Reid Farmers profit up 12 per cent

Press, 2 March 1984, Page 11

Reid Farmers profit up 12 per cent

The Dunedin stock and station agents, Reid Farmers, Ltd, reports an unaudited group profit before tax and rebate for the half year ended December 31 of >786,000, an increase of 12 per cent on the profit of >702,000 for the corresponding six months of 1982. The estimated tax provision was >314,000 (>280,000) and the estimated tax-paid profit was >472,000, also an increase of 12 per cent compared with >422,000 in 1982. The chairman, Mr R. R. Hudson, said all facets of the company’s business performed well as did ' the two subsidiaries, Reid Farmers Finance, and Stringer and Company, Ltd, of North Otago. Mr Hudson said the directors had previously advised a bonus issue would be made and were pleased to announce that this would be one share for every four held. The bonus shares would qualify for the

full dividend or rebate for the year ended June 30, 1984. The directors expect to maintain the present rates for both dividend and rebate. .

The asociation the company now had with Waitaki N.Z. Refrigerating, Ltd, had met with general approval and the company’s staff, clientele, and the business community had overwhelmingly supported Reid Farmers as an independent stock agent in Otago to retain the competition of three stock and station companies, Mr Hudson said.

Waitaki N.Z. Refrigerating, Ltd has been invited to nominate two representatives to the board, and an extraordinary meeting has been called for March 29, 1984, to increase the number of directors and authorise these appointments.

The directors have decided to split the present 50c shares into 25c shares, with a minimum total holding of 400. Present indications were for another satisfactory year, Mr Hudson said.