Half Year result to Dec 2013

Cavalier Corporation has produced an unaudited profit after tax (PAT) of $3.4 million on revenue of $102 million in the six month period to 31 December 2013. This compares with a PAT of $1.4 million on revenue of $101 million the previous year, an increase of 140% and 1% respectively on the preceding comparable period.

Because last year's $1.4 million PAT is inclusive of the release of $427,000 of over-accrued restructuring costs from the previous year, the directors believe that it is more appropriate to compare the current period's PAT against the previous year's normalised PAT, that is excluding the $427,000.  On this basis, the $3.4 million PAT is 241% up on the previous year's normalised PAT of $1 million.

New Zealand-based revenue is up 9.7% while Australian revenue is down 6.4%, reflecting the relative strength of the two economies over the last year. Australian-based revenue now accounts for 51.9% of the total revenue, compared with 56.0% in 2012.

Return on average shareholders' equity for the six months is 3.7% and earnings per share is 5.0 cents, compared with 1.1% and 1.5 cents (normalised) respectively the previous year.