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Hardware developments exceed hopes

Commercial development being planned and executed by large diversified company BBC Hardware Limited will exceed forecasts this year.

Strong long term growth potential has been forecast from Hardwarehouse by stockbroker Bell Securities Limited, both from growing market and increased market share.

This includes definite expansion of two new Hardwarehouses in WA subject to availability of sites, according to a BBC Hardware spokesman.

The stockbroker said business Australia-wide for the Hardware-house group should benefit from Blackwood’s superior distribution system when the manufacturing industry begins to recover.

This includes expansion within the Perth metropolitan by BBC Hardware, a subsidiary of Howard Smith Limited, which comprises industrial supply companies like J Blackwood & Son Limited, Howard Smith Towage and Salvage, Howard Smith (UK) Limited, A Goninan & Co. Limited, Alsafe, NZ Safety and Benchmark, New Zealand.

A Bell report says the group’s balance sheet will be strengthened in the 1999/00 outlook with strong improvement following sale of the engineering division for about $130 million.

The company has found one new site and is actively seeking another for Hardwarehouse development in the eastern and southern corridors of the Perth metropolitan area.

This follows completion of a $10 million complex at the Innaloo shopping centre and the building of a similar complex at Morley.

For this, BBC Hardware demolished and rebuilt an existing building at the Galleria complex in Morley.

These stores complement forty-one other stores the company owns Australia-wide including two other Hardwarehouse complexes in WA at Whitford City and O’Connor.

The 1998/99 full year pre-abnormals net profit for the group increased by 8 per cent to $101.5 million or 54 cents per share, with a final dividend raised to 24cps fully franked.

“This result was in line with expectations as foreshadowed by the company,” the stockbroker said.

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