Postie Plus looking to buy
Chairman Richard Punter told the company's annual meeting that it was timely for it to pursue acquisitions.
Postie Plus is looking at acquisitions, its chairman Richard Punter says.
Mr Punter told the company's annual meeting that it was timely for it to pursue accretive, bolt-on acquisitions.
He said a careful and selective process was under way.
“The group has ensured that our profit improvement programme has made sustainable savings so that we may look for opportunities in logical potential sectors.”
“The directors now believe the group is ready to take a prudent incremental growth step and we have sought external investment banking advice in identifying prospective opportunity.”
The New Zealand economy was still sluggish, Mr Punter said, with no sign of immediate change.
“Retail companies have simply been moving between major events without any real certainty of momentum in consumer spending, which may be months away,” he said.
“Whilst the first quarter of the current year is not showing the same growth in market share as in previous corresponding periods, it is perceptibly improved on the poor fourth quarter of the 2011 year.”
Postie Plus chief executive Ron Boskell told the meeting the 2010-11 year was challenging.
However, the company posted a 58% growth in profit to $656,000.
Although that was only a small profit, he said, it enabled a dividend of 1c a share.
Colin Williscroft
Tue, 13 Dec 2011
Tue, 13 Dec 2011
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Postie Plus looking to buy
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