W. Horton leader

Press, 23 July 1987, Page 25

W. Horton leader

PA Auckland The sharemarket has clearly identified Wilson and Horton, Ltd, as the media sector leader, according to its managing director, Mr Michael Horton. The company had a market capitalisation of S6I2M and a price-earnings ratio well above sector and international averages, Mr Horton told the annual meeting. In market capitalisation Wilson and Horton was now the seventeenth largest listed public company, more than twice the size of Independent Newspapers, Ltd, and five

times the size of New Zealand News.

“The share price has been showing a compound growth rate of 54 per cent in the last five years,” he said. In reply to a question from a shareholder, the chairman, Mr G. S. Blanshard, said the company had received SISM in cash from the sale of its shares in the Christchurch Press Company, Ltd, including a profit of SI2M. He said directors believed there would be only a minimal impact on the New Zealand Herald by the new morning tabloid to appear in Auckland next month. Thev

believed it was unlikely to affect adversely profit-earn-ing ability. Continued high inflation was worrying, said Mr Blanshard.

Orders have been placed to incorporate the latest technology in the presses of the "New Zealand Herald,” shareholders were told.

Mr Horton questioned whether the third television channel would be on air in time for the 1990 General Election in three years. Wilson and Horton has a 20 per cent interest in Southern Cross Television, an applicant for a television warrant.