Morrison profit well ahead

Press, 5 August 1981, Page 24

Morrison profit well ahead

PA Auckland Sales of Morrison-PIM (Holdings), Ltd. for the first quarter of the present year, are generally following' the trend of the second half of the 1981 March year, with profit well ahead of the previous corresponding quarter, the chairman of the Auckland-based printing ink and machinery' company (Mr H. N. Avery) says in his annual report. New developments in product code numbering — the largest supplier to the Australian market being LeighMardon now represented by Morrison-PIM in New Zealand — and reorganisation of the Penrose plant will cause some non-recqrring expenditure for which the benefits will not be reflected fully in the present financial year, Mr Avery says. The manufacturing and merchandising divisions are heavily reliant on overseassourced materials and products and, with the erosion of the New Zealand dollar together with internal infla-

tion, it is not easy to service all customers' needs without major price increases, he savs.

“Nevertheless, with a continuation of the present trading patterns, the renewal of the technical agreement with Collie and Company of Australia for a further term — ensuring access to major world-wide technology and formulations in printing inks and chemicals, together with new agencies recently acquired. your directors are confident of increased growth,” Mr Avery says. As reported, trading profit rose 36.3 per cent to $461,643 after tax of $374,371 (1980. $269,481). In addition there was a capital profit of $20,741 on the sale of a surplus Christchurch property.

Sales were 18 per cent higher to $10.3M. The return on shareholders’ funds, up from S3.IM to $3.7M. was 12.4 per cent (10.8). Current liabilities are down from $2.3M to $2.2M and current assets rose from $4.2M to $4.6M.