Miniskips to promote disposal technology

Press, 3 December 1987, Page 33

Miniskips to promote disposal technology

Miniskips (New Zealand) will be emphasising new technology to revolutionise ways of dealing with some industrial wastes, says the managing director, Mr Dean Wotherspoon. In the annual report, Mr Wotherspoon says that two elements will be considered in this diversification: that it is profitable and is a compatible extension to the company’s activities.

The new activities should also provide above-average returns to shareholders, and a better, more ecologically-sen-sitive, solution to many of the world’s industrial and domestic waste disposal methods.

Miniskips has proven its ability to grasp an idea and turn it into a marketplace reality.

Its mission in the current financial year is to achieve a spread of investment into the international marketplace, he says.

The directors believe that it is in the best interests of the company to diversify and reduce the current reliance on only two products: franchises and compactors. The first eight-month only trading period of Miniskips was marked by establishing the Auckland

head office and the purchase of 50 per cent of an Australian marketing company — Tidy Chain Pty. In addition to the 16 franchises sold in the first two months a further 22 franchises were sold to the end of July, exceeding the 30 franchises planned for the first full year’s trading. In April, the company introduced the first small waste compactor in New Zealand, capable of successfully handling wet and dry waste concurrently. This equipment has been accepted by New Zealand companies such as MacDonalds, the Regent Hotel, and the MidCity Entertainment Centre, in Auckland. The sale of these compactors will not only produce revenue for the

company, but also for the franchises by their provision of clearance services, he says. As announced, the company’s profit before tax and amortisation, annualised at $1.4 million, compares with the forecast result of $1,383,000. However, after having paid an interim dividend of 2c a share (4 per cent) the directors think it appropriate — because of the planned diversification — that no further dividend be paid for the period under review.