By Nick Stride
Friday 2nd April 2004 |
Text too small? |
Guardian Healthcare, renamed from Harbourside Group, is expected today to announce plans to list.
The company, which has 195 shareholders, has trebled its assets over the past two years, from $33 million in 2001 to almost $100 million in March last year.
In the 2003 annual report, chairman Bryan Mogridge, a former managing director of Montana Wines, said directors were "aware of the need to provide liquidity for the shareholders' investment and in recent months have explored opportunities which may achieve this goal."
At balance date last year the company had 20 rest homes and hospitals around the country, with 1304 beds. June-year 2003 earnings before interest and tax were $8.9 million, up from $3.9 million in 2002, on revenue of $42 million, up from $26 million.
Net profit was $4.2 million and Mr Mogridge forecast a $6.3 million net profit for 2004 on revenue of $57.2 million.
Through the October 2002 purchase of Mass Healthcare, the country's largest provider of medical alarms, Guardian moved into the home-based care market targeted by the government's "Ageing in Place" policy. Shareholders include Kim Wicksteed, a former high-profile executive at Saatchi & Saatchi.
A share offering and listing is also on the cards for Vision Senior Living, an Auckland-based retirement village owner and operator.
The company owns three villages, at Henderson and Botany Downs in Auckland and in Hamilton.
To help finance the development of two new ones at Kerikeri and Papamoa it is raising $7-9 million through a public issue of fixed interest debt. Investors in the debt securities will also get priority to convert into equity "in the event of a public share float."
Vision is owned by directors Peter Bourke and Robert Foster and by Ronald Anderson.
In the March 2003 year the company made a $1.3 million net loss on revenue of $5.2 million.
Total assets were $8.9 million.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes