Arnold Wright in good shape but cautious

Press, 9 October 1982, Page 22

Arnold Wright in good shape but cautious

PA Wellington The chairman of the lighting company. Arnold and Wright. Ltd. Mr L. R. Arnold, said yesterday that business so far this financial vear has been pretty good, but profits may not be able to equal last financial year. He told a small gathering of shareholders at the annual meeting that the company was in good shape, nicely diversified, with this year's returns expected to be reasonably satisfactory. He had detected a hesitancy among the business community at present, but was expecting Christmas buoyancy. It was unclear what business may be like in the new vear.

Mr Arnold said that the company was taking steps to

reduce stocks, which should be back to normal in about two months. "It s very easy to buy. but a bit harder to sell."

The meeting approved payment of a 22 per cent ordinary dividend and an increase in directors' fees — when the freeze is lifted — from $BOOO to $12,500. A shareholder. Mr Winton Bear, said that with the company's tax debt at 43 per cent of profits. Inland Revenue was receiving five times the dividend of all shareholders.

He congratulated the board for careful management. but said shareholders should be able to enjoy some of the significant proportion of reserves the company had at its disposal. He suggested a note. cash, or bonus issue.