Blandford down but expects strong final

Press, 14 March 1987, Page 24

Blandford down but expects strong final

The unaudited group net profit of Blandford Lodge, Ltd, the Matamatabased thoroughbred bloodstock company, fell 86.1 per cent to $44,000 in the six months to December 31. But the directors predict a group net profit of $1,750,000 in the financial year, an increase of 56 per cent on the previous corresponding result. The directors said that the first half result reflected the normal trading pattern in the bloodstock industry, where profits were earned in the second half from yearling sales, stallion fees, and trading income. . Last year’s high halfyearly maiden profit came from interest income after money raised from the Blandford float had been invested before it was used to buy blood-

stock, said the chairman, Sir James Fletcher. Blandford had sold nine yearlings at the Trentham sales for $1,680,000, giving the company the second highest average. The company also had the second highest average at the Waikato sales. Because the results of the Trentham sales were known it was possible to forecast a strong second half result, he said.

The directors also said that the company would privately sell more than S2M in bloodstock this financial year. Turnover in the half was up 53.1 per cent to $1,410,000, but after expenses the pre-tax profit was down 86 per cent to $46,000. No tax provision was made in either period, but $2OOO was paid in the fringe benefit tax in the latest period.