2013 Annual Report

  • Reported Revenues of $207.0 million with an EBITDA of $27.7 million and NPAT of $2.8 million
  • Underlying EBITDA of $28.6 million and underlying NPAT of $4.5 million
  • Settlement of sale of brain injury rehabilitation business, for gain on sale of $1.6 million, in June 2012
  • Acquisition of 30% minority holding in Dental Partners, taking ownership to 100% in July 2012
  • Official opening of new Insight+Ascot Radiology clinic in the Millennium Institute in February 2013
  • Acquisition of 24 dental practices providing $23.1 million in additional annualised gross revenues
  • Continuation of the successful Lumino The Dentists’ advertising campaign
  • Double digit year on year growth in Australian audiology business
  • Introduction of policy to pay 50% of after tax directors’ fees in shares acquired on market
  • Appointment of Pip Dunphy to the Board
  • Derecognition of tax asset and goodwill in Bay International
  • Refinanced Australian and New Zealand debt facilities, gaining improved pricing and tenure, and established a new A$30 million debt facility to fund acquisitions
  • Confirmed total annual dividend of 21 cents per share
  • Winner of INFINZ Emerging Leaders Best Corporate Communicator Award

Events Since Year End

  • Acquisition of a further three dental practices providing $7.4 million in additional annualised gross revenues
  • Closure of the three Bay Audio Hong Kong stores due to lack of scale and high retail rental costs and relocation of the regional support office to Taiwan
  • Announcement of capital raising through an institutional placement and a Share Purchase Plan to allow for shareholders to participate substantially on a pro-rata basis
  • Rejected an unsolicited, prospective ”non-binding indicative and confidential” proposal from a third party which involved the potential acquisition (by way of scheme of arrangement) of 100% of the shares in Abano