|
Wednesday 1st July 2009 |
Text too small? |
Shares of Hellaby Holdings gained after the diversified group with interests ranging from footwear stores to automotive parts said it had reduced core debt and concluded a refinancing agreement with its bank.
The stock rose 2.7% to $1.15 and has soared 126% in the past three months, having sunk as low as 40 cents in March. Core bank debt was reduced by 36% to $51 million as at June 30 compared with six months earlier. The company also renegotiated its banking facilities with Westpac Banking Corp. through until July 2011.
“Hellaby’s balance sheet and free cash flows have been significantly strengthened by ongoing working capital improvements during the past year,” managing director John Williamson said in a statement. “This has resulted in substantially lower inventories and improved collections across our businesses.”
First-half earnings at Hellaby tumbled as the face of prolonged recession in New Zealand, the global economic slumps and weaker kiwi dollar squeezed margins while costs rose, the company reported in February. Net profit fell to $400,000 from a year-earlier $5 million.
Businesswire.co.nz
No comments yet
Hellaby buys Sydney-based Ryde Batteries for about A$12 mln to boost largest unit
Hellaby FY profit falls 5.8 percent , meets guidance; Contract helps lift sales
Hellaby shares fall 2.7 percent after halt for $40M placement lifted
Hellaby halts shares for $50M capital raising at 10 percent discount
Hellaby first-half profit falls 21 percent on weaker shoe sales, corporate costs
Hellaby finally finds acquisition in Contract Resources
Hellaby lifts FY profit 26 percent on equipment, automotive divisions
Former Frucor head Mark Cowsill named to Hellaby board
Hellaby Holdings
Hellaby lifts 1H net profit 42%
