Mair subsidiaries trading well

Press, Volume CXV, Issue 33783, 4 March 1975, Page 14

Mair subsidiaries trading well

The subsidiary companies of the Mair group had traded particular!j’ well in the four months since September 30, the chairman of Mair and Company, Ltd, (Mr P. F. Polson) told the annual meeting yesterday. ’

AU subsidiaries had so far exceeded budgets and expectations. and the parent com-: par.y was gradually coming out"of its trading difficulties and unprofitability, Mr Polson said. But the export trade continued to be fraught with problems, he said, and because of the slowing down of | the economy turnovers were beginning to show signs of leasing off. Mr Polson emphasised that I in the company’s type - of I : business profitability was i ; difficult to forecast with any[ .accuracy. The situation i ■ should be clearer by the time [the half-yearly report was sent out. The diversification pro-i [gramme, to counterbalance and complement the company’s exporting, was proving’itself year by year, and Mr Polson was confident that the subsidiaries would improve their performance in the current financial year. “However, nothing can alter the plain fact that the exporting side of our business is a risk business, and shareholders in this company cannot and must not expect improved results every year as one would , hope for in. say, a wellmanaged manufacturing operation.” he said. Colt investment Colt Ventilation and Heat- , ing (.N.Z.), Ltd, a wholly-

owned subsidiary operating under a royalty agreement’ with Colt International, Ltd. of England—has given a onethird equity to the English company. This will be used by the

[dynamic United Kingdom group as a base for Pacific and Far Eastern development, and the closer association would be beneficial to Mair and Company, Mr Polson said.