New era for Andas

Press, 5 December 1979, Page 29

New era for Andas

PA Wellington Armstrong and Springhall, Ltd, office equipment distributor, has changed its name to Andas Group, Ltd, and a recovery from last year’s serious profit down turn is cautiously predicted. “I am hesitant to make anything other than a realistic forecast of the group’s prospects for the current year,’’ the chairman (Mr J. Pottinger) told shareholders at the annual meeting. “The directors have confidence that the group has been set on a path to again achieve a level of profit which will represent a satisfactory return on shareholders funds,” he said. As reported, the group’s net profit fell from $417,870 to $33,894 for the vear to June 30, after a $310,000

trading loss by Dri-Copy, copying machine subsidiary. Mr Pottinger at last year’s annual meeting indicated that the directors did not expect any substantial improvement in results. “I made this prediction in view of the fact that Dri-Copy New Zealand, Ltd, was meeting some competitive difficulties, although the extent of these was no then foreseen,” he said last week. “Although the directors do not wish in any way to minimise the task ahead of the group’s executive to turn this company around to provide a satisfactory profit performance, we do feel that the steps that have been taken and continue to be pursued will contribute to an improved group result in the current year,” Mr Pottinger said.