Starch falls out of Taylors business

Shares in listed dry cleaning and linen company Taylors fell 9c to 245 in late morning trade today after it said its full year result would be below last year's due to "adverse trading results".

The company said adverse trading results during June, after a slight weakening in returns during the previous few months, had "significantly influenced profit outcomes" for its second half and full year results.

The company said it now expected its full year result was likely to fall about $800,000 or 18.5 per cent below last year's $4.28m.

Taylors said its June results were hit by lower than expected sales in the healthcare sector and a poorer than expected showing from the hospitality industry during the Lions tour.

Taylors also said the integration of its Auckland businesses had not yet achieved the expected synergies.

- NZPA