Manufacturing production systems designer Scott Technology says it has secured $10 million of orders and is in advanced negotiations for an additional $4.5m of work."This additional work and the work in hand places Scott Technology in a very strong p
Manufacturing production systems designer Scott Technology says it has secured $10 million of orders and is in advanced negotiations for an additional $4.5m of work.
"This additional work and the work in hand places Scott Technology in a very strong position heading into 2011," chairman Stuart McLauchlan told shareholders at the annual meeting today.
"This is despite the issues we are becoming used to, with weak consumer demand and the continuing high New Zealand dollar," he said.
The company, which was founded in Dunedin in 1913, employs 200 staff, mostly in Dunedin, Christchurch and Auckland.
The company had earlier expressed satisfaction with a $5.5m profit before tax on operating revenue of $46.6m for the year ended August 31.
Mr McLauchlan said the economic environment in New Zealand needed to be conducive for Scott Technology to be competitive in international markets.
Low savings and continued external deficits increased already excessive net foreign liabilities and made the country dependent on foreign capital and vulnerable to market shocks. The reliance on foreign capital was responsible for the volatility and strength of the NZ dollar.
Scott Technology was an advocate of investment in technology to improve productivity.
"Productivity requires innovation and growth requires investment and capital," he said.
