Full Year Results for the year ended 31 March 2012

Wakefield Health Limited today reported net profit after tax of $6.01 million for the year ended 31 March 2012. The comparative result for the previous year was a net profit of $0.58 million. The prior year’s earnings were significantly impacted by one-off deferred tax adjustments, and the non-cash revaluation of interest-rate swaps also distorted comparisons. Adjusting for these items, underlying earnings for the year ended 31 March 2012 were $6.52 million, an increase of 27.2% on prior year earnings expressed on the same basis.

A $3million contract over three years between Wakefield Health’s Royston Hospital and Hawke’s Bay District Health Board expects to see at least 200 more patients have their elective surgery each year.

Chief executive of Wakefield Health Andrew Blair said the contract signalled strong ties in the Hawke’s Bay health sector with organisations from the private and public sector working together to achieve the best outcomes for patients.

As part of its continuing growth strategy, Wakefield Health Limited (NZSX: WFD) today announced that it had entered into an agreement to acquire a 30% interest in Endoscopy Auckland Limited and Laparoscopy Auckland Limited. The agreement also provides Wakefield with options to increase its stake in these businesses to 50% over the next five years.