H. Berry critical of performance

Press, 21 August 1984, Page 26

H. Berry critical of performance

PA Auckland Henry Berry, Ltd, says it hopes a sharply improved performance this year will lift its earningsshareholders funds ratio to a more satisfactory level. The managing director, Mr W. A. Nichols, told the annual meeting in Auckland yesterday that management was not happy with the 11.9 per cent return on shareholders’ funds in the year to March 31. However, he felt the results were “adequate in the circumstances, having regard to the strictures imposed by the price-freeze regulations and the depressed economy”. The company looked for an improvement in 1984-85. “We are budgeting for a significant improvement in tax-paid profit, and results

so far, and future predictions, show that we are in line with our objectives.” Mr Nichols said a big imponderable was the Budget, due for delivery in October. The Budget “almost certainly” would include measures which represented some form of price control, he said. “I am hopeful that the Government will recognise the right of industry in any new legislation to maintain gross profit percentage margins on the increased costs of raw materials and finished goods sourced from overseas.” Mr Nichols said the phasing out of export incentives would have little impact on Hehry Berry, because it did not nave a significant interest in export sectors.