By Phil Boeyen, ShareChat Business News Editor
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Tuesday 19th March 2002 |
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For the six months ending January the company has posted a net surplus of $5.51 million, up 9.5% on the previous year.
However chairman John Bayly notes that for the same period last year several substantial non-recurring gains were realised and, after adjusting for these items, after tax profit has increased by 23 % for the current period.
Sales revenue rose to $106.8 million from $100.4 million previously.
Mr Bayly says the directors are pleased with the operating performance for the first half and the quality of earnings.
"With a continued concentration on traditional core businesses, the company has been well placed to benefit from the strong rural upturn.
"The company's rural merchandising, livestock, rural finance, wool, real estate and rural management operations have all performed strongly."
The chairman says the company's horticultural business, which operates under the Fruitfed Supplies brand, was trading well and provided diversification to the reliance on farm servicing income streams.
Mr Bayly also refers to the rural finance division, which he says is becoming an increasingly important part of the company's business.
"The rural finance book has grown 55% over the last three years. The directors are particularly pleased with this growth in an extremely competitive market."
W&K has declared an interim dividend of 11cents per share fully imputed, a 22% increase on the previous interim payout of 9 cents per share.
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