U-bix looks overseas

Press, 6 October 1987, Page 47

U-bix looks overseas

U-blx Copiers (N.Z.) will' , develop i markets overseas this financial year, says the company’s chief executive, Mr Murray Creighton, in the annual report The company is con-

vinced that substantial opportunities exist to achieve market shares in countries such as Australia and the United States. The alm of the management will be to apply the

formula that has succeeded in New Zealand to each overseas operating company.

A sound trading base and a strong cashflow had been established in New Zealand, necessary for further expansion. U-bix plans to continue introducing new products, and is committed to using new technologies in the automated business machines, he says. There has been a strong emphasis on credit and inventory control and internally generated cashflow was sufficient to fund the company in its maiden record breaking year.

As a result there were no outside borrowings above the 1373,000 overdraft at the end of the f i n a n -

cial year, Mr Creighton said.

As reported, the group net profit rose 63.8 per cent to $2,013,000 in the year to June 30, compared with the previous

corresponding period. There were no extra-, ordinary items. Sales increased 48.6 per cent to $33.6 million, and the gross profit was ahead 52.4 per cent to $5,014,000. The final profit was after providing $784,000 more for tax and $229,000 more for depreciation at $287,000.

A recommended final dividend of 8c a share gives an annual rate of 13c a share (650 per cent). The dividend requirement is $813,000 and it is covered 2.5 times by the profit

Shareholders* funds Improved $1,371,000 to $4,446,000 and included Issued capital up $2OOO to $127,000 after an issue of bonus shares in lieu of dividends.

Working capital rose $724,000 to $4,124,000, but the current ratio eased from 1.7 to 1.5 to one. The net asset backing is 70c a 2c ordinary share.