Unison Announces Solid Result for 2013/14 Year

Unison Announces Solid Result for 2013/14 Year

EMBARGOED UNTIL 3pm, 25 July 2014.

Friday 25 July 2014 - Hawke’s Bay consumer-owned lines company, Unison Networks, today announced a solid result for the 2013/14 financial year, declaring a $9.446 million dividend for its shareholders, the Hawke’s Bay Power Consumers’ Trust.

Unison Group Chairman Kevin Atkinson said in addition to the pleasing financial result, the Company continued to perform strongly for its customers.

“Unison is delivering enhanced network performance, through the development and deployment of world-class network and energy solutions, whilst ensuring a cost-effective structure for the long-term sustainability of its business.”

Through the careful management of productivity and resources, Unison was able to complete a significant programme of works during the year, including a number of Smart Network projects, which are already delivering benefits to customers through improved network performance.

“Unison’s network performance, as measured by SAIFI and SAIDI reported that, on average, customers experienced 1.77 outages over the twelve month period, with outages restored on average within 112.82 minutes. This is well below the targets set by the Commerce Commission and reinforces the impact Unison’s investment in a Smart Network vision is having on overall network performance.

“As we consolidate the gains of the past four years, we look toward the fifth and final year of our Smart Network roll-out. In the coming year, as our Smart Network vision crystallises, both customers and Unison will truly begin to realise the benefits of this investment, as the technologies become fully integrated into Unison’s daily operations.”

Unison Group Chief Executive Ken Sutherland said Unison continued to lead the electricity distribution industry and was no longer testing theories to enhance its service; it was now implementing proven solutions for customers.

“Through global technology partnerships, Unison has made its mark both nationally and internationally, driving the adoption of innovative network solutions for our customers.

“For us, fostering customer-centricity means we have moved beyond the basic benefits of our services. We realise our business changes the lives of our customers; that the expectation of quality is dictated by the service our customers received yesterday.

“So, we never stand still. We look at consumer behaviour and work to understand those things that are driving customer decisions, and we respond.”

Mr Sutherland also reported a positive year for subsidiary companies.

“Unison Contracting Services Limited has had a solid year, and was recently recognised at an industry level for its commitment to a strong safety culture.

“Unison Fibre Limited has continued its progress in the market; its focus has evolved from building the network, to working with Retail Service Providers (RSPs) to encourage customers to connect - a broadening of focus that has attributed to a pleasing growth in customer uptake.”

He said ETEL, its distribution manufacturing business, had success in securing two large Australian wind farm contracts during the year as well as consolidate its position in the Australian market. This, combined with a solid performance in New Zealand, meant the business positively contributed to the group’s overall positive performance.

Together with its agility as a business, Mr Sutherland also attributed Unison’s performance to its dedicated team of people.

“We recognise that to be successful we need a team of people who are passionate, innovative, adaptive and willing to contribute. We need to be bold, but not reckless; work with speed but not haste; and have the desire to always be better.”

Hawke’s Bay Power Consumers’ Trust Chairman, John Newland said the Trustees were very pleased with the Company’s financial result and network performance.

“Through continued investment in the Smart Network strategy, the Company easily surpassed the annual network performance targets.

“It is very pleasing that the deployment of strategies and technologies over the past few years is delivering such a high level of security of supply to Hawke’s Bay’s customers,” he said.

Unison’s interactive Annual Report will be available online from 3.00pm today at www.unison.co.nz/Annual-Report

Key Highlights:

Total Group Revenue - $191.9m
Net Profit After Tax - $24.2m
Dividend Declared - $9.446m
Capital Expenditure - $47.1m
Equity/Total Assets – 49%

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