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16 Feb 2012 | Press Release

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Dental Group Shines with Record Results

Corporate Dentistry Company Reporting and Announcements

Queensland's largest provider of dental services, 1300SMILES Ltd, is poised for further expansion following a record lift in performance in the first half of the 2012 financial year.

1300SMILES Ltd owns twenty-three established multi-dentist facilities in Cairns, Townsville, Mackay, Rockhampton, Gladstone, Bundaberg, the Sunshine Coast, several locations in greater Brisbane, the Gold Coast (at Tweed Heads), and Toowoomba.

1300SMILES Managing Director Dr Daryl Holmes said the company enjoyed its best ever half yearly growth, with record increases in Revenue, Net Profit After Tax, Earnings Per Share, and Dividend Per Share.

Dr Holmes said the company's Net Profit After Tax was $3.4 million for the first half, up 27% on the previous half-yearly period. The fully-franked interim dividend increased by 15% to 8.6c per share.

"I am pleased that 1300SMILES finished the period with no net debt and significant cash resources to fund ongoing operations, as well as new acquisitions," Dr Holmes said.

"To maintain our growth trajectory we will continue to look at opportunities to expand our presence in new and existing markets, through the purchase of existing dental practices or by opening our own new operations."

Dr Holmes said a recent fund-raising by the tightly-held 1300SMILES provided even greater security and opportunity for investors in the company.

"During the half year, we completed a rare issue of new shares, raising $8.3 million through the issue of 2.4 million new shares to institutional investors. The best time to raise money is before you need it," said Dr Holmes.

"1300SMILES has ample credit facilities and good relations with our bank, but we've taken steps to protect ourselves from changes to bank lending policies, which could arise as they contend with higher funding costs.

"1300SMILES has a growing and highly profitable core business, a rock-solid balance sheet, and sufficient cash on hand to continue growing."

Dr Holmes said 1300SMILES was an active campaigner for improved community-wide dental care and would look to use its influence in the industry to advocate for changes to government policy in dental service delivery.

"The Queensland Government in particular is struggling with the need to make dental care more widely available," Dr Holmes said.

"We believe there is capacity within the private dental sector to satisfy much of the presently-unmet demand for dental services.

"1300SMILES is keen to cooperate with governments on a shared service delivery model that cost-effectively commits private sector resources to areas of greatest community need. We could make a significant contribution."

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