St Laurence Produces a Record $18 Million Profit

News Release
3 June 2005

St Laurence Property & Finance Produces a Record $18 Million Profit

St Laurence Property & Finance Limited (SLP&F), part of the Wellington based investment and finance group St Laurence, has announced a record consolidated net surplus after tax of $18.06 million for the financial year ended 31 March 2005, a significant increase on the net surplus of $3.82 million in the previous year.

Total operating revenue for the group was $35.70 million compared with $15.50 million as at 31 March 2004.

The net surplus for the year included revaluation gains of $13.6 million on the group’s property portfolio, representing capital growth of in excess of 8% on the portfolio. This growth reflects the continued improvement in the performance of the group’s portfolio and the strong New Zealand property market generally with a reduction in market yields for good quality property.

John Mallon, chief executive of St Laurence Property & Finance Limited said, “The group has had a good year resulting in strong operating performance and a significant increase in profitability. We are pleased with the results which reflect our continued focus on profitable growth and improved performance from the existing asset base”

The last year has seen the company grow its assets and equity, ensuring it is well positioned to take advantage of investment and funding opportunities. Total group assets were increased by 18% to $275.7 million as at 31 March 2005 and group equity increased significantly to $74.5 million, from $56.6 million as at 31 March 2004.

Since the 31 March 2005, St Laurence Property & Finance has continued to be active. “We have acquired a further retail property on Great South Road, Manukau for $13.8 million with this purchase in line with the company’s investment strategy and increasing the overall weighting to retail property within the group’s portfolio. Further property acquisitions are also currently under consideration” Mallon said.

“We have also launched a bond offer to enhance our funding base and enable us to take advantage of further investment opportunities”
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ENDS

BACKGROUND

St Laurence Property & Finance Limited (SLP&F) is a wholly-owned subsidiary of St Laurence Holdings Limited. With offices in Sydney and Wellington, St Laurence Holdings manages more than $600 million of assets for more than 12,000 investors.

SLP&F was established in April 2000 and is an active property investment and financing company. Its activities include property investment, property projects and developments, lending and underwriting services, securities investment, and investment in property backed commercial enterprises.

SLP&F’s chairman is Kevin Podmore; he is also the managing director of parent company, St Laurence Holdings Limited, which was founded in 1994. He has been primarily responsible for the St Laurence group’s growth, which has seen assets under management grow from it inception to over $600 million today.

Fellow SLP&F director, Philip Newland, is an executive director of the St Laurence group. Philip is an experienced director who has held board positions in both public and private companies in Australia and New Zealand. He was previously group managing director of Cullen Investments, and is currently a director of the NZSX listed company, Abano Healthcare Ltd.

Recently appointed independent director, Quentin Hay, is a commercial barrister with broad experience in the finance, investment and property sectors in New Zealand. Quentin is a former senior partner in Bell Gully, a leading New Zealand law firm.

SLP&F chief executive, John Mallon, has over 13 years experience in the financial services and investment industry, including senior positions in the corporate trust division of Perpetual Trust Limited and the lending division of BNZ Finance Limited.

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