KEY POINTS:
How would you describe 2007 for Guinness Peat Group?
It was a very interesting year with an awful lot happening, especially within the Coats Group which has taken up a lot of effort and time. At least we didn't have tax issues like we did in 2006.
What was the company's greatest achievement?
I'm pleased the reconstruction of Tower is going very well. It's had a better result and it's paying a dividend again. Investor feedback indicates they're very happy about it. Tower's got a good new chief executive in Rob Flannagan and he's done very well.
And greatest disappointment?
The purported [$230 million] fine on Coats but that's all being appealed.
What will be the major challenges in 2008?
I'm not a pessimist at all but I do wonder what the markets are going to hold in 2008. They've entered a phase of being extremely volatile, and whether that volatility continues or not, is a big issue. I suspect it is going to continue but one would hope not.
What was the most interesting business story of 2007?
The drama over Auckland International Airport. I have to say I'm one that favours it remaining in New Zealand hands even though that might not be entirely logical. The other interesting thing is the Commerce Commission's stance over The Warehouse. I think they're absolutely right to appeal. I would like to see a third supermarket chain. That's going to be interesting to watch.
Where are you going for the holidays?
I'm going to be at my orchard at Matakana which is my home, with my kids and grandkids. I'll be keeping the lawns mowed and swimming at Omaha beach every day.
What will you be reading?
I've got a pile of books. Hopefully I'll read a big fat novel or two. I like good science fiction (Robert Heinlein's my favourite) and sweeping historical novels.
