30 Jan 2015

Business Briefs

2:00 pm on 30 January 2015

Orion cash flows

Orion Health said it suffered a net cash outflow of $25.8 million in the three months ended December, taking its outflow for the nine months ended December to $39.4 million.

Orion's shares began trading in November last year after its $125 million float.

The company said receipts from customers are traditionally slower in the December quarter, but they were even lower than expected last year due to slower contract closures and billings in North America.

Orion said it expects this trend to continue in the current quarter.

Stellar year says NZX

The stock exchange operator, NZX, said 2014 was a stellar year with 19 new companies joining its boards after raising $4.7 billion.

Listed companies also raised $1.7 billion of debt through the market, a near eight-fold increase on the previous year.

NZX said trading volumes rose 9.8 percent in the year but the total value of trade fell 17.2 percent.

Funds under management rose 40.4 percent after the launch of two new exchange-traded funds, the Australian Property Trust and Australian Index Trust, as well as the purchase of SuperLife.

New chief for GeoOp

Software firm, GeoOp, said it has hired Ben Foote as its chief executive, effective from the end of the first quarter.

It said he has over 14 years experience in the technology sector.

GeoOp chair, Mark Weldon, said Mr Foote's commercial experience and strategic management background means he is equipped to lead the firm's next stage of product strategy.

Annabel Young to head New Zealand Shipping Federation

The New Zealand Shipping Federation said it has appointed Annabel Young as its new executive director.

It said Ms Young was a National Party list MP from 1997 to 2002 and since then she has been the chief executive at Federated Farmers, as well as the Pharmacy Guild.

The Federation said the appointment comes at a time after Pacifica Shipping and Strait Shipping announced the purchase of increased shipping capacity.