P.D.L. maintains growth

Press, 28 August 1980, Page 18

P.D.L. maintains growth

'■ After a record sales figure of $21.1 million in the year to March 31, P.D.L. Holdings, Ltd, is again doing ■'well, the chairman (Sir Robertson Steward) told. share'holders at the annual meeting yesterday. “ . 'ft ■_ Group sales in the first ,'four months to July 31 were ,30.66 per cent higher, and a 'export sales by P.D.L. (Asia) ’Sendirian Berhad, the Malaysian subsidiary, increased ■202 per cent. ■ J “It is interesting to note that the major subsidiary, P.D.L. Industries, Ltd, showed a sales increase of 60.8 “per cent, comprising the New Zealand market up 45 per cent, exports to Asia up 202 per cent, and other export areas up 22 per cent,” he said. •’ The large increase in New Zealand sales was because of the introduction of the -Clipsal range of products from Australia and an increasing share in the local market. ; The overseas division, which is responsible for all exports other than those of the Asian subsidiary, was most active, and many visits

had been made to the Pacific Islands, Papua New Guinea, and Australia. Sir Robertson said in September, he would be visiting Malaysia, and would be discussing with the- executive chairman of ■ George H. Scholes, Mr Roy McDowell, the alterations to P.D.L.’s manufacturing licence in Malaysia, which would finalise the joint association of the two companies. It was expected that Scholes would purchase a portion of the shareholding held by P.D.L; in the Malaysian subsidiary by the end of September. “Scholes already have a substantial market in North Africa, and P.D.L. will be starting off in a strong position for growth. “Visiting Malaysia at the same time will be Mr Marwan Tabari, the managing director of Multiworld, Ltd, P.D.L.’s agent company for the Middle East, which is based in Abu Dhabi. That company has purchased substantial quantities of P.D.L. British-type accessories for the Middle East, as well as exporting to England.

“We will be discussing plans to expand exports into Nigeria and . other North African countries, which are developing at a rapid rate. There is also opportunities for exports to Zimbabwe, which is now starting to introduce substantial building programmes,” Sir Robertson, said.

To improve the workload in P.D.L.’s New Zealand factories, reduced by the negative growth in the New Zealand economy, arrangements were being concluded with Australian manufacturers to make components supplied by them into finished products or to manufacture them ourselves, and to export them back to Australia.

Because of the acquisition of the property of the Zealandia Flour Milling Company, and the need to constantly review costs, it was the intention of the directors to further streamline the group’s activities, to remain competitive in the export market, he said. . When Sir Robertson proposed that the directors* fees be increased from $9900 to $12,000 a year, a shareholder

momentarily stunned the meeting by asking whether the increase. was justified, and how did the shareholders know that they were getting value for money? After the initial shock, most shareholders seemed to indicate that the results of the last finanical year spoke for themselves, and Sir Robertson said in reply that the directors were responsible for finding work for the employees, responsible to shareholders, and responsible for the success or failure of the company, with “today being a day for praise. 1 * P.D.L. only had four directors, but many companies of an equivalent size had twice as many, he said. The motion was passed.