Good result from Wakefield.Adjusted NPAT for the 2nd half was $1.32m =14.3c per share =PE 8.5.
Also they made 3.9m from bulding revaluations.
They have undergeared BS to allow for plenty of future growth.
final dividend up to 6c
Here it is:
WFD
18/05/2004
FLLYR

REL: 1500 HRS Wakefield Hospital Limited

FLLYR: WFD: Increased Profit for Wakefield Group

Wakefield Hospital Limited today reported an audited net profit after tax of
$2.4 million for the year ended 31 March 2004, up 198 per cent from the
previous year. The result includes $206,000 of tax refunds relating to prior
periods.

Group revenues of $37.4 million represented an increase of 53 percent. The
increase is due to the inclusion of Bowen Hospital, acquired at the beginning
of the financial year, and growth in patient volumes at Wakefield Hospital.
The company will pay a fully imputed final dividend of 6 cents per share.

Chairman John Calder said: "The significant increase in profitability is
pleasing and in line with the expectations signalled in the Half-Year
Report." Mr Calder said underlying net profit, after adjusting for the tax
refunds, a $100,000 investment write-down and other unusual items, increased
by almost 186%, from $0.80 million to $2.27 million.

Wakefield Hospital financial performance (for the year ended)

Revenue $37.371m (2004) $24.492m (2003) 53% (% change)
EBITDA $5.840m (2004) $3.243m (2003) 80% (% change)
Net Profit After Tax $2.371m (2004)$0.795m (2003) 198%(% change)
Tax refunds $0.206m (2004) $Nil (2003)
Adjusted NPAT $2.165m (2004) $0.795m (2003) 172% (% change)
Earnings Per Share 25.9cps (2004)8.7cps (2003) 198% (% change)
Dividend (final)6.0cps (2004) 3.0cps (2003) 100% (% change)
Dividend (full year) 8.0cps (2004) 5.0cps (2003) 60% (% change)

The value of total assets employed increased by $12.4 million (45%) to $40.1
million after the inclusion of Bowen Hospital and the annual revaluation of
assets at both Bowen Hospital and Wakefield.

Shareholders funds increased by $6.3 million, up 31 percent to $26.4 million;
and following the acquisition of Bowen, term debt increased by $4.3 million
to $8.3 million.

Mr Calder said Directors had to accommodate a continuing need for investment
in medical equipment to keep both hospitals at the leading edge of
established technology.

"Our policy is to do this rather than use our strong cash flows to fund
bigger dividend payments. Nevertheless we are paying total dividends of 8
cents per share from this financial year compared with 5 cents per share last
year, because we believe dividends can be maintained at this level if patient
numbers are maintained. This has been the case in the first two months of
the current financial year."

"The recently announced resumption of contracted cardiac surgery with Capital
& Coast Health DHB, is a welcome development. It's not significant in revenue
terms but we are pleased to be able to help," he said.

Wakefield Hospital financial position (as at)

Assets $40.114m (2004) $27.738m (2003) 45% (% change)
Liabilities $13.764m (2004) $7.640m (2003) 80% (% change)
Shareholder's Equity $26.350m (2004) $20.098m (2003) 31% (% change)

The fully imputed final dividend of 6.0 cents per share (2003: 3.0 cents per
share) will be paid on 21 June 2004 to shareholders on the register at close
of business on 11 June 2004.

Ends
Issued by Wakefield Hospital Limited
Contact:

John Calder (Chairman): (07) 571 8899

Richard Barnes (Chief Executive): (04) 381 8100
End CA:00100283 For:WFD Type:FLLYR Time:2004-05-18:15:00:05