Turners & Growers has had a good start to the 2010 financial year and at this stage is on budget, chairman Tony Gibbs told the company's 89th annual meeting in Auckland today."From operations we are expecting a better year and are currently forec
Turners & Growers has had a good start to the 2010 financial year and at this stage is on budget, chairman Tony Gibbs told the company's 89th annual meeting in Auckland today.
"From operations we are expecting a better year and are currently forecasting to make budget. However, I do not believe the world economies are stable, and because of this we look ahead with caution," Mr Gibbs said.
Mark Tregidga was re-elected as a director at the meeting and PricewaterhouseCoopers were confirmed as auditors.
Shareholder Howard Zingel presented a motion requesting an independent review to recommend a strategy to maximise dividends and capital value. The motion was voted on by poll, the result of which will be announced tomorrow.
Mr Gibbs said the board stood firm on its belief that the kiwifruit industry required deregulation.
Profit after tax in the 2009 financial year was $9.5 million, down from $14.1 million in the previous year due to the global financial crisis. About 40% of the company's turnover is exported.
Mr Gibbs noted the company's share price of $1.40 a share was a significant discount to its asset backing of $2.76 per share.
The company owned a significant number of building and would be affected by the government decision to remove depreciation on buildings for tax purposes. It would advise the market when it had a clear view on the impact.
