23 May 2012

Z Energy says rebranding proves worthwhile

7:19 am on 23 May 2012

Z Energy says its move to a New Zealand brand is already proving worthwhile, and will provide a platform for future growth.

The fuel retailer, which is owned by Infratil and the New Zealand Super Fund, made $77 million in the year to the end of March.

That compares with $167 million in the previous year - which included a large revaluation of the company's assets.

Underlying earnings rose from $167 million to $177 million in the period.

Z began replacing the old Shell brand with its new livery in May last year.

Z chief executive Mike Bennetts says it was quite a risky move to drop one of the world's most recognised brands, but it's proving worthwhile and the company is getting good feedback.

He says he expects the full rebrand to be finished in June, and within the $36 million budget set.