By NZPA
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Monday 2nd September 2002 |
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Multex Global analysts picked the company to post a net profit of $A24.1 million.
Baycorp said in a statement to the stock exchange today that despite the loss, it was on target for 20 percent growth in earnings before tax, interest and abnormal items for 2002/03.
Baycorp Advantage was created late last year through the merger of New Zealand's Baycorp Holdings and Australian associate Data Advantage.
In addition to the merger, Baycorp also examined the carrying value of its assets and the application of accounting policies.
"The integration has proceeded in line with expectations and the company reaffirms its anticipated delivery of $A15 million in annual synergy benefits by year three, as advised to shareholders at the time of the merger," the company said.
Revenue increased by 60 percent to $A122.4 million.
"This result was driven by strong revenue growth across the board, with all business units achieving double-digit growth rates.
"The receivables management business was an outstanding performer, with revenue increases of 25 percent ($A9.6 million) on last year."
Australian revenues were up 23 percent, and New Zealand revenues were up 14 percent.
While Baycorp will not pay a dividend for the 2002 financial year, it will pay an interim dividend in the first quarter of the current financial year of 4 cents per share, on September 236.
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