Silver Chef, which helps hospitality businesses fund their equipment needs through a Rent-Try-Buy system, has announced strong results for the financial year, with gains in revenue, profit and shareholder dividends.
For the 12 months to 30 June 2011, Silver Chef reported that its revenues from rental income lifted 27.8 percent to $62.7 million from the previous year of $49.1 million. Net profit before tax (NPBT) rose 29.4 percent to $9.7 million, and net profit after tax (NPAT) also increased strongly, lifting 28.3 percent to $6.7 million.
Chairman Allan English said he was pleased to announce the solid financial result in a year when Silver Chef was celebrating its silver anniversary, the company having been founded in 1986 before progressing to a 2005 ASX listing.
Silver Chef has established an extremely strong track record over the past 25 years and this year’s financial results show that our unique financing model, together with our growth strategies, continues to achieve results.
Chief executive officer Charles Gregory said growth had been achieved across both of the company’s divisions — Hospitality, which provides equipment to restaurants, cafes and other food outlets, and the GoGetta division, which provides commercial equipment to other sectors including construction, earthmoving and the commercial trailer market.
Gregory said the capabilities of the Silver Chef team and the strength and reliability of the company’s systems had been proven during the challenging circumstances brought about by natural disasters experienced at the start of the calendar year.
Our FY2011 performance demonstrates the capabilities of our people and the strength and reliability of our systems to overcome the challenging circumstances brought about by these natural disasters.
We were able to provide quick, practical support and assistance to our affected customers. The ‘Silver Lining’ promotion geared towards assisting clients through the recovery period has proven to be Silver Chef Limited’s most successful campaign ever, creating goodwill with our clients and dealers and value for our shareholders.
English commented that, in addition to the natural disasters, there had been challenging circumstances in the tourism and retail markets during the year. While retail sales have been very slow this year, the performance of restaurants, cafes and other food outlets has held up very well, he said.
Earlier in the year, Silver Chef launched a Franchise Accreditation Program tailored specifically for franchisors and franchisees, allowing them to access funding without jumping through the usual financial hoops. Click here to read more.