27 Jul 2016

Abano Healthcare back in the black

1:32 pm on 27 July 2016

Health services provider Abano Healthcare is in the black, off the back of a stronger performance from its dental business.

A file photo of a chair in a dentist's surgery

Photo: 123RF

It has reported a profit of $28.4 million in the year to May, compared with a $1.3m loss the previous year.

The firm said its underlying profit, which is a better measure of the company's performance, rose 57 percent to $8.8m.

Revenue fell to about $214m, following the sale of its half stake in the audiology business, Bay International.

A large part of the company's revenue comes from dental, including Lumino in New Zealand and Maven in Australia.

Lumino reported same-store sales growth of 2.7 percent compared with the previous year, off-the-back of a strong marketing campaign and acquisitions.

Maven had a mixed result, with growth in parts of New South Wales, South Australia and Victoria, offset by declines Queensland and northern NSW.

The company has declared a full-year dividend of 30 cents per share.

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