26 Feb 2015

Business Briefs

1:57 pm on 26 February 2015

Veritas profit down

Veritas Investments' first half net profit has fallen 16 percent to $1.7 million, due to one-time costs associated with the purchase of the Nosh Food Market and the Better Bar Group.

The acquisitions helped drive the food and beverage company's first half revenue up 89 percent to $27.4 million in the six months ended in December, from the year earlier period.

Veritas also owns the Mad Butcher and has a 50 percent stake in Kiwi Pacific Foods.

The company said it will pay an interim dividend of 2.7 cents per share.

Intueri posts maiden profit

Intueri Education has posted a maiden profit of $5 million for calendar year 2014, after being established and listed on NZX in May last year.

The private education provider said assuming the various parts of the group had existed together in 2013, operating profit was up more than 12 percent.

It said the Australian online and New Zealand international segments grew faster than expected, but the New Zealand operations were softer than expected, reflecting a slower rebound in Christchurch and problems with its dive school.

Abano appoints Murray Boyte as director

Abano Healthcare has appointed Murray Boyte as an independent director.

Mr Boyte is a New Zealander who resides in Australia and is currently chief executive of investment concern Ariadne Australia.

Abano said as the company's Australian businesses will generate over half its gross revenue, it is important to have an Australian-based director with considerable operating and strategic experience of that market.

Online retail spending up

Online retail spending jumped 7 percent in January when compared with the same month last year.

The BNZ Online Retail Sales Report shows spending at New Zealand retailers rose 2 percent year-on-year, while spending using overseas sites grew more strongly at 14 percent.