Taylors appears on target

Press, 10 August 1985, Page 23

Taylors appears on target

PA Auckland Taylors Group, Ltd, seems to be on target to better last year’s profit. The chairman, Mr J. S. Taylor, told the annual meeting yesterday that trading since the March 31 balance date had continued “at expected levels.” He later told a reporter this meant his company was on target for an improved result. Trading had been especially good in areas where Taylors served the tourist industry, he told the first annual meeting since the company transferred from Christchurch to Auckland. “However, it is noticeable that consumer spending in some areas of the economy is being restrained by the reduction in real disposable income.” Since balance date Taylors had bought the building it was leasing in Manukau Road, Auckland, for an undisclosed cash sum, said Mr Taylor. The company would be undertaking “redevelopment” on the site. Some people had misinterpreted the reorganisation of Taylors, he said. It was not, as some thought, an "investment company.” The company would continue to emphasise its primary area of expertise in the linen hire and drycleaning markets. If growth in that sphere proved limited Taylors would develop an investment in real estate and “probably in tour-ist-related activities." Taylors was not intending to increase its 7 per cent holding in Henry Berry, Ltd, in the forseeable future, he said. In the March, 1985, year Taylors had invested $750,000 in capital assets, mainly plant and motor vehicles. Mr Taylor said further additions to plant on this scale would not be necessary for some time.