Orion delivers strong 2017 Annual Result

30 June 2017

Orion New Zealand Limited has delivered another year of strong results with record growth in customer numbers which saw more than 3,600 new customers join the network.

The company today released its Annual Report which revealed it had made a $52m profit after tax for the year ended 31 March 2017, $4m above the company’s Statement of Intent (SOI) target.

Orion Chief Executive, Rob Jamieson said, “Thriving new subdivisions in Wigram, Burwood, Lincoln and Rolleston, have spurred growth which sees us connecting around 300 new customer connections per month. 

“Canterbury is a great place to live and 2016 was a busy year for our work in the region. The growth in the number of customers connecting to our network continues and we expect to reach 200,000 customers by the end of 2017.”

Orion paid a $55m fully-imputed dividend to its community shareholders during the year – Christchurch City Holdings Limited for Christchurch City Council, and Selwyn District Council. This was $3m above the SOI target.

“We are pleased to be able to make sustainable contributions to the communities we serve to support the region’s growth and renewal.

“Our robust financial performance continues to reflect our long term commitment to prudent asset management, controlling our costs closely, and sound investment in the future of our network,” said Jamieson. 

For full results, please see our annual report 2017.