Commercial Command achieved many of its set objectives

Press, 18 July 1979, Page 23

Commercial Command achieved many of its set objectives

Command Services Corporation, Ltd. achieved many of its set objectives in its latest financial year ended April , 2, the managing director (Mr A. J. McGrath) 'says in the company’s annua! report. The first exports of the [group were consigned by the food processing division of Huntsbury Holdings, Ltd. > Four new Security Cash [Centres of Securitas were opened in Hamilton, Wellington, Palmerston North, and Auckland. The group’s newest service company, Advanced Food Systems International, Ltd, secured its first catering and dietetics contracts to health care institutions in Australia and New Zealand. Fluntsbury House, Ltd, was established on the Australian catering market and achieved profitability by the end of the financial year. Crothall Hospital Services introduced Unit Management to assist health services. This service is designed to take over the “household cares” done by nursing staff, leaving highly-trained medical staff free to concentrate on the medical side of nursing. The group was successfully reorganised to deal with an Australian market iwith the establishment of an [Australian headquarters in Sydney. Other highlights in the at-

tractively produced "new look” report are: Crothall and Company, Ltd, secured the prestigious contract for the maintenance of Sydney’s tallest building, the entire 68-storied M.L.C. Centre. Crothall Hospital Services further expanded with the establishment of a branch to j service a major institution Jin the Waikato. The year produced yet another record for the group in turnover and profit. Sales rose 19.0 per cent to $43.2M, and group net profit 17.2 per cent to $826,882. The earning rate on shareholders’ funds rose from 26.8 to 28.5 per cent. But the economic year had not been easy, in either Australia nor New Zealand, says Mr McGrath. To some extent the profit must be regarded! as disappointing in the light of the directors’ original planning, since some of the new ventures failed to achieve the expected performance. The results of the Australian development strategy have proved most, satisfactory, he says. Heavy costs were incurred which naturally affected the group’s profit, but the investment secures the company’s position. On capital increased by the recent one-for-t.wo bonus issue, the directors recom-

mend a final dividend of! 3.5 c a share, making a total of 7c a share, or 14 per cent. The distribution is increased from $154,485 to $259,536. The dividend payout in 1977 was $77,243,