Holeproof ahead of budget

Press, 28 October 1981, Page 28

Holeproof ahead of budget

Holeproof Industries, Ltd’s operating profit for the first three months was ahead of budget, the chairman, Mr W. Wilson, told,shareholders at the' annual meeting. Sales were 21 per cent ahead of last year’s first quarter and directors were confident that sales and profit targets would be attained. It was intended to pay a

dividend of at least 35 per cent this year against last year’s 25 per cent (up from 15 per cent). However, last year’s final of 10 per cent was paid on a capital raised by a one-for-one bonus, making the effective rate on pre-bonus capital 35 per cent. A special 50c a share (100 per cent) was also paid last year. The proposed 35 per cent

payout would be from taxfree sources. Mr Wilson said the company had confirmed export orders of $500,000 in the first quarter and was aiming for exports of at least S2M in the full year. As reported, Holeproof earned a trading profit of $929,273 last year, nearly four times the 1980 trading profit of $234,936.