segments achieving double-digit growth although the group's receivables management business was given a favourable mention for lifting revenue by 22%.
Baycorp Advantage MD, Keith McLaughlin, says the results are extremely pleasing, particularly given the focus on the merger during the period.
"Baycorp Advantage has maintained momentum with growth across its core and value-add businesses on both sides of the Tasman and beyond.
"Customers are already reaping the benefit of the merger with a range of new products being launched and significant value accretive initiatives providing tangible benefit to our customers."
The directors report that integration of the merged company is well-advanced and synergy benefits to date include an annualised saving of $1 million in corporate costs.
An interim dividend of A3 cents per share has been declared. The dividend follows special dividends of A8 cents per share for Data Advantage shareholders and NZ20 cents per share for Baycorp shareholders which were paid out in December 2001.
In combination with the interim result the company also announced it has been sub-contracted to develop a consumer credit-reporting system for India through its joint venture with Trans Union International.
BCA executive director, David Grafton, says the project is due to be completed by the end of the year and will offer a world-class credit bureau system which will become the primary source of credit information for Indian banks and other credit providers.
"This latest opportunity will complement Baycorp Advantage's existing Asia Pacific business activities and opportunities, which include the development of the Thai, Singaporean and Malayasian credit bureaux systems, and the development of bureau scoring and decisioning software in Hong Kong and Shanghai."
Trans Union International Inc negotiated the original long-term exclusive agreement with the Reserve Bank of India to establish a credit bureau system and has sub-contracted BCA to develop the credit-reporting system.
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