Hellaby posts profit slip

Hellaby Holdings posted a 30 per cent fall in profit, as the investment group continues to restructure after the appointment of new chief executive Alan Clark. The NZ Herald report that net profit dropped to $19.6 million, in the financial year ending 30 June, down from $28.4m a year earlier. Revenue rose two per cent to $795.5 million. Clarke says: “FY 2016 was a difficult year and not one we expect to be repeated” “We do expect to see a stronger performance in FY 2017 as our new strategic plan takes effect and we focus on building scale and market share in our automotive and resource services groups.” Hellaby has been restructuring its portfolio and investment strategy to exit non-core businesses. The company plans to focus on its automotive and resource services units. Clarke says there are growth opportunities for the company’s automotive group in the Australasian auto-electrical sector. He adds that Hellaby will consider other acquisitions and expects cost-saving opportunities from integrating TBS Group with its resource services division. He says: “Management is focused on generating more stable earning streams to balance our high margin” and “more volatile specialist refinery shutdown work.”