Our results for FY16 were at the top end of our profit guidance, with a Net Profit After Tax of $28.4 million.
This included a gain of $20.2 million on the $32 million sale of Abano’s 50% shareholding in Bay International Limited. As this ceased to be recognised as an equity accounted investment from 30 April 2016, the reported results exclude earnings from Bay International for the month of May 2016.
The comparative year on year results reflect the divestment of the pathology and orthotics businesses in FY15, with lower results in FY16 as expected from the smaller portfolio. When comparing continuing businesses, results were well ahead of the previous year.
Revenues for the year were $297.1 million, with gross revenues of $213.7 million. Revenue from continuing businesses was well up on last year, primarily driven by a strong New Zealand dental performance, improvements from the audiology joint venture and a stable performance from the radiology business.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) were $26.6 million, with Underlying EBITDA of $27.2 million.
Net Profit After Tax was $28.4 million including the $20.2 million gain on sale of Bay International. Underlying Net Profit After Tax of $8.8 million was at the top end of guidance and up 57% compared to Abano’s continuing businesses in FY15.
We have a supportive long term relationship with our banking partners and a strong balance sheet, with undrawn facilities of approximately $55 million following the settlement of the sale of our audiology interests. This will be utilised for investment into the continued growth of our dental businesses.
NEXT> Operational Review Dental