Stevens profit to rise?

Press, 13 July 1984, Page 8

Stevens profit to rise?

Stevens Corporation, Ltd, previously Joseph Nathan Holdings, Ltd, forecasts an increase in its group net profit in the current year, according to the directors in the first annual report since the company was restructured. Stevens Group (NZ), Ltd, the country’s biggest independent pharmaceutical distributor and wholesaler, took over Joseph Nathan last year in a backdoor listing move. The managing director, Mr B. A. Butler, says that because of the complete change in trading from construction to pharmaceuticals the Joseph

Nathan trading activities were sold in April, 1983, at a loss of $192,000. The former Joseph Nathan warehouse in Palmerston North is now used by the Stevens Pharmaceuticals Wellington branch, and the money arising from the sale of the Christchurch property may be invested in another regional centre, he says. As reported, the group net profit was $295,000 in the year to March 31, up 57 per cent on the previous corresponding period. Included in the result was an extraordinary loss of $241,000 ($178,000 profit previ-

ously). Sales totalled $56,695,000 ($6,425,000). A recommended final dividend of 8c a share gives a steady annual rate of 11.5 c a share (11.5 per cent). The total dividend requires $73,470, and it is covered 4.0 times by the final profit. Shareholders’ funds improved $3,249,000 to $5,154,000, including ordinary capital up $1,670,000 to $2,288,000, but the shares issued to Stevens Group and Stevens Consolidated, Ltd, do not qualify for dividends until the current financial year.