W. Horton Press stake sale to cut charges

Press, 29 June 1987, Page 26

W. Horton Press stake sale to cut charges

PA Auckland The sale of the Wilson and Horton, Ltd, shareholding in the Christchurch Press Co, Ltd, for a $l2 million extraordinary profit after balance date is disclosed in the Wilson and Horton annual report. The managing director, Mr Michael Horton, said in his review that the gain will also act to decrease financing charges for the group and leave the company “particularly well placed in its cost structure to maintain competitive rates and charges to meet

competition in its prime area of newspaper publishing.” Mr Horton said early indications were that spending will continue until the election and provide a good base for the 1987-88 result He said the company expected to repeat last year’s performance and report “another very good result” A further programme of reinvesting in plant and equipment was being contemplated by the board to maintain market superiority in this area over at least the next 10 years, Mr Horton said.

The final earning figures show net profit was up 34.7 per cent to $19,920,622 in the year ended March 31. Pre-tax profit was 41.3 per cent ahead at $37,778,798. Interest on fixed-term loans was down from $5,498,241 to $3,073,676. Total term liabilities were down from $25,238,619 to $12,372,000. The chairman, Mr G. S. Blanshard, pointed out that the Reuter B shares previously held by NZPA Investments had been transferred to the company. When incorporated

into the accounts in 1985 they were at £3.50 and are now £7.47 (about $NZ21.34). The Reuter. A shares remained'in the name of NZPA Investments and continued to have a market trading restriction. Mr Blanshard said it was difficult to put a value on them. Special business for the annual meeting on July 22 included a resolution to change the articles of association on the appointment of directors in terms of the recent agreement with the New Zealand Stock Exchange.