J. Webster still on up

Press, 25 August 1983, Page 26

J. Webster still on up

PA Auckland John Webster and Company, Ltd, which took over Manhattan Australasia, Ltd, in April 1. is investigating further opportunities for growth and expansion of its activities, says the Webster chairman, Mr A. J. Goldsmith.

Manhattan, which manufactures shirts, had had its manufacturing techniques restructured by John Webster, Mr Goldsmith told the annual meeting. Webster had also made finance available so that Manhattan could purchase required new plant.

Mr Goldsmith said the reorganising of production will be completed in September.

Group sales for the first four months of the year are above the corresponding period of last year, when trading profit jumped 26 per

cent. “Current trading indicates that the group is continuing its progress.” said Mr Goldsmith. “If this trend is maintained the company should have an increased result this year.” The shareholders approved a resolution giving the directors authority to declare bonus issues. Mr Goldsmith said this would enable the directors to give consideration to a bonus issue as soon as the freeze was lifted.

“With the company’s dividend covered 4.66 times, we consider that the shareholders should be able to share in the profits which are generated from their investment.”

The meeting approved increased authorised capital from ?2M to ?5M by the creation of an additional 6M ordinary shares of 50c each.