Ajax notes improvement

Press, 31 October 1981, Page 20

Ajax notes improvement

PA Wellington Although the trading pattern of Ajax GKN, Ltd, is not consistent across the total product range, first quarter results have improved over those for the same period last year, the chairman (Mr K. Pescod) told the annual meeting today. It was the occasion of the

last board and annuabmeeting of Ajax GKN, Ltd. The company ; name* has been changed to Ajax Meßhersons, Ltd — recognising the Australian connection. 7 .

Noting the changes and expansion of the company, Mr Pescod said that an additional nut and bolt distribution centre has now been

established at the . Auckland screw division premises. “Additional stocks in excess of one million dollars have been financed to provide an ex-stock service, and because of the introduction of warehouses, adequate stocks and computer controls, customers will receive a marked improvement in service," he said. Mr Pescod drew attention to the 24 per cent sales increase noted in the annual report. ’’The improvement m export sales included significant sales to our associate company in Australia. “Sales to Ajax Fasteners Australia form part of a production rationalisation scheme introduced under government policy.” Mr Pescod noted that Ajax was one of the earlier companies to have rationalisation proposals approved under the scheme.

The final dividend of 14 per cent represents an effective dividend increase of 25 per cent over the previous year, being payable on the recent bonus increased capital. he said. ____