CBL Corporation shares gained yesterday after the financial risk insurer beat initial public offering forecasts in its full-year result, while flagging the potential for acquisitions.
The Auckland-based company, which listed on both sides of the Tasman in October, reported net profit of $35.5 million for the 2015 calender year - 83 per cent above the previous year and 36 per cent ahead of the IPO forecast.
CBL shares, issued in the IPO at $1.55, closed up 5c at $2.25. Gross written premium rose 21.7 per cent on the previous year to $294.2 million, just ahead of the forecast.
Managing director Peter Harris described the result as a "satisfying performance".
"I believe the numbers speak for themselves," he said. "But it does highlight the potential of the company which we believe will be augmented by being listed on both the NZX and ASX."