V’hire is aiming higher

Press, 2 July 1985, Page 26

V’hire is aiming higher

PA Auckland Visionhire Holdings has budgeted for an increased profit in the present financial year, in spite of what it sees as the adverse effects of high interest rates and tax changes. Speaking at the annual meeting, the chairman, Mr D. A. Clark, said the increased profit would not show until the second half because of the continuation of high interest rates.

The company, he said, had always funded itself “to a considerable extent” from the money market. High interest rates, therefore, had a bad effect.

The fringe benefits tax would hurt Visionhire, which maintained a fleet of prominently marked service vehicles, said Mr Clark. The goods and services tax would create uncertainty until transitional arrangements for companies such as Visionhire were clarified.

He said the public had responded well to Visionhire’s new “Vision X” stores, the first three of which opened in May. Mr Clark said the' stores took the company beyond merely renting by offering customers the choice of rental hire purchase or outright purchase.