Lombard posts maiden profit

Newly listed financial services firm Lombard Group Ltd has reported a maiden first half net profit of $146,000.

The company joined the Stock Exchange just before Christmas through a reverse takeover of Pure New Zealand.

The first half profit, buoyed by the sale of Pure NZ's assets, included only 10 days of trading as Lombard Finance.

It was not directly comparable with the same period a year ago, when Pure NZ reported a net loss of $2.5m.

The result was based on total operating revenue of $1.5m.

Lombard said it incurred "substantial costs" during the period, relating to the backdoor listing process, but was pleased with its progress so far.

" Sustainable and improving profits from ownership of core financial services businesses is now the focus of the company," chief executive Michael Reeves said.

"By staying focused and maintaining a top level professional team, I am confident we will create excellent shareholder value in the coming years."

Shares in Lombard last traded yesterday at 2.7c, against a year high of 5c and a low of 2.5c.

- NZPA