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Mainfreight managing director Don Braid says he’s impatient to bed down the European business after tough trading conditions in the region wiped out the transport group’s full-year earnings growth. Europe was the only region to record a drop in earnings before interest, tax, depreciation and amortisation in the year ended March 31, the Auckland-based company said today. Total group EBITDA …

MightyRiverPower directors have taken advantage of the slide in the state-controlled power company’s price since its listing, buying up shares before trading restrictions for the board kick in at the end of the month. Shares in MRP were unchanged at $2.44 today, still below their $2.50 listing price, having shed almost 11 percent from the high it reached on its …

Mainfreight confirmed earnings growth stalled in its latest year, even as it achieved record sales, as the transport group struggles to bed down its European business in the face of a weak regional economy. Earnings before interest, tax, depreciation and amortisation fell 0.5 percent to $137.5 million in the 12 months ended March 31, in line with the company’s March …

Ebos Group, the healthcare and animal care products company, has agreed to buy Zuellig Group’s Australian pharmaceutical wholesaler and distributor, Symbion, in a $1.1 billion deal which will more than triple its annual revenues and make it a major player across Australasia. The Christchurch-based company will pay $367 million in cash and $498 million in scrip, while taking on $230 …

The New Zealand dollar may rise on expectations Fonterra, the nation’s largest exporter, will raise its forecast payout to farmers. The kiwi was little changed at 80.82 US cents, from 80.81 cents at 5pm yesterday. The trade-weighted index edged up to 76.55 from 76.38 yesterday. Fonterra, which is the world’s largest dairy exporter, is expected to announce its payout for …

Equities on both sides of the Atlantic advanced after the latest reports on US consumer confidence and house prices bolstered optimism the American recovery is on track. The Conference Board’s sentiment index climbed to 76.2 in May, the highest since February 2008. Separately, the S&P/Case-Shiller index of property values in 20 cities gained 10.9 percent in the year to March, …

The New Zealand dollar was little changed in local trading as investors compose themselves after a 5.4 percent slide against the greenback on improving prospects for the US economy. The kiwi traded at 80.81 US cents at 5pm in Wellington from 81 cents at 8am and 80.76 cents yesterday. The trade-weighted index was 76.38 from 76.23 yesterday. Markets in New …

Allied Farmers, which kept itself alive in March through a fire sale of toxic loans, may lift the value of its loan book by $274,000 as the Inland Revenue Department threatens to wind up its rural operation to recover unpaid tax. The Hawera-based company’s board, which is finalising its 2013 accounts, “considers it appropriate to advise that indicatively the net …

Pharmacybrands, the retail pharmacy and medical centre owner, lifted annual profit by a third in the latest financial year amid a cost-cutting drive which will see the company trim its range of brands. Net profit rose to $13.3 million, or 10.71 cents per share, in the 12 months ended March 31, from $9.9 million, or 8.72 cents, a year earlier, …

Zespri International, which controls exports of New Zealand kiwifruit, reduced its annual profit by almost two thirds after it increased spending to help the industry recover from the Psa vine bacteria and paid Chinese court fines. Profit dropped 63 percent to $7.6 million in the 12 months ended March 31, as global kiwifruit sales fell 4 percent to $1.56 billion, …