Arnold and Wright ‘slightly better’

Press, 18 October 1980, Page 19

Arnold and Wright ‘slightly better’

PA Wellington’ Arnold and Wright, . Ltd’sj current trading , is at ai “slightly better” level,; than, the first part of last year,! the chairman (Mr L. R. Ar-’ nold) told shareholders at; the annual meeting. | All six subsidiaries of the Wellington lighting manufacturer and retailer that had full order books, and the parent was also ' trading reasonably, he said. Mr Arnold said:-“It is my view that business will continue more or less at this; levelfor the rest of the year; —we don’t fear any vast; downturn.

“Up to now we’ve been keeping up with inflation,; and in the first part of this year we have been trading slightly better than last year. There is no fear of a vast turndown in the remainder of the year.” As reported the company’s profit for the year to April

i’3O increased froin $180,212 Ito $245,068. and a. one-for-. >;three bonus issue was made. | Several shareholders told; directors they were pleased: ’jwith the company’s perform-; ’■ance. : One shareholder asked ifI the Christchurch business-; ! man behind Chalfont In-’ • vestments, Ltd, share offer' I was at the meeting. (Chai-1 ! font attempted to buy 13 per ; cent of Arnold earlier this year but was largely unsuc- ’ cessful). Mr Arnold replied “no —. ; and neither is Mr Brierley.” ' ■i The shareholder asked about the comment in the ’annual report that during ii the year several companies , had been offered for sale to > Arnold and Wright, and ; whether this was con- : fidential. Mr Arnold desi cribed the approaches and ■ the type of companies involved, but not before tell- ; ing press representatives not ■ to report his comments.