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First quarter beats budget at W&K

By Phil Boeyen, ShareChat Business News Editor

Monday 27th November 2000

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The positive news from New Zealand's rural companies continues with Williams & Kettle (NZSE: WKL) announcing it has had an upbeat first quarter.

The rural services company advised its shareholders today that it has traded strongly in the first quarter and operating earnings have been significantly higher than budget and last year's figures.

CEO Gerald Weenink, says the performance partly reflects the bouyant rural market as well as gains in market share. All of the company's divisions have performed strongly with the livestock division being particularly active.

Mr Weenink also told shareholders that the company's asset realisation programme is virtually complete, having realised around $17 million over the past two years, including a recent contract to sell a $750,000 vacant leasehold property in Napier which has a book value of $400,000.

The company says farm servicing operations have successfully started in the Bay of Plenty and the Waikato, and it is eyeing various growth opportunities with further progress expected to be made in the current financial year.

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