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Fashion Co Pod Ltd says offshore sourcing zooms 100%

Sep '05
Auckland based fashion management group Pod Limited announced the reports a steady annual result.

An audited net surplus after tax and before amortisation of intangibles for the 12 months to 30 June 2005 of $4.027 million, inline with the $4.036 million reported for the 2004 year.

The net surplus after tax for the 12 months was $3.419 million, an 8% decrease on the $3.701 million last year, due to higher amortisation of intangibles.

Pod Limited Managing Director, Mark Bilton, said that the bottom line result was above the latest forecast range due to a higher than expected contribution from the closing of Logan Textiles. There were improved performances from Merino garment maker, Designer Textiles International, and garment importer Michele Ann. Mollers Homewares, the group's soft furnishings distributor had a tough year with a major export customer going into receivership and pricing pressure from major retailers.

Highlights during the 12 months include:

- The implementation of Axapta, a leading Enterprise Resource Planning system and new technology infrastructure, to support the group's business processes.

- Extension of Mollers Homewares from ready-made curtains and nets, into the soft furnishings category.

- Designer Textiles International creation of a textile and garment source in Sri Lanka.

- The continued success of the fabric brand “Merino Advanced Performance Programme” (MAPP). This brand has now been accepted bya number of international customers.

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