Intertasman to expand

Press, 24 September 1983, Page 22

Intertasman to expand

Shareholders of Intertasman N.Z. Group, Ltd, attending next week’s annual meeting would be told about negotiations for further company acquisitions, said the chairman, Mr Ray Reesby, yesterday. During the last year, Intertasman had acquired five companies — including the Nova Group — and it had also made a cash issue which raised $1,980,000, suf-

ficient to repay shareholders loans and leave $500,000 for further expansion. Intertasman revenue and shares had increased dramatically in the past year. Revenue was up 5600 per cent and the pre-tax profit increased 478 per cent on last year. The effect of recent acquisitions was expected to again increase net sales and net profit more than 500 per

cent in the 1983-84 financial year, he said. The Nova Group which now formed part of the Intertasman Group, saw a major increase in both sales and profits at a time when the over-all furniture trade was depressed. Shareholders who acquired Intertasman shares in 1982 had seen these increase in value 200 per cent, Mr Reesby said.