Larry Williams Drive

Heartland Group Holdings plans to raise $200 million in new capital off the back of a record financial result. The listed financial firm which owns Heartland Bank and a reverse mortgage business spanning both New Zealand and Australia posted a net profit of $95.1m for the year to June 30, 2021. That was up $8.1m on the prior financial year. On an underlying basis its net profit was $96.1m - up $8.2m on the prior year. Heartland also revealed an equity raise made up of a $130m underwritten placement and a $70m non-underwritten share purchase plan to shareholders in New Zealand and Australia. The company said it would use the new capital to repay an A$158m acquisition finance facility it took out to fund its recent purchase of StockCo Holdings 2 Pty and StockCo Australia Management Pty and to provide additional growth capital for its existing businesses. Its gross financial receivables rose 15.3 per cent over the year to $765.9m, pushing its return on equity up 21 basis points to 12.1 per cent. But its net inte