KEY POINTS:
Jeweller Michael Hill International has reported a 31 per cent rise in tax paid profit to $15.3 million for the six months to December 31.
That compared with profit of $11.7 million for the previous corresponding period, and came on operating revenue up 21.5 per cent to $198.9 million.
Earnings before interest and tax were up 36 per cent to $24.1m.
New Zealand retail operations increased revenue 10.5 per cent to $54.3m with ebit up 23.4 per cent to $8.1m.
Same store sales during the six months increased by 7.6 per cent.
Australian retail operations increased revenue by 21.4 per cent to $129.9m, with ebit of $15.1m, compared to $11.9m for the previous corresponding period.
In Australian dollars, total revenue improved 13.8 per cent with same store sales up 5.5 per cent.
Revenue at Canadian retail operations increased 92.3 per cent for the six months to $14.4m, while in Canadian dollars total revenue improved 76.6 per cent and same stores sales were up 4.2 per cent.
The Canadian operating surplus was $502,000, compared to $3000 for the previous corresponding period.
Eleven new stores opened during the six months -- seven in Australia and four in Canada. That took store totals to 50 in this country, 123 in Australia, and 16 in Canada.
An interim dividend of 10c per share is to be paid, compared to 9c a year earlier, with full imputation credits for New Zealand shareholders and full franking credits for Australian shareholders.
MHI said it focused during the six months on same store revenue growth and margin management, which impacted significantly on the second quarter.
The group's philosophy of controlled profitable growth would continue and further new stores were being evaluated for all three countries as opportunities arose.
MHI shares closed at $8.15 yesterday, near the year high of $8.20 hit on Tuesday, with the year low of $6.60 in February last year.
- NZPA
