Broadway half-year improves

By Phil Boeyen, ShareChat Business News Editor

Monday 5th March 2001

Broadway Industries (NZSE: BWY) has increased its interim profit despite an almost $2 million drop in sales.

The company made a profit of $304,000 for the six months ended December, up $15,000 on the previous year.
Profit from continuing activities was $439,000 compared with $311,000.

Broadway says its H E Perry photographic business delivered a strong performance. Sales increased by 14%.

It stainless steel business, Mercer Stainless, also recorded a hike in sales compared with the previous year, and the company says it is trading profitably and has acceptable book orders for the second half of the year.

The directors are forecasting year-end results will be consistent with the first half results.

Broadway appears to be slowly clawing its way back following the tough times of the previous few years which saw it book a loss of more than $8 million in 1999.

Since then the company has closed the troubled Food Services Division of Mercer Stainless and its Protech Products business, as well as scaling back head office and administration activities.

No dividend has been declared.

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