20 Dec 2017

Record profits for Lumino dentists' parent company

1:33 pm on 20 December 2017

Dental company Abano Healthcare has reported a record half-year profit thanks to new businesses and sales growth.

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Photo: 123RF

The net profit for the six months ended November was $6 million, up 2 percent on the year before and in line with guidance.

Revenue rose 14 percent to $133.2m as the company saw the gains from its expansion in Australia and further growth in New Zealand.

Abano operates the Lumino dental chain in New Zealand and the Maven network in Australia.

Lumino reported stronger growth despite a softer school holiday period, while Australia remains a challenge with lower household spending.

Chair Trevor Janes said the company was concentrating on getting a bigger slice of the $11 billion trans-Tasman dental market.

"Our strategy of dental practice acquisitions and selected greenfield openings, combined with realising organic growth opportunities, is continuing to deliver earnings growth," he said.

Last year, Abano repulsed a takeover offer by dissident shareholders, who wanted the company to stay in the audiology sector rather than become a dental company.

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