Result shows confidence in finance companies
A second of the big finance companies, Strategic Finance, has announced a solid profit for the six months to December.
Tuesday, March 13th 2007, 7:00AM
Chief executive Kerry Finnigan says the company was receiving more inquiries for investing and borrowing than ever before – a sign that there is still plenty of confidence in the New Zealand economy and it seems the finance company sector.
He said that Strategic’s growth was achieved as a result of investors and borrowers being more discerning in their choice of finance company.
“The healthy economy means there’s a lot of money about, although investors are increasingly wary about who they are dealing with.
Our profit level is due to the growth in the loan book. We attribute this to Strategic Finance growing its market share, rather than there being an increase in the overall market, and our ability to continue to attract investor support.” he said.
“Nobody is blind to the upheavals in the finance sector over the past year. For us however, this profit confirms there are still plenty of investors wanting to place their money with reputable firms, those that have invested significantly in creating strong policies and procedures, have good corporate governance, a culture of compliance and, above all, inform their investors on a regular and transparent basis about the company they are investing in,” Finnigan says.
“On the lending side, these interim results show there continues to be strong demand for capital in this economy. People are finding that strong and established finance companies can be much more responsive and adaptable than banks,” Finnigan says.
The company’s loan book increased from $332.8 million to $493.4 million.
Finnigan says Strategic is on track for continued growth. “The size of our loan book sets the scene for a strong second half. We are experiencing increased demand to enter into partnerships on quality brands and proposals for sustainable long-term projects.”
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