W. Horton profit falls 3p.c.

Press, 7 May 1981, Page 18

W. Horton profit falls 3p.c.

The group tax-paid trading profits of Wilson and Horton, Ltd, printer and publisher of the “New Zealand Herald,” eased 3.1 per cent from the 1980 record to $4,436,528 in the March 31 year. The directors propose an increase in dividend. The result, which is subr ject to completion of audit, is after tax of $3,576,426 (1980, $3,592,719) and depreciation $518,219- higher at $i;475,661. : Group’ sales in the latest year were 11.19 per (cent ahead at $55,200,008. All divisions of the company traded profitably, al-

though the company shared in the difficult conditions prevailing generally in. the commercial printing industry, say the directors in their announcement. Some exceptional expenses were incurred in repairs and maintenance; of capital plant and equipment, computer software charges, depreciation and in the installation of new plant. , : ?, “In these circumstances the recovery from a 12.3 per cent decline in profit in the half-year was particularly satisfactory,” the directors ■ say. ' ? ‘ ■■ , A number of major moves

were initiated to broaden substantially the interests of Wilson and Horton into the wider field of communications from the traditionally strong market position held by the company in printing and publishing, the directors add. “These projects are still incurring establishment expenses and will not produce revenue for some time” The directors recommend a 1c higher, final dividend, of 13c a share (13 per cent), . payable on July 15, ex June 25. This will make a’ total .payout for the year of 21c (1980,20 c covered 3.28 times by profit.