Wilson Horton down a bit

Press, 28 October 1982, Page 24

Wilson Horton down a bit

The unaudited group net profit of Wilson and Horton, Ltd, the printer and publisher of the “New’ Zealand Herald,” eased 1.7 per cent to $2,778,500 in • the six months to September 25, the directors announced yesterday.

The company earned a record profit in the previous corresponding half-year. Group sales rose 17 per cent to $39,982,000.

The profit was after providing $733,000 more for depreciation at $1,673,000 and $311,000 more for tax at $2,642,000. The directors said that during the half-year the “New Zealand Herald,” increased its contribution to the result and consolidated its position as a market leader with a “considerably enhanced," performance in advertising and circulation. ' The commercial printing activities achieved satisfactory results in difficult trading' Slightly lower contributions by Webprint and Stanley Newcomb and Co., were offset by some improvements in other sectors.

Expected losses had been incurred by the several subsidiaries involved in the company’s electronic communications investment programme during their estab-

lishment or planning phases, the directors said.

They said they were confident of the worth and prospects of these ventures at a time when electronic communications are at the beginning of major developments in New Zealand and overseas.

• Within the rigidly restrained economy dictated by the Government it was difficult. if not impossible, to predict the levels of business and profitability for the final six months.

“The position is further complicated by uncertainty about the extent to which the newspaper industry maybe subjected to added costs of basic materials and the opportunity permitted for their recovery,” they said.. “However, the company is strongly and broadly based to maintain its leadership in' the publications and communications industry.”

An interim dividend of 9c a share (9 per cent) has been declared, 4c a share of which will be tax-free. The dividend is payable on December 15. ex dividend on November 26. The dividend. is the maximum payable under the companies distributions regulations and compares with the 10c a share interim dividend paid last year.