A. Harvey sales 29 p.c. higher

Press, Volume CXIII, Issue 33381, 13 November 1973, Page 20

A. Harvey sales 29 p.c. higher

(N'.Z. Press Association) WELLINGTON, Nov. 12. Sales by Alex Harvey Industries, Ltd, for the six months to September 30, rose 29 per cent compared with the same period last year. Profits were also at a higher level, the directors say. Buoyant trading conditions, particularly in the building and packaging industries, have kept all plants working to capacity. Shortage of labour, and in some cases raw materials, have been the only inhibiting factors to even higher output and productivity, the directors say. It is expected that the level of trading during the second half of the current financial year will remain buoyant, but higher raw material and wage costs will be felt. Finance for the modernisation and expansion of plants has been arranged by a private placement of a $Sm debenture. The current issue of ordinary shares at a premium of 150 c a share will raise a further ssm, and take capital to about $21.5m. An unchanged ordinary interim dividend requiring $960,241, will be paid on November 30, ex dividend November 14. The ordinary and 3 per cent preference dividends will be tax-free in the hands of shareholders.