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Hanover confirms record profit

Hanover Finance has confirmed its audited net profit before tax at a record $60.6 million, up 5.8% on the $57.3 million reported for the previous financial year.

Wednesday, 29 August 2007
Hanover Group chief executive Sam Stubbs says Hanover Finance's strong result has been driven by a deliberate and conservative strategy of actively managing its loan book quality and maintaining large cash reserves.

"In the past year we ran the business very conservatively, in view of what we felt was a high level of market exuberance. We diversified our funding lines and further focused the loan book on high quality assets across a broad spread of property classes. In this environment, we continue to hold high levels of cash, and shareholders funds are at record levels."

"This means we are well placed to continue to deliver sustained growth and investment value in the current environment."

Stubbs says the company has paid out $280 million in interest to investors over the past five years.

"This has generated considerable loyalty, leading to investment and re-investment of over $2.85 billion in the past five years. This is a record we are proud of and we will continue to work hard to reward our investors."

Stubbs says Hanover Finance will continue to maintain a conservative position in the market and focus on managing costs and preserving profitability.

Hanover Finance subsidiary United Finance reported net profit before tax of $13.7m, up 108% from $6.6m in the previous year.

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