1 Dec 2010

Abano still buying up firms despite lower profits

7:34 am on 1 December 2010

Abano Healthcare says it's still in growth mode despite the sluggish New Zealand and Australian economies.

The company told shareholders at its annual meeting in Auckland on Tuesday that it's still feeling the effects of the global economic crisis.

Abano expects its underlying profit to be between $2.6 - $2.9 million in the six months to the end of November, compared with $3.4 million in the same period last year.

Abano managing director Alan Clarke says the company expects its second half-year profit to be lower that its first half.

The company will issue a full year forecast in March next year, once it has assessed trading over the Christmas and summer holiday period.

Mr Clarke says the company still has funds to invest in growth, and has bought 15 audiology clinics in Taiwan.