Spedding sales slow

Press, 19 November 1977, Page 18

Spedding sales slow

Increased expenses and the slowdown in marine industry sales resulted in the group net profit of Spedding Consolidated. Ltd, the Auck-land-based manufacturer and merchant, falling 54.3 per cent to $64,000 in the six months to September 30. Trading was exceedingly difficult during the six months because of the decline in the economy which particularly affected the marine industry and resulted in a considerable drop in the demand for both inboard and outboard marine engines, the directors say. In spite of buoyancy in other sections of the company’s business, the over-all turnover was seriously affected and showed only a small gain. The directors said that current trading was showing an improvement, but it was impossible to estimate the full year’s result as this would depend upon the effects of Government policy. A steady 5c a share 10 per cent interim dividend is payable on December 9, ex dividend November 25.