By Phil Boeyen, ShareChat Business News Editor
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Monday 26th November 2001 |
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Speaking at the annual general meeting on Monday W&K chief, Gerald Weenink, told shareholders that the company has lifted trading by 20% in the three months ended October and the future is looking bright despite current global uncertainty.
"Within our immediate industry circle the negatives have been well over-shadowed by the excellent climatic season we are experiencing and by the continuation of very strong product prices, almost across the board."
Williams & Kettle recorded a 69% increase in net profit in the year ended July of $7.05 million, the third consecutive year in which the company increased its profitability by more than 65%.
Mr Weenink says the company is looking for more of those sort of results in future.
"Many of the expansions that have taken place this year are only just starting to be felt on the bottom line. Some of our initiatives will take several years to come to fruition.
"Never-the-less we are very positive about future prospects for growth and expansion of our business."
Mr Weenink says the company's horticultural division, which operates under the Fruitfed Supplies brand, continues to be the main profit contributor and overall performance will continue to be closely associated with the viability of the horticulture sector.
"Prospects look excellent. The sector is very diverse which helps spread our risk. The strength of our team, with their strong records of service, and exceptional technical skills, give us a unique position in this market," he says.
The company has recently acquired a nursery and turf culture business in New Plymouth and is aiming to expand the offering to its other business centres, and has also been expanding its farm merchandise outlets.
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