Irvin, Stern profit more than double

Press, 1 June 1985, Page 24

Irvin, Stern profit more than double

PA Wellington A recently listed furniture group, Irvin and Stern Holdings, Ltd, has more than doubled its profit to $1,110,552 ($530,130) for the year to March 31. The profit was achieved on a turn-over of $28,500,000 ($22,600,000) and after providing tax of $889,506 ($433, 000). The result does not include profits from Kiwi Carpets, the company’s carpet export division. Trading results from Kiwi Carpets will accrue to the holding company with effect from April 1, 1985.

Average earnings a share were 16.8 c and the return on average shareholders’ funds was 19.5 per cent. The dividend will be 5c a share (10 per cent). Subject to High Court approval it will be tax free. The company said it was expected that approval would be available soon and that the dividend would be paid in June.

Under the recently implemented dividend option scheme, shareholders will be given the opportunity to

take bonus shares in lieu cf the dividend. Directors said good progress had been achieved with the company’s expansion plans. In the United States, the joint venture for a New Zealand carpet retail outlet was proceeding. Demand for the company’s products and services should remain bouyant. Retail trading for the first quarter of the current calendar year had been

about 24 per cent up on the previous year and this trend seemed likely to continue. The transition of the group from a private entity to a public listed group had been accepted enthusiastically by customers and staff. Directors and management were optimistic that current trading trends and the future development plans under discussion within the company would produce a worthwhile result in the 1985-86 year.