Horner G. maiden

Press, 20 November 1987, Page 22

Horner G. maiden

PA Wellington Horner Greenlees Corp has made a maiden profit after extraordinaries for the four months ended July 31 of $489,000. Unrealised property revaluations of $710,000 had boosted the after-tax profit 144 per cent on the figure of $491,000 forecast in the prospectus. The unrealised property revaluations were transferred directly to reserves in the balance sheet Before-tax profit of $790,000 was from a turnover of $2,985,000. Tax took $363,000 and brought the after-tax profit to $427,000.

Horner’s share of associated company profits came to $123,000. The profit before extraordinaries of $550,000 contained no allowances for unrealised property revaluations, they said. Extraordinary items of $62,000 arose from the writing off of the company’s formation expenses. A final dividend of 1c a share would be paid. Directors said they were confident the company was "well placed to exceed the prospectus target of 53.2 M net profit for the first full year’s trading to July 31 next year.”