Hub Group doubles earnings

Listed broker network consolidator, The Hub Group (TSE:HGB), lifted revenue by more than 127% to $36.6 million for the first quarter of the 2000 financial year compared with $16.1 million achieved for the same period the year prior.

The revenue growth saw earnings more than double year-on-year to 20c a share from 9c a share for the same period the year prior. Net earnings rose by 160% to $3.6 million from $1.4 million for the first quarter of last year. The significant increase in earnings a share was achieved despite a dilution of the shareholder base which saw the number of common outstanding shares rise to 18.3 million shares against the 16.2 million shares in issue at the end of the first quarter of 1999. The growth in revenue and earnings is attributed to acquisitional growth over the past year, the directors say. As a result of the positive growth of the income statement, the company has announced a maiden dividend of 7c a share payable to shareholders on record at June 12 of this year.