Alliance Foresees Record Year

Press, Volume CIX, Issue 32232, 26 February 1970, Page 14

Alliance Foresees Record Year

(New Zealand Preaa Aaaoeiation)

OAMARU, February 25.

Sales by Alliance Textiles (N.Z.), Ltd, in the first two months and a half of the current financial year were more than $500,000 higher than for the corresponding period in the previous year.

The chairman of directors, Mr L. H. Whyte, of Wellington, said this today in his address to the annual meeting of the company in Oamaru.

He said that in each of the first two months of the current financial year sales by the company exceeded Sim. The passing of Sim in a month's trading was an important first for the company.

In the year to October 19, the company had returned a record profit of $320,000. “I must explain,” said Mr Whyte, “that the final profit figure is $5OOO less than that

originally announced. This is the result of a recommendation by our auditors that we treat as the sale of a capital asset what we had recorded as a revenue item."

Mr Whyte said he was pleased to say that the directors considered that in the current financial year Alliance Textiles should achieve another record of profitability.

“The New Zealand market has never been more buoyant. Orders on hand, for some products, carry over into next year. This is in striking contrast to the situation of 18 months ago and highlights the problem of “a feast or a famine" which has been the bugbear of the New Zealand textile industry over the years.

“We must admit that, in this new and buoyant market. we have had some difficulty in meeting the demand. But we are now well placed to cope with forward orders and any more business which might be offering.” Mr Whyte said that this situation, however, left the company no room for complacency. “Although there is plenty of work available, there is still intense and widespread competition within the textile industry,” he said.