Heartland Group (NZX:HGH) reports NPAT of NZ$87 million in its FY21 annual report

Highlights

  • Heartland achieved a strong FY21, posting a 20% rise in NPAT.
  • The Group expects its NPAT to be between NZ$93 million and NZ$96 million.

Heartland Group Holdings Limited (NZX:HGHASX:HGH) released its annual report on Monday. Heartland countered well to the economic effects that came due to COVID-19. The Group posted subdued growth in H1 of FY21 amid COVID-19, but higher growth was seen in HGH’s core lending portfolios in H2 FY21. This helped Heartland in posting a strong FY21 result.

The Group achieved an NPAT of NZ$87 million for FY21, up 20% on FY20 and gross finance receivables grew to NZ$5 billion, up 8% on FY20. Heartland also made considerable progress on strategic targets in digitalisation during the year.

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The Group provided access to the NZ government’s Business Finance Guarantee Scheme to over 150 customers and lent over NZ$188 million via its Heartland Extend product for customers needing flexibility with repayments.

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HGH paid a final dividend of 7cps on 15 September. The total dividend for the year stood at 11cps. The Group’s Board intends to hire Geoff Summerhayes and Kate Mitchell as directors effective 1 October 2021.

On 27 September, HGH was trading down by 1.31% at NZ$2.26, at the time of writing.

Outlook

Heartland expects its NPAT to be in the range of NZ$93 million and NZ$96 million for FY22 amid uncertainties associated to COVID-19. The Group also remains positive to deliver on its growth and profitability.

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