J. Edmond goes against trend

Press, 10 July 1979, Page 25

J. Edmond goes against trend

PA Dunedin Despite a 50 per cent drop in the real value of building and construction in the last five years, John Edmond Holdings, Ltd, builder merchant, increased sales 75 per cent, with parallel increases

in net profits and dividends, says Mr P. W. Fels, chairman, in the latest annual report. Group sales for April and May have again shown worthwhile increases, and the company is confident that it can continue to trade suc-

cessfully, and earn acceptable returns on its funds. The company is well placed to serve the expanding home improvement market, both to tradesmen and to the home handyman, says Mr Fels. He notes that younger people are increasingly turning to older houses for their first homes and new houses are often being purchased by second, and third, home owners. A new $300,000 builders* supply bulk store and retail outlet was opened in Alexandra in April. Although activity on the Clutha hydro scheme has been curtailed, the increased volume of Central Otago business being written was “most heartening,” says Mr Fels.

Group trading profit after tax, in the year to March 31, was $949,595 ($890,753 last year). Shareholders’ funds increased from $5,576,606 to $6,673,512, on which the return is 15.5 per cent.