Quotable Value Reports 35% Increase

Quotable Value Reports 35% Increase in After Tax Surplus

Crown-Owned property information company Quotable Value New Zealand Limited has reported a 35% increase in net surplus after tax, from $0.83 million in 2001 to $1.13 million in 2002, Quotable Value's Chairman, Richard Westlake, announced today.

This significant improvement in the final result follows an 11% increase in group turnover, to $26.1 million, and represents a 14.9% return on average shareholders' funds. Quotable Value will pay the Crown a dividend of $0.54 million.

“This has been a year of significant momentum for Quotable Value,” said Mr Westlake. “All three operating divisions, QV rating, QV valuations and QV on-line, have increased their business beyond expectations over the last 12 months and Quotable Value’s business in New South Wales has doubled,” said Mr Westlake.

“Investment in new products, developing the skills of Quotable Value’s staff and convincing customers here and overseas that we have cost-effective ways of delivering and processing information relevant to their businesses continue to be the main drivers of Quotable Value’s performance in the four years since it became a Crown-Owned Company,” said Mr Westlake.

Mr Westlake said Quotable Value’s key new product in the last 12 months was e-valuer (http:// http://www.quotable.co.nz). It provides up to the minute estimates on property values to both the general public and subscribers and, like the Infobase product introduced last year, is already in high demand. “Property information is ideal for delivery through the internet and is fundamental to Quotable Value’s future. We are determined to remain an innovator and leader in this area.”

“It should also be noted that innovation by Quotable Value, following de-regulation of the rating valuation market in 1998, has delivered significant direct benefits to New Zealand taxpayers and ratepayers. Taxpayers benefit through Quotable Value’s dividends to the Crown shareholder. And ratepayers have, we estimate, saved about $15 million each year in costs of their rating valuation services,” said Mr Westlake.

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