Andas moves out of red

Press, 26 September 1980, Page 10

Andas moves out of red

Andas Group, Ltd, formerly. Armstrong' and Springhall, Ltd, which distributes office equipment, reversed a, first-half loss of $144,375; into a group net profit of $233,795 in the year to June 30, said the chairman (Mr J.i D. Pottinger) in a preliminary report. ; The turn around from a| first-half loss to a profit! would have been greater if| one subsidiary had not con-, tinned to show an unsatisfactory result, he said.

‘'Sales in other subsidiaries continued to be satisfactory, and aided by the introduction of new products, the future prospects of the group are good.” Last year the group earned a group net profit of

$33,894, so the change in profit in the 12 months represented a significant improvement, Mr Pottinger said. I Because of the improved i result and the present satisfactory trading, the directors felt that the annual dividend! rate should be maintained. I A final dividend of 8.5 c a'

i share is recommended, mak- • ing .an unchanged 14c ' a • share (14 per cent) for the • year. The dividend is payable on December 1, ex aivil dend on November 14. The profit was after pro- : viding $128,786 more for tax liat $183,069, but $636,631 | less for depreciation- at i'5135,863.