Hellaby expects to continue buying spree

Hellaby Holdings, the diversified investment company, expects to proceed with at least one acquisition this financial year as it looks to further broaden its portfolio.

The Auckland-based company has several potential acquisitions on the cards and is "optimistic that at least one will come to fruition during this financial year," chief executive John Williamson told Hellaby shareholders at its annual meeting on Tuesday.

The company has been on a buying spree over the past 12 months, purchasing a truck servicing business, an auto electrical, fuel and engine management components firm and 85 per cent of Contract Resources, a specialised engineering maintenance and industrial cleaning company.

It is looking to capture earnings growth from a more diversified portfolio.

"Experience has shown us the benefits of an investment portfolio of assets with earnings spread across different geographies and sectors," Mr Williamson said.

"The ongoing acquisition of businesses that meet our investment criteria, and deliver the next step lift in earnings, remains a priority."

In August, the company posted a loss of $1.1 million, in the 12 months ended June 30, compared to a profit of $18.2m, a year earlier.


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