The following is from Chairman's address at 2002 Annual General Meeting. · Revenue from ordinary activities of $251.9 million, up 81% on last year;
· EBITDA of $35.0 million, up 21%;
· Net operating cash flows of $26.4 million, up 108%;
· The increased amortisation of goodwill; acquisition integration costs; and organic expansion costs have resulted in a 12% decline of net profit after tax to $10.2 million; · However, before goodwill amortisation, our net profit after tax rose by 30% to $18.9 million.
As of 30 June 2002, the company had cash holdings of $57.8 million and a low bank debt/equity ratio of 17%. In these times of pressure and slowing growth, we intend to be extremely conservative with our debt management.
The directors declared a fully franked final dividend of 0.42 cents per share. With the interim dividend of 0.25 cents per share that brings full year dividend to 0.67 cents per share.
I am watching, too. The price seems to be consolidating around 22c Regards, thomasina
