Our moderate level of investment into audiology greenfield stores will continue and we anticipate continued improvements from our Australian audiology joint venture, with three new stores planned to open in the first half of FY16, and continuing double digit revenue growth. Bay Audio’s Asian businesses, which are now under the oversight of the Australian management team, will focus on achieving a more consistent performance and a breakeven result for FY16. We expect the audiology group to deliver a full year net profit after tax for FY16.
Our radiology business is seen as a leading provider for specialist referrers and we will continue to build relationships with these key stakeholders. This year there will be a continuing focus on improving the customer experience and we will also be investing in new leading edge mammography technology.
Over 60% of Abano’s gross revenues are now expected to be generated in Australia and while economic conditions remain relatively stable in New Zealand, the growth rate of the Australian economy is below historical trends. We have a long term investment view and the volatility of the short term economic conditions have not altered our strategy.
Abano is in excellent shape to continue its growth and the change in leadership later this year heralds a new and exciting stage in Abano’s journey. We invite you to attend our annual meeting later this year and we thank our shareholders for your continued support.
Alan Clarke, Retiring Chief Executive Officer
Richard Keys, COO/CFO and Incoming CEO