Hugall plans for N.Z.

Press, 6 January 1987, Page 24

Hugall plans for N.Z.

NZPA staff correspondent Sydney

The diversified Perthbased trader, Hugall and Hoile, Ltd, plans to expand into New Zealand, the company’s directors say in its annual report.

Hugall and Hoile, which listed on the New Zealand Stock Exchange this year, sells irrigation systems, security systems and solar heaters among various other activities.

During the year ended June 30, it bought shares in Leisureland Corp, Ltd, with the intention of forming a joint venture in New Zealand.

“The company is diversifying further into the eastern states and New Zealand, with a view to

expanding its operations,” the directors say.

“Distribution networks have been set up in Melbourne, Sydney, and Adelaide. Similar arrangements are planned for Queensland, the Northern Territory, and New Zealand.”

The company reported an after tax operating profit of sAustl.2 million for the year on turnover of 511.4 M. The chairman, Mr Robert Hugall, says the company is on a strong growth curve and turnover is expected to reach S2SM this year. Net tangible asset backing rose from 41c to 71.5 c during the year on a "vastly increased number of shares.”