Wrightson warns profit down

By NZPA

Wednesday 29th January 2003

Rural services company Wrightson Ltd has warned its first half profit will be lower than last year's despite an improvement in trading conditions.

Chairman John Palmer said better than expected trading in December made up some ground lost during a difficult spring.

"In early December, we advised the market that we expected the group's profit for the six months to December 31 to be around half of the same period the previous year, which was $6.3 million," Mr Palmer said.

"Following strong trading conditions in December, we now expect our six-month result to be better than this, although still less than for the same period the previous year."

Mr Palmer said in December the board had a positive outlook for the full year. Traditionally Wrightson earns two thirds of its net profit in the second half of the financial year.

Wrightson will announce its half-year result on February 20.

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