The company reported net profit after tax of NZD164.4 million for the year ended June 30, 2008. The 2007 comparative net profit after tax of NZD233.3 million has been restated under International Financial Reporting Standards.

Vector’s underlying business performance continued to grow over the fiscal 2007, with group earnings before interest, taxes, depreciation and amortization increasing by 5.7% to NZD640 million, and group revenue increasing by 1.7% to NZD1.33 billion for the fiscal 2008.

Michael Stiassny, chairman of Vector, said: This is a very robust result. It is due to a concerted effort over the past year to streamline the business by removing inefficiencies, cutting costs and concentrating on those operations that meet our criteria for growth.