Zintel optimistic aboust NZX listing

Auckland-based telecommunications solutions provider Zintel Group recorded a fall in profits this year but remains bullish about the future and a possible move to the NZX main board.

Chairman Nick Gordon in his address to yesterday's annual meeting said a move to the main board would be considered.

"My purpose of dropping that in was to put a flag up for our shareholders so that when we do make that move in due course it's not a shock." Gordon said the move was "probably realistically within the 12- to 24-month timeframe".

He added it would give Zintel "more exposure, more profile and better liquidity in the share trading".

He described net profit of $3.4 million for the year to March 31, down from $4.1 million last year, and revenue of $35.5 million down from $40 million, as "disappointing".

The drop was attributed to start-up costs of Zintel Enterprise in Sydney and a slow-down of Zintel Enterprise in New Zealand.

However, Gordon remained bullish about the future.

"Who knows the last stage for us might be to list on the Australian stock exchange because in the future our Australian operation will be larger than our New Zealand one."