Wilson and Horton reports record year

Press, 11 May 1979, Page 16

Wilson and Horton reports record year

PA Auckland Wilson and Horton, Ltd, printer, and publisher of “The New Zealand Herald,” reports a record net profit of $2,756,698 for the year to March 31, and is increasing its annual dividend rate. The result, subject to audit, surpasses the best previous figure of $2,266,185, achieved in the 1977 year, and is 26 per cent ahead' of the 1978 group net earnings of $2,179,720. The latest profit is after tax provision of $2,181,772, compared with $1,359,794 in 1978

Gtoup sales rose 14.4 per cent, to reach a record of $4t).2M. ‘The Herald” showed strong growth in urban, and provincial circulation, to reach a record net paid circulation of 236,700 say the directors in the preliminary

announcement. The trend has continued in recent months. Advertising also exceeded last year’s volumes. Despite industrial disputes, involving commercial printers, the commercial printing divisions, and its subsidiary, Stanley Newcomb and Company, Ltd, made an increased contribution from its commercial and security printing, publication printing, greeting card manufacture, and wholesale stationery.

The directors say that the improvement in liquidity, mentioned in the December half-year report, has continued, and has resulted in reduced interest charges Cost of newsprint, which includes the expense of having to import overseas newsprint when the New Zealand mill was unable to maintain supplies during a lengthy industrial stoppage, rose 23 per cent. An increase in the final dividend of 1c to 11c (11 per cent) is recommended by the directors, making a total of 18c (1978. 17c). The distribution is on capital increased by the one-for-six bonus issue made in August, so dividend income is effectively increased 23 per cent.

Dividend payments require $975,651, compared with $789,918, in 1978, which is covered 2.8 times by earnings.

The final dividend is paj able on July 18, ex divided on July 4.