31 Jul 2013

Healthcare group sees strong dental results

10:02 am on 31 July 2013

Abano Healthcare has reported a 75% jump in annual net profit to $2.8 million.

The company says the result included the one-off $1.6 million gain from selling its brain injury rehabilitation business and underlying profit was up 50%.

Abano's major earner currently, its dental practices division, lifted gross revenues 18% to $178 million and accounted for $20 million of the company's total $27.7 million operating profit.

Managing director Alan Clarke says there's plenty of scope for the dental division to continue to grow.

"The opportunity to continue to grow is absolute. Collectively all the dental consolidators hold under 8% of the available market, it's a $9 billion trans-Tasman market and so the growth that we've achieved with 24 practices in the course of the year, which is $23 million worth of revenue, can continue for many more years to come."

Mr Clarke says the company's audiology business in both Australia and Asia is on track to start breaking even in the 2015 to 2016 financial year.