M.Groves below budget
PA Auckland Although Moyes and Groves has budgeted for similar results for 1986-87 as achieved in the past year, present trading is below the level required, the chairman, Mr D. A. Clark, says in the annual report Exports to North American and the marketing of alarm valves may compensate to some degree, and every effort is being made to develop alternative markets, he says.
The joint managing directors, Messrs M. W. Groves and V. R. Moyes, say the exchange rate has placed pressure on profit margins available from exports, but they view this as a temporary situation and have continued to seek export sales aggressively. For the year ended March 31, Moyes and Groves reported a taxpaid profit of $1,017,642, a drop of 15.6 per cent.
Shareholders’ funds rose to $7,532,990 after the inclusion of $696,986 revaluation of properties to market value ($6,206,171 in 1985).
Total assets were $14,154,972 ($10,643,632).
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Press, 28 July 1986, Page 32
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153M.Groves below budget Press, 28 July 1986, Page 32
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