Wentworth announces 36% earnings forecast boost

Subiaco-based investment property manager Wentworth Holdings Ltd has announced a revision to its forecast earnings before interest, tax and depreciation from $6.6 million to $9 million for the 2006-2007 financial year.

The increase, of 36 per cent, follows Board approval of a number of proposed acquisitions and their forecast returns. The company also anticipates paying a dividend for the 06/07 financial year.

Wentworth announced in late July the acquisitions of Kenwick-based rental property management firm Cygnet Realty, South Perth's Marlow's Vision Equity Real Estate and Peter Fletcher Realty in Victoria Park, which added over 800 managed residential properties to the group's portfolio.

Company director Kingsley Lamont also recently increased his stake in the company to $2.3 million following the purchase of two million fully paid shares through on-market trade, bringing his interest in the company to 84.8 million shares.

Chairman and non-executive director Colin Cowden has increased his interest in the company by 500,000 shares bringing his stake to $733,320.