Across the board rise in Hellaby profits

Investment firm Hellaby Holdings has recorded a slight rise in its June year net profit, including abnormals, to $20.9 million from last year's $20.4 million.

Abnormals included a one-off tax benefit of $1 million, compared with last year's $2 million.

Managing director David Houldsworth said he expected a "comfortable increase" in profits this year.

Hellaby - owner of the Hannahs, Number 1 Shoe Warehouse, and Hush Puppy chains - confirmed a fully imputed final dividend of 20c per share (cps), up from 19cps, payable on October 7. That took its fully imputed total dividend to 39cps, from 35cps.

Its operating surplus before tax increased by 7 per cent to $26.2m, against $24.4 million in the 2002-03 year. Earnings per share was 42.4cps, from 41.5cps.

The net result also included a $1.2 million gain on the sale of assets, and a $1.03 million rent abatement.

Houldsworth said the increase in profitability came from across the group's trading divisions. "The automotive and industrial divisions recorded sound earnings growth."

An improved contribution from the diversified companies division reflects higher earnings from Levana and a part-year contribution from newly acquired Elldex Packaging.

Since balance date, Hellaby has acquired 80 per cent of No 1 Shoe Warehouse for $22 million and increased its shareholding in Hannahs from 85 per cent to 94 per cent.

- NZPA