Miniskips close to annual forecast

Press, 9 October 1987, Page 14

Miniskips close to annual forecast

PA Wellington Miniskips New Zealand, the waste disposal company, reported a maiden total profit of $668,149 in the eight months to July 31, compared with a forecast of $720,000 for the full year. The result comes from turnover of $3,529,444. No final dividend has been recommended. The directors wrote down Intangible assets of $268,865 to arrive at the final result No tax was payable in the period, although the company incurred a deferred tax liability of $347,000. The chairman, Mr Alan Grant said he was particularly pleased with the company’s first profit result Annualised it represented a pre-tax profit of $1.02 million, he said. In 1986, sales of $4.01M were predicted for the full year. The Miniskips concept had found firm favour in markets and a recent survey had shown that Miniskips had established itself as the best known waste removal service, he

said. The company’s main income comes from selling franchises and receiving annual fees from franchise holders. Miniskips recently announced a joint venture with Tidy Chain, an Australian manufacturer and marketer of domestic storage devices.

“Tidy Chain is exceeding its budgeted sales by more than 150 per cent and is expected to be a significant contributor to company results in the future.” Miniskips also makes and markets a waste compactor capable of handling both wet and dry waste in volume.