Pod Limited reports Feb 2006 interim results 21% lower

08 Feb '06

4 min read

Pod Limited (Pod) has announced an unaudited interim surplus after taxation and before amortisation of goodwill for the six months to 31 December 2005 of $1,607,000, 21 percent lower than the $2,027,000 achieved for the comparative six months last year. The result is inclusive of $1,100,000 net gain on sale of the Logan Textiles Brisbane property. Excluding amortisation and abnormal items, the operating surplus after taxation was $507,000, in line with earlier guidance given to the NZX in November 2005.

After amortisation of goodwill, abnormal items and taxation the surplus for the six months was $1,320,000 which was 23 percent lower than the $1,721,000 achieved for the comparative six months last year.

Announcing the result, Executive Chairman George Gould said that Pod was having a difficult year, but steps were being taken to remedy the company's profitability.

“Although trading for the first six months is in line with the guidance provided last November, we are disappointed with these results and the board has undertaken restructuring that we believe is necessary to restore profitability to the levels achieved in recent years” Mr Gould said.

Financial Position
The company's financial position remains strong with shareholders' equity of $20,185,000 at 31 December 2005 compared with $18,419,000 at 31 December 2004. Net borrowings have reduced by $3,874,000, from $16,275,000 to $12,401,000.
The financial position was strengthened during December following receipt of the proceeds from the sale of the Logan Textiles property. These funds have been applied to reduce New Zealand borrowings.

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